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The relation between monetary policy and financial-stability policy
What is the relation between monetary policy and financialstability policy? How can they be distinguished? How similar or different are they? Should they have the same or different goals? How should they be conducted? Should they be coordinated or conducted separately? Should they be conducted by the ...
Heterodox central banking
In response to the current global crisis the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures including purchasing a wide range of securities lending to financial institutions intervening in foreign exchange markets and paying interest on reserves. ...
Financial stability monetary policy and Central Banking: an overview
The financial developments of the last decade had a large impact on the management of risk providing more diversified portfolios to investors. Based on these complex financial contracts investors were able to shift the investment possibilities frontier outward however that movement generated intricate ...
Monetary policy under inflation targeting: an introduction
With the end of intermediate exchange rate regimes, countries are either abandoning domestic monetary policy (by choosing super-hard pegs or relinquishing their national currencies altogether) or strengthening independent monetary policymaking (by adopting floating exchange rates, of either the clean ...
Macro-prudential policy and the conduct of monetary policy
The 'Great Contraction' in global economic activity triggered by the financial crisis and the extraordinary fiscal and monetary measures that public authorities had to undertake in order to put the economy back on track by putting public finances under heavy strains and leading to extremely low ...
Foreign exchange intervention redux
Arguably no issue in International Macroeconomics exhibits more dissonance between academic research and policy practice than foreign-exchange intervention. The dominant view from academia is that sterilized foreign-exchange (FX) intervention has a tiny if any impact on real variables which makes it ...
The fiscal footprint of macroprudential policy
, and this creates seignorage revenues. Inflation unexpectedly rises and this lowers the real value of public debt. Rolling over this debt is cheaper as the price of newly issued debt rises. And finally, economic activity rises, so tax revenues increase and social...
Monetary policy under financial turbulence: an overview
The financial crisis that started in 2007 brought the global economy to the brink and in many respects it is still unfolding especially in Europe. How to understand and deal with the crisis has naturally been the subject of fierce debates that continue today. However some consensus appears to be ...
Risks to central-bank independence
their power or remit. These include everything from enhanced financial regulation to quasi-fiscal policy to mitigating economic inequality. Some recent populist proposals appear to be based on the presumption that central banks can issue large quantities...
Independence, credibility, and communication of central banking: an overview
. Whether during the Global Financial Crisis, through individual country slumps, or at the trough of the pandemic recession, independent central banks were typically part of the solution rather than part of the problem. Attacks on the independence of a...