Economia
Monetary policy implementation: Misconceptions and their consequences
by Piti Disyatat
Despite constituting the very heart of the monetary transmission mechanism, widespread
misconceptions still exist regarding how monetary policy is implemented. This paper
highlights the key misconceptions in this regard and shows how they have compromised the
understanding of important aspects of the monetary transmission mechanism. In particular,
the misplaced emphasis on open market operations as the means through which monetary
policy is implemented can give rise to inappropriate characterizations of monetary policy, as
well as to ill-defined discussions of liquidity effects, the bank lending channel, and sterilized
exchange rate intervention.
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Economia
O mecanismo da transmissão monetária
Monetary policy implementation: Misconceptions and their consequences
by Piti Disyatat
Despite constituting the very heart of the monetary transmission mechanism, widespread
misconceptions still exist regarding how monetary policy is implemented. This paper
highlights the key misconceptions in this regard and shows how they have compromised the
understanding of important aspects of the monetary transmission mechanism. In particular,
the misplaced emphasis on open market operations as the means through which monetary
policy is implemented can give rise to inappropriate characterizations of monetary policy, as
well as to ill-defined discussions of liquidity effects, the bank lending channel, and sterilized
exchange rate intervention.
Mais
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- Estabilidade Financeira E Política Monetária
Financial Stability and Monetary Policy: How Closely Interlinked? by Frank Smets European Central Bank Abstract The recent financial crisis has again raised the question to what extent price-stability-oriented monetary policy frameworks should take...
- Função De Banco Central
Central Banking: What Is It Good For? by Antony Mueller "While the failure of fiscal policy is widely recognized, monetary policy still enjoys credibility, not only among policy makers but also with professional economists. Yet...
- Política Monetária Entre Arte E Ciência
Journal of Economic Literature Vol. XXXVII (December 1999), pp. 1661–1707 Clarida, Galí, Gertler: The Science of Monetary Policy The Science of Monetary Policy: A New Keynesian Perspective Richard Clarida, Jordi Galí, and Mark Gertler1 “Having...
- Depois A Política Monetária De Metas De Inflação
Nominal GDP targeting: (1) it provides a simple and intuitive approach to monetary policy, (2) it focuses monetary policy on that over which it has meaningful influence, and (3) its simplicity makes it easier to implement than other ...
- Milton Friedman: O Retorno Do Mestre
O que Milton Friedman (1912-2006) teria recomendado para elaboração de política monetária para a crise global de 2007-2009? Bernanke, em 2004, observou que “Friedman’s monetary framework has been so influential that, in its broad outlines at least,...