Economia
- Política Macroeconômica - Reconsiderações
INTERNATIONAL MONETARY FUND Research Department Rethinking Macroeconomic Policy Prepared by Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro The great moderation lulled macroeconomists and policymakers alike in the belief that we knew...
- 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 Monetára E A Crise Atual
The perverse effects of easy money The curious case of William White Sep 5th 2012, 17:13 by M.C.K. | WASHINGTON With a few noteworthy exceptions, mainstream academic economists failed to anticipate that the global financial crisis and ensuing...
- Metas Da Inflação
Inflation Targeting Hits the WallMises Daily:Wednesday, February 01, 2012 by Antony P. MuellerThe financial-market crisis is not over but has grown into a vicious sovereign-debt crisis. Nevertheless, monetary policy makers of the major economies go on...
- Moeda E O Estado Nacional - O Papel De Instituições Monetárias Em Provocar Crises
MONEY AND THE NATION STATE The Financial Revolution, Government and the World Monetary System Edited by Kevin Dowd, Richard H. Timberlake, Jr. Foreword by Merton H. Miller Are monetary and banking problems due to a few misguided policies or incompetent...
Economia
Simposio em Rio sobre o futuro de bancos centrais
The Future of Central Banking: Inflation Targeting versus Financial Stability
The Challenge
The global financial crisis 2008-2009 led to a profound rethinking of the pre-crisis monetary policy consensus. Since the great moderation until the year 2007, there was a remarkable convergence of monetary theory and monetary policy at central banks all over the world. This consensus can be summarized as „flexible inflation targeting“.
Most monetary economists agreed until the crisis that focusing on price stability and the stabilizing the output gap is a sufficient and appropriate mandate for conducting monetary policy. In particular, the consensus claimed that this mandate automatically leads to financial stability and that this framework appropriately deals with cross-border capital flows serving as transmission channel. The global financial crisis showed that this consensus is now seen as increasingly inadequate and insufficient.
Therefore, monetary economists and central banks increasingly broaden their view on financial stability as a major concern for the conduct of monetary policy. It is the main task for the monetary authority to maintain financial stability. Central banks all over the world launched the publication of a financial stability report and develop indicators reflecting the state of the financial system.
How much rethinking of monetary principles is needed after the crisis? How much of the pre-crisis consensus can be kept as monetary principles? In particular, the following questions need to be addressed:
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- Política Macroeconômica - Reconsiderações
INTERNATIONAL MONETARY FUND Research Department Rethinking Macroeconomic Policy Prepared by Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro The great moderation lulled macroeconomists and policymakers alike in the belief that we knew...
- 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 Monetára E A Crise Atual
The perverse effects of easy money The curious case of William White Sep 5th 2012, 17:13 by M.C.K. | WASHINGTON With a few noteworthy exceptions, mainstream academic economists failed to anticipate that the global financial crisis and ensuing...
- Metas Da Inflação
Inflation Targeting Hits the WallMises Daily:Wednesday, February 01, 2012 by Antony P. MuellerThe financial-market crisis is not over but has grown into a vicious sovereign-debt crisis. Nevertheless, monetary policy makers of the major economies go on...
- Moeda E O Estado Nacional - O Papel De Instituições Monetárias Em Provocar Crises
MONEY AND THE NATION STATE The Financial Revolution, Government and the World Monetary System Edited by Kevin Dowd, Richard H. Timberlake, Jr. Foreword by Merton H. Miller Are monetary and banking problems due to a few misguided policies or incompetent...