Economia
- Fed Adota Virtual Regime De Metas Para A Inflação
Release Date: January 25, 2012For release at 2:00 p.m. EST Following careful deliberations at its recent meetings, the Federal Open Market Committee (FOMC) has reached broad agreement on the following principles regarding its longer-run goals and monetary...
- Expansão Monetária Com Crescimento Baixo
Easy Money, Slow Growth January 29, 2013 by Jerry O’Driscoll In today’s Wall Street Journal, John Taylor explains why the U.S. recovery has been tepid while money growth has been very rapid. The recovery has set records for its weak pace, while...
- 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 ...
- Regras Da Política Monetária
Instrument rules, target rules, NGDP, complexity and learningAt one extreme you have pure discretion. The central bank does whatever it thinks is best. At the other extreme you have an instrument rule. The rule specifies exactly how the central bank...
- As Orígens Da Crise
John B. Taylor identifica a política monetária excessiva como a causa da crise:"... Monetary excesses were the main cause of the boom. The Fed held its target interest rate, especially in 2003-2005, well below known monetary guidelines that say what...
Economia
Teoria monetária
Instruments, indicators, targets, transmission mechanisms and goal variables (my pathetic attempt at a general theory of monetary policy)
Macroeconomists disagree about everything. We can’t agree on the proper goal variable of monetary policy, or indeed even the criteria you would use to determine the optimal goal variable. We have proposed dozens of transmission mechanisms, with no general consensus emerging. We don’t agree on the proper intermediate targets; should it be interest rates, M2, exchange rates, or NGDP futures? Even worse, we don’t even agree on what the term ‘target’ means. Are interest rates an instrument of policy or a target? Is inflation a target or a goal variable? But it’s even worse than that. Even if we can agree on interest rates being a target, we don’t even agree on whether high interest rates mean easy money or tight money. In other words we completely disagree on what constitutes an indicator of the stance of monetary policy. And we even disagree about policy instruments, the most basic question of all. What does the central bank actually do? Does it directly control short term interest rates or does it control the monetary base? It’s no surprise that people debating monetary policy find it hard to even communicate with each other.
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- Fed Adota Virtual Regime De Metas Para A Inflação
Release Date: January 25, 2012For release at 2:00 p.m. EST Following careful deliberations at its recent meetings, the Federal Open Market Committee (FOMC) has reached broad agreement on the following principles regarding its longer-run goals and monetary...
- Expansão Monetária Com Crescimento Baixo
Easy Money, Slow Growth January 29, 2013 by Jerry O’Driscoll In today’s Wall Street Journal, John Taylor explains why the U.S. recovery has been tepid while money growth has been very rapid. The recovery has set records for its weak pace, while...
- 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 ...
- Regras Da Política Monetária
Instrument rules, target rules, NGDP, complexity and learningAt one extreme you have pure discretion. The central bank does whatever it thinks is best. At the other extreme you have an instrument rule. The rule specifies exactly how the central bank...
- As Orígens Da Crise
John B. Taylor identifica a política monetária excessiva como a causa da crise:"... Monetary excesses were the main cause of the boom. The Fed held its target interest rate, especially in 2003-2005, well below known monetary guidelines that say what...