A Comparison of Monetary Policy Rules for a Financially Vulnerable Economy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Comparison of Monetary Policy Rules for a Financially Vulnerable Economy write by Gongpil Choi. This book was released on 2014. A Comparison of Monetary Policy Rules for a Financially Vulnerable Economy available in PDF, EPUB and Kindle. A small, open macro model with new transmission channels is developed to account for the post-crisis structural changes and to evaluate various policy rules for inflation targeting. Given significant changes in transmission channels and the lingering fragility in the financial sector, policy response itself can seriously accentuate the endogenous financial accelerator effect. Under the prevailing policy constraints, various forms of inflation targeting with emphasis on long-term inflation expectations, output changes, and the asset price channels are compared using simulation results based on a newly constructed model. It turns out that successful outcome is obtained by adhering to forward-looking simple rules in favor of backward-looking comprehensive policy rules. Above all, even with the dominant role of financial vulnerability in emerging market developments, simulation studies reveal that price as well as output stability that can be better achieved under a certain type of policy rules by helping to keep the financial accelerator from being activated. A further caveat for implementing inflation targeting in emerging economies is to use it as a unifying policy framework in which the environment for long-term capital market development can be promoted.
Monetary Policy Rules for Financially Vulnerable Economies
Monetary Policy Rules for Financially Vulnerable Economies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Monetary Policy Rules for Financially Vulnerable Economies write by Eduardo Morón. This book was released on 2003-02. Monetary Policy Rules for Financially Vulnerable Economies available in PDF, EPUB and Kindle. One distinguishable characteristic of emerging market economies is that they are not financially robust. These economies are incapable of smoothing out large external shocks, as sudden capital outflows imply large and abrupt swings in the real exchange rate. Using a small open-economy model, this paper examines alternative monetary policy rules for economies with different degrees of liability dollarization. The paper answers the question of how efficient it is to use inflation targeting under high liability dollarization. Our findings suggest that it might be optimal to follow a nonlinear policy rule that defends the real exchange rate in a financially vulnerable economy.
Monetary Policy Rules for Financially Vulnerable Economies
Monetary Policy Rules for Financially Vulnerable Economies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Monetary Policy Rules for Financially Vulnerable Economies write by Mr.Eduardo Morón. This book was released on 2003-02-01. Monetary Policy Rules for Financially Vulnerable Economies available in PDF, EPUB and Kindle. One distinguishable characteristic of emerging market economies is that they are not financially robust. These economies are incapable of smoothing out large external shocks, as sudden capital outflows imply large and abrupt swings in the real exchange rate. Using a small open-economy model, this paper examines alternative monetary policy rules for economies with different degrees of liability dollarization. The paper answers the question of how efficient it is to use inflation targeting under high liability dollarization. Our findings suggest that it might be optimal to follow a nonlinear policy rule that defends the real exchange rate in a financially vulnerable economy.
The Federal Reserve System Purposes and Functions
The Federal Reserve System Purposes and Functions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Federal Reserve System Purposes and Functions write by Board of Governors of the Federal Reserve System. This book was released on 2002. The Federal Reserve System Purposes and Functions available in PDF, EPUB and Kindle. Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Financial Stability Monitoring
Financial Stability Monitoring - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Financial Stability Monitoring write by Tobias Adrian. This book was released on 2020. Financial Stability Monitoring available in PDF, EPUB and Kindle. In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.
