Monetary Policy Frameworks: An Index and New Evidence - 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 Frameworks: An Index and New Evidence write by D. Filiz Unsal. This book was released on 2022-01-28. Monetary Policy Frameworks: An Index and New Evidence available in PDF, EPUB and Kindle. We provide a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). We construct the IAPOC index by analyzing central banks’ laws and websites for 50 advanced economies, emerging markets, and low-income developing countries, from 2007 to 2018. Due to its scope and granularity, our index provides a holistic view of monetary policy frameworks which goes beyond existing measures of transparency or independence, as well as monetary policy or exchange rate regime classifications. Comparing the IAPOC index across countries and over time, we find that monetary policymaking is varied, fast-changing, and eclectic across the Policy and Operational Strategy and Communications pillars, especially in emerging markets and low-income developing countries.
Monetary Policy in the New Normal
Monetary Policy in the New Normal - 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 in the New Normal write by Mr.Tamim Bayoumi. This book was released on 2014-04-04. Monetary Policy in the New Normal available in PDF, EPUB and Kindle. The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.
Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries
Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries - 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 Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries write by International Monetary Fund. This book was released on 2015-10-23. Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries available in PDF, EPUB and Kindle. Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Monetary Policy Transmission in Emerging Markets and Developing Economies
Monetary Policy Transmission in Emerging Markets and Developing 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 Transmission in Emerging Markets and Developing Economies write by Mr.Luis Brandao-Marques. This book was released on 2020-02-21. Monetary Policy Transmission in Emerging Markets and Developing Economies available in PDF, EPUB and Kindle. Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Rising Corporate Market Power
Rising Corporate Market Power - 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 Rising Corporate Market Power write by Ufuk Akcigit. This book was released on 2021-03-15. Rising Corporate Market Power available in PDF, EPUB and Kindle. Corporate market power has risen in recent decades, and new estimates in this note suggest that the likely wave of small and medium-sized enterprise bankruptcies from the ongoing pandemic will further strengthen market concentration. Whether and how policymakers should address this issue is hotly debated. This note provides new evidence on the policy relevance of rising market power and highlights possible implications for the design of competition policy frameworks and macroeconomic policies.
