Should Inequality Factor Into Central Banks' Decisions? - 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 Should Inequality Factor Into Central Banks' Decisions? write by Niels-Jakob H. Hansen. This book was released on 2023. Should Inequality Factor Into Central Banks' Decisions? available in PDF, EPUB and Kindle.
Should Inequality Factor Into Central Banks' Decisions?
Should Inequality Factor Into Central Banks' Decisions? - 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 Should Inequality Factor Into Central Banks' Decisions? write by Niels-Jakob Harbo Hansen. This book was released on 2023. Should Inequality Factor Into Central Banks' Decisions? available in PDF, EPUB and Kindle.
Engine of Inequality
Engine of Inequality - 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 Engine of Inequality write by Karen Petrou. This book was released on 2021-03-03. Engine of Inequality available in PDF, EPUB and Kindle. The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book: Presents practical ways America can and should tackle economic inequality with fast-acting results Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever Reveals the dangers of FinTech and BigTech companies taking over banking Shows how Facebook wants to control even the dollars in your wallet Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.
Should Central Banks Have an Inequality Objective?
Should Central Banks Have an Inequality Objective? - 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 Should Central Banks Have an Inequality Objective? write by Roberto Chang. This book was released on 2022. Should Central Banks Have an Inequality Objective? available in PDF, EPUB and Kindle. Should central banks care about inequality? To address this question, we extend a standard model of time inconsistency in monetary policy to allow for heterogeneity. As in the standard analysis, lack of policy commitment leads to a bias towards socially excessive inflation. But the novel result is that, in the presence of heterogeneity, the bias can be offset by assigning the central bank a mandate under which agents with higher nominal wealth are given a higher relative weight than under the social welfare function. In other words, society should choose a central banker that is less egalitarian than itself, a result reminiscent of Rogoff's "conservative central banker". Our analysis underscores that including a concern for redistribution in the central bank's mandate can enhance policy credibility, but the details can be unexpected and should reflect the role of the mandate in overcoming policy distortions.
Designing a Simple Loss Function for Central Banks
Designing a Simple Loss Function for Central Banks - 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 Designing a Simple Loss Function for Central Banks write by Davide Debortoli. This book was released on 2017-07-21. Designing a Simple Loss Function for Central Banks available in PDF, EPUB and Kindle. Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.
