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Overconfidence in Monetary Theory and Monetary Policy
2001In this chapter we argue that when it comes to present-day monetary theory and policy, economists suffer from myopia and are prone to herd behaviour. As a result, too many economists give too much weight to actual economic developments which can have an excessive impact on economic theory and policy.
Brakman, S. +2 more
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SSRN Electronic Journal, 2000 Summary: Optimal monetary policy maximizes the welfare of a representative agent, given frictions in the economic environment. Constructing a model with two sets of frictions --- costly price adjustment by imperfectly competitive firms and costly exchange of wealth for goods --- we find optimal monetary policy is governed by two familiar principles ...
Aubhik Khan +2 more
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Journal of Information Systems and Operation Management, 2008 While there is uncertainty about the data that enter into economic models and about the parameters that govern economic models, the fact that economists often approach macroeconomic data armed with different models of the economy suggests that uncertainty, or ambiguity, about the model could also be potentially important.
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The Monetary Policy Model [PDF]
Business Economics, 2006 Most monetary economists today conduct their analysis within some version of a rational expectations model. A well-defined equilibrium in such a model requires that the private sector understand policy goals and the policymakers' model of the economy.
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1995
There is wide agreement about the major goals of economic policy: high employment, stable prices, and rapid growth. There is less agreement that these goals are mutually compatible or, among those who regard them as incompatible, about the terms at which they can and should be substituted for one another.
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There is wide agreement about the major goals of economic policy: high employment, stable prices, and rapid growth. There is less agreement that these goals are mutually compatible or, among those who regard them as incompatible, about the terms at which they can and should be substituted for one another.
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Monetary Policy Surprises and Monetary Policy Uncertainty
FEDS Notes, 2018In this note we find that after a given monetary policy surprise, primary dealers--key intermediaries in interest rate markets--tend to adjust their positions in the U.S. Treasury market and their exposures to interest rates more when the prevailing level of policy uncertainty is low than when it is high.
Michiel De Pooter +3 more
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Housing and Monetary Policy [PDF]
, 2007 My remarks focus on the relationship between monetary policy and the recent turmoil in the markets for housing, housing finance, and beyond. I begin with a review of the period leading up to the crisis. I then use this review as a basis for discussing the role of monetary policy in resolving such crises and preventing future crises.
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Monetary Theory and Monetary Policy in the 1970's
Journal of Money, Credit and Banking, 1972A. B. Cramp +3 more
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The Conduct of Monetary Policy
The Economic Journal, 1989Nowadays the Central Bank of a country is the monopoly supplier of legal tender currency. The commercial banks are committed to making their deposits convertible at par into such currency. So the banks need to keep reserves in the form of currency and deposits at the Central Bank.
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Communication and Monetary Policy [PDF]
, 2003 One role of monetary policy is to coordinate expectations in the economy and greater transparency of monetary policy may lead to greater coordination. But if transparent monetary policy helps coordinate expectations, then it must also magnify mistakes.
Jeffrey D. Amado +2 more
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