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2 edition of Alternative targets for monetary policy found in the catalog.

Alternative targets for monetary policy

United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy.

Alternative targets for monetary policy

hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, July 14, 1982.

by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy.

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  • 16 Currently reading

Published by U.S. G.P.O. in Washington .
Written in English

    Places:
  • United States.
    • Subjects:
    • Monetary policy -- United States.

    • Classifications
      LC ClassificationsKF27 .B537 1982b
      The Physical Object
      Paginationiii, 106 p. :
      Number of Pages106
      ID Numbers
      Open LibraryOL3142748M
      LC Control Number82603536

      The framework in Chapter 15 is extended to incorporate an explicit role for money aggregates, with an application to Kenya. The chapter provides a general specification that can nest various types of money targeting (ranging from targets based on optimal money demand forecasts to those derived from simple money growth rules), interest-rate based frameworks, and intermediate cases.


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Alternative targets for monetary policy by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy. Download PDF EPUB FB2

Get this from a library. Alternative targets for monetary policy: hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, J [United States.

Congress. House. Committee on Banking, Finance, and Urban Affairs. Monetary policy consists of the actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of.

Get this from a library. Legislation for alternative targets for monetary policy: hearings before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, first session, Ap and August 3, [United States.

Congress. House. Monetary policy in the United States comprises the Federal Reserve's actions and communications to promote maximum employment, stable prices, and moderate long-term interest rates--the three economic goals the Congress has instructed the Federal Reserve to pursue.

The monetary policy generally targets to ensure price stability in the economy. The monetary policy of a nation focuses to control the situations of inflation and deflation. This policy focuses on overall supply of money in the economy.

Supply of money is reduced during inflation and increased during deflation. (8) As in the previous Blue Book, three alternative sets of relationships among monetary aggregates and money market conditions are shown in summary form below for FOMC consideration (with figures for aggregates representing seasonally adjusted annual rates of growth).

More detailed monthly and quarterly figures are shown in the table on page 6a. ADVERTISEMENTS: In this article we will discuss about: 1. Objectives / Goals of Monetary Policy 2. Trade-Off in Objectives of Monetary Policy 3. Targets 4.

Indicators 5. Instruments 6. Types 7. Role in a Developing Economy 8. Limitations in LDCs. Contents: Objectives / Goals of Monetary Policy Trade-Off in Objectives of Monetary Policy Targets of [ ].

Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Regimes Prepared by Nils Maehle1 Authorized for distribution by [ ] September Abstract This paper discusses some key practical issues money targeting countries that want to reform their monetary policy regime need to Size: KB.

Monetary policy is the policy adopted by the monetary authority of a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.

Unlike fiscal policy, which relies on taxation, government spending, and government borrowing, as tools for a. Downloadable (with restrictions). In this paper the optimality of a specific variant of monetary policy rules à la Taylor is tested within a general equilibrium monetary model with both nominal and real rigidities.

The traditional Taylor rule is amended by the inclusion of the growth rate of nominal wage, or 'wage inflation'. Nominal rigidities are inserted via quadratic adjustment costs for.

The federal funds rate, which is the interest rate for banks that the Federal Reserve targets with its monetary policy, was slightly above 5% in Byit had fallen to %. The Federal Reserve’s situation was further complicated because fiscal policy, the other major tool for managing the economy, was constrained by fears that the.

Monetary policy in the immediate post-war period was a struggle to get rid of the subordinance to the government and regain sovereignty on the decisions by the central bank. 4 For the U.S. see Meltzer’s detailed explanation in his impressive work on the Fed’s history (Meltzer and.

And Section 4 describes the alternative targets which central banks can use to guide policy. Some conclusions are provided in Section 5.

The purpose of this Handbook is to assist monetary policy practitioners - those in central banks and governments who. Simple and Robust Rules for Monetary Policy by John B.

Taylor and John C. Williams* Prepared for the Handbook of Monetary Economics Edited by Benjamin Friedman and Michael Woodford Ap Abstract This paper focuses on simple normative rules for monetary policy which central banks can use to guide their interest rate Size: KB.

in the closed-loop mode, and isa result of the longer lag inherent in monetary policy. Certain targets, however,can be reached only by a particular authority; rapid increases in residential investment,for example, will not be achieved unless it is an objective shared by themonetary authority or is indirectly linkedto some other monetary by: Monetary Policy, Financial Conditions, and Financial Stability Tobias Adrian and Nellie Liang Federal Reserve Bank of New York Staff Reports, no.

September ; revised December JEL classification: E52, G01, G28 Abstract We review a growing literature that incorporates endogenous risk premiums and risk. ECL Monetary policy tools and targets/32 -Thetoolkit–basics Types of open market operations OMOs are the most important and precise conventionalmonetarypolicy tool, the primary determinant of changes in interest ratesandthe monetary base.

They fall in two categories: 1. Outright(ordynamic) open market operations: to activelychangethe. The book that revived interest in competing currencies and free banking.

Monetary Rules and Targets “The Role of Monetary Policy, and that in principle they can be designed so as to be. The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long-run growth of the monetary and credit aggregates commensurate with the economy's long-run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

Footnotes. See: C. Ragan, “The Evolution of Canadian Monetary Policy: Successful Ideas Through Natural Selection,” in New Directions for Intelligent Government in Canada: Papers in Honour of Ian Stewart (Ottawa: Centre for the Study of Living Standards, ).[]; 2.

See the Bank’s web page devoted to the renewal cycle, where over the next three years work done under the inflation. Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system.

Monetary reformers may advocate any of the following, among other proposals: A return to the gold standard (or silver standard or bimetallism).; Abolition of central bank support of the banking system during periods of crisis and/or the.

This volume contains a series of studies by members of the staff of the Federal Reserve Bank of New York. Its purpose is to evaluate the usefulness of alternative monetary policy operating procedures, particularly in the light of the breakdown of the relationship between M1 and income that occurred during the s, and the Fed's subsequent abandonment of the use of M1 as a policy target.

Such targets were ‘intermediate’ in the sense that they lay between the operational instruments of Central Banks (e.g. open market operations to vary either prices, i.e. interest rates, or quantities, the monetary base, in money markets) on the one hand, and the ultimate objectives of policy, especially the control of inflation, on the : Charles A.

Goodhart. As Economy Strengthens, Fed Ponders New Approach Ben S. Bernanke, the former Federal Reserve chairman, and others have suggested the Fed should move away from a rigid inflation target of 2 percent.

In summary, there are several alternative monetary policy frameworks that potentially offer some benefits in a low interest rate environment. None of these alternative frameworks are without challenges and we will need to evaluate whether the net benefits of any of the alternatives would outweigh those of the flexible inflation-targeting Cited by: 1.

income targets for fiscal policy. Introduction At the beginning of the s the OECD countries were on a de facto Dollar Standard, in which the U.S.

selected its monetary policy with a view to domestic stability and other countries pegged to the dollar, with the right to change the peg at their unilateral discretion. Byhowever, the Cited by: Abstract. This article expands on the debate of whether merely controlling inflation can be considered a good outcome in terms of monetary policy, discussing proposals for adopting alternative monetary targets (e.g., price level, nominal GDP), alternative instruments (e.g., monetary finance, central bank digital currencies), for enlarging central banks' mandates (e.g., incorporating employment Followers: K.

Rethinking the Monetary Transmission Mechanism debate about the targets and indicators of monetary policy (Brunner The alternative—focusing on the setting by policymakers of inter. All the alternative proposals considered at this conference can and should be evaluated using policy rules, including price level targeting, nominal GDP targeting, and different inflation targets.

If you want to evaluate a higher inflation target, you just stick in a higher value for π*. The title of a popular book by William Greider on the Federal Reserve said it all: Secrets of the Temple conjured up an image of the high priests of monetary policy hidden away behind marble walls in Washington, D.

C., making mysterious decisions that affected the lives of all Americans. While the Fed’s policymaking body, the Federal Open Market Committee (FOMC), would eventually. Cite this chapter as: Carlberg M. () Alternative Targets of the Union Central Bank. In: Policy Competition and Policy Cooperation in a Monetary : Michael Carlberg.

unconventional monetary policy by the European Central Bank, the Bank of England, and the Bank of Japan, In the alternative and Forward guidance targets can also be time dependent, for File Size: KB. A monetary policy strategy in which the central bank makes a public commitment to achieve an explicit inflation target and explains how its policy actions will achieve it.

Taylor Rule To set the policy interest rate by using a rule or formula. This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the s which focused on the information problem in policy design and extends to the New Keynesian approach of the s which centered on evaluating alternative targeting strategies.

This paper deals with the problem of choosing an intermediate target for monetary policy. The proposed alternative targets are related to economic activity in non-nested models.

The choice among the various alternatives is reduced to a series of tests among non-nested : Mitsuru Toida, William T. Gavin. No discussion on money and monetary institutions is complete before turning one’s gaze to central banking.

Out of all the areas of economics, monetary policy and its impact on the macroeconomy might be the one that receives the most attention among non-economists. Money and its provision impacts every price of every trade in the economy, and risk-free short-term interest rates are.

The question of the effectiveness of monetary policy is a long-standing issue in the literature of monetary economics and central banking.

Perspectives on the question Both terms are something of moving targets. At times “monetary policy” has referred to central bank actions to influence and/or target some measure of the money Size: KB.

In this paper we analyse the monetary impact of alternative fiscal policy rules using the debt and deficit, both mentioned as measures of fiscal policy performance in the Stability and Growth Pact.

No discussion on money and monetary institutions is complete before turning one’s gaze to central banking. Out of all the areas of economics, monetary policy and its impact on the macroeconomy might be the one that receives the most attention among non-economists.

Money and its provision impacts every price of every trade in the economy, and risk-free short-term interest rates are benchmarks. Government policy makers (the Federal Reserve System) rely on the money creation process when conducting monetary policy.

Money creation by banks is a modern alternative to. Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs.

The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis highlights the need for assertive policies and maximum transparency.MACROECONOMIC POLICY THE DEFINITION OF INFLATION TARGETING Summary targeting as like “a cookery book that, instead of providing concrete recipes, only contains pictures of the targeters”, largely because of the emphasis placed by the ECB on monetary Size: 51KB.Simple and Robust Rules for Monetary Policy$ John B.

Taylor and John C. Williams and he reviewed research on alternative targets and instruments including both money supply and interest rate instruments. Like McCallum rast,themoderndayequivalent,MichaelWoodford’s()book,File Size: KB.