krainaksiazek unconventional monetary policy at the lower zero bound 20123930
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Książki Obcojęzyczne>Angielskie>Biography & True Stories>Biography: general
Zero Lower Bound Term Structure Modeling PALGRAVE MACMILLAN
Książki / Literatura obcojęzyczna
Nominal yields on government debt in several countries have fallen very near their zero lower bound (ZLB), a situation in which the short-term nominal interest rate is zero, or just above zero, causing a liquidity trap and limiting the capacity to stimulate economic growth. Notably, yields on Japanese government bonds of various maturities have been hovering near zero since 1996. Similarly, many U.S. Treasury rates edged down quite close to zero in the years following the 2008 financial crisis. This book provides a comprehensive reference to state of the art zero bound term structure modeling in an applied setting. Based on the author's practical experience in the field, it covers tractable frameworks, macroeconomic foundations for ZLB models, and applications in the field of macro-finance. Split into seven chapters with two appendices, the book first provides an introduction to the principles of term structure modeling, its application to macro-finance and monetary policy, and the complications introduced by the ZLB for nominal interest rates. The following chapters focus on developing unique frameworks to better evaluate ZLB interest rates and bond prices. Finally, the book looks at applications in the field, such as monitoring the stance of unconventional monetary policy and managing fixed income portfolio risk.
Monetary Policy, Inflation, and the Business Cycle Princeton University Press
Książki / Literatura obcojęzyczna
This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability-oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Gali explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects for monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes labor and financial market frictions, the zero lower bound on nominal interest rates, and an analysis of unemployment's significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Economics of Deflation 2 vols Edward Elgar
'Deflation may be one of the most daunting policy challenges facing policymakers today. What makes deflation particularly challenging is its multifaceted nature and its newness for the current generation of economists and policymakers. With his extensive knowledge of history and the current debate, Pierre Siklos brings together an essential collection of readings that surveys the key aspects of deflation - from the microeconomic costs to the implications for monetary policy. This volume offers a concise, yet rich, overview of the economics of deflation and will be an indispensable reference for policy makers, their staffs, economists and all those grappling with the complexities of the phenomena called deflation.'- Andrew Filardo, Bank for International Settlements, SwitzerlandThis collection of seminal papers examines how economies behave under deflationary conditions. The volumes cover both theoretical and empirical aspects of this important subject. The editor presents articles exploring whether, and under what conditions, deflation can lead to beneficial economic outcomes, and also articles emphasizing that deflation should be avoided at all costs. Further sections examine specialized topics of the economics of deflation; including wage rigidities, the liquidity trap, and the zero lower bound of interest rates. A selection of important case studies of economies in deflation completes this comprehensive collection.
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