Monetary Economics: Central Banks - Policies & Impacts eJournal最新文献_第4页

Responses of International Central Banks to the Covid-19 Crisis 国际央行对新冠肺炎危机的反应

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-10-01 DOI: 10.20955/r.102.339-84

J. Haas, Christopher J. Neely, William. R. Emmons

引用次数: 12

Central Banks Are not Strangers to Unpopularity 央行对不受欢迎并不陌生

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-09-15 DOI: 10.2139/ssrn.3692960

Nishadi Thennakoon

{"title":"Central Banks Are not Strangers to Unpopularity","authors":"Nishadi Thennakoon","doi":"10.2139/ssrn.3692960","DOIUrl":"https://doi.org/10.2139/ssrn.3692960","url":null,"abstract":"The Central Bank of Sri Lanka (CBSL) celebrates its 70th Anniversary on 28 August 2020. The establishment of the CBSL was a proud moment in the post-independence history of Sri Lanka. The Bank, as the apex financial authority in the country, is entrusted with the mandates of maintaining economicand price stability and financial system stability. These two objectives are complementary to each other and they affect all sectors of the economy. Central banks worldwide were called upon to be risk managers during the Global Financial Crisis (GFC) of 2007-09, followed by the Great Recession. Quantitative Easing, which fast-tracked implementation of lender of last resort policies and overhauling financial regulatory regimes were some of the key measures executed by central banks in response to the said crisis. While financial systems and economies werestruggling to restore stability, and wipe off the scars of GFC, there came COVID-19 pandemic with devastating impacts on almost all sectors. Central banks have been required again to find solutions to COVID-19 induced instabilities. At this very special moment of CBSL’s 70th Anniversary, this article is dedicated to discussing challenges faced by central banks during this unprecedented crisis.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129269327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Optimal Credit, Monetary, and Fiscal Policy Under Occasional Financial Frictions and the Zero Lower Bound 偶尔金融摩擦和零利率下限下的最优信贷、货币和财政政策

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3711147

Shi-jie Jiang

{"title":"Optimal Credit, Monetary, and Fiscal Policy Under Occasional Financial Frictions and the Zero Lower Bound","authors":"Shi-jie Jiang","doi":"10.2139/ssrn.3711147","DOIUrl":"https://doi.org/10.2139/ssrn.3711147","url":null,"abstract":"I study optimal credit, monetary, and ﬁscal policy under commitment in a model where ﬁnancial intermediaries face an occasionally binding ﬁnancial constraint; the monetary authority faces a zero lower bound (ZLB); and the ﬁscal authority faces a budget constraint. Despite being inactive in the deterministic steady state, the credit policy is permanent in the risky steady state. Financial and productivity shocks can generate a tradeoﬀ between inﬂation stability and ﬁnancial stability, which is resolved in favour of the latter with the credit spread being virtually equal to zero under a reasonable calibration. As the ZLB prevents full-scale monetary easing when ﬁnancial distress weighs on aggregate demand, monetary policy should be relatively tighter in normal times for a precautionary reason. Moreover, the optimal nominal interest rate is a bell-shaped function of productivity around the stochastic steady state, although it is sensitive to how much the central bank is constrained by its past commitments. Notwithstanding the mentioned policy tradeoﬀ, the optimal Taylor type rule is strictly inﬂation targeting. However, the rule-based policy features too aggressive a credit intervention but insuﬃcient monetary easing.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115367159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Quantitative Easing: New Normal or Emergency Measure? 量化宽松:新常态还是应急措施?

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-09-01 DOI: 10.5709/ce.1897-9254.406

P. Bartkiewicz

{"title":"Quantitative Easing: New Normal or Emergency Measure?","authors":"P. Bartkiewicz","doi":"10.5709/ce.1897-9254.406","DOIUrl":"https://doi.org/10.5709/ce.1897-9254.406","url":null,"abstract":"This article explores the economic justification of the use of unconventional monetary policy instruments such as asset purchase programmes (known as quantitative easing, QE) with the aim of assessing the nature of QE in the context of future monetary policy in Poland. Since 2008, numerous asset purchase programmes have been launched by central banks in major developed economies to raise economic growth and inflation in the aftermath of the Global Financial Crisis. These programmes can be seen either as part of broader, longer trends (demographic, socioeconomic) or as an emergency measure (i.e. a response to unique circumstances). The former hypothesis calls on central banks to treat unconventional monetary policy instruments as a necessary part of their toolbox, while the latter implies that QE is unlikely to be used again in the future. Drawing from a wide set of macroeconomic data and a proprietary literature review, I describe the macroeconomic context for unconventional monetary policy, present arguments for both paradigms and their implications. I conclude that recent developments favor the former hypothesis and that this debate will most likely be settled within several years and can be informed by business cycle developments in major developed economies.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"183 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133344553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Forward Guidance and Corporate Lending 前瞻指引和企业贷款

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-08-19 DOI: 10.2139/ssrn.3520170

M. Delis, Silvio Hong, Nikos Paltalidis, Dennis Philip

引用次数: 3

Housing Policy, Monetary Policy, and the Great Recession 住房政策、货币政策和大衰退

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-08-04 DOI: 10.2139/ssrn.3667309

Scott Sumner, Kevin Erdmann

{"title":"Housing Policy, Monetary Policy, and the Great Recession","authors":"Scott Sumner, Kevin Erdmann","doi":"10.2139/ssrn.3667309","DOIUrl":"https://doi.org/10.2139/ssrn.3667309","url":null,"abstract":"Most research on the run-up in home prices before the Great Recession has focused on types of excessive demand—loose lending, foreign savings, loose monetary policy, speculation, bank deregulation, federal housing subsidies, etc. The focus on excess demand led to fatalism about the collapse in homebuilding that began in 2006 and the eventual recession and financial crisis that followed. Regardless of the sources of excess demand, a consensus developed that American spending had become unsustainably high because of a housing bubble and that demand needed to be reduced. Using a broad array of evidence, we find that constrained supply of new housing in key urban centers was the primary trigger for high home prices before the crisis. The recession and the financial crisis were the result of deliberate contractions of demand—both generally and specifically in residential investment—that were neither useful nor necessary. First, tightening monetary policy reduced aggregate spending and encouraged negative sentiment about real estate. Then, policy changes tightened lending standards and depressed housing markets for years after the 2008 financial crisis. A monetary policy regime targeting stable nominal income growth would have dramatically improved the economy during and after 2008.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"11 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114032761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Uncertainty Shocks and Monetary Policy Rules in a Small Open Economy 小型开放经济中的不确定性冲击与货币政策规则

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-07-29 DOI: 10.2139/ssrn.3662982

Sargam Gupta

引用次数: 0

The Political Economy of Central Bank Effectiveness: The Case of National Bank of Rwanda 中央银行有效性的政治经济学:以卢旺达国家银行为例

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-07-27 DOI: 10.2139/ssrn.3661614

Pritish Behuria

{"title":"The Political Economy of Central Bank Effectiveness: The Case of National Bank of Rwanda","authors":"Pritish Behuria","doi":"10.2139/ssrn.3661614","DOIUrl":"https://doi.org/10.2139/ssrn.3661614","url":null,"abstract":"In a survey conducted in Rwanda by the Pockets of Effectiveness project, the Central Bank was listed as among the top-performing government organisations in the country. This paper examines the political determinants of the portrayal of the National Bank of Rwanda’s (BNR) achievement of its mandate: promoting price and financial stability. The paper uses the political settlements framework to highlight the political determinants of financial sector reforms in the country. Rwanda’s underlying political economy – and particularly the government’s evolving relationships with domestic capital vis-à-vis foreign capital – has contributing to shaping the Rwandan financial sector’s trajectory. In particular, the Rwandan government has prioritised a strategy of being a financial sector hub, which is based on increased global financial integration and portraying the achievement of ‘best practice’ reforms. These goals have come at the cost of traditional developmentalists goals for central banks, including direct lending for structural transformation. BNR has achieved success in its mandate. However, achieving success in its market-led mandate reduces the policy tools at its disposal to promote structural transformation. The paper argues that reforming BNR along neoliberal lines has mirrored the broader macro-strategy of the country, with the ruling Rwandan Patriotic Front (RPF) choosing to rely increasingly on legitimacy with external actors, rather than supporting the growth of strengthening domestic state– business relationships to support economic transformation.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131482332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Negative Interest Rates, Capital Flows and Exchange Rates 负利率、资本流动和汇率

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-06-29 DOI: 10.2139/ssrn.3639325

Romina Ruprecht

引用次数: 1

Reallocation Effects of Monetary Policy 货币政策的再分配效应

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-06-11 DOI: 10.2139/ssrn.3624690

Daisuke Miyakawa, Koki Oikawa, Kōzō Ueda

引用次数: 10