Monetary Policy with Judgment
نویسندگان
چکیده
منابع مشابه
Monetary Policy with Judgment : Forecast Targeting ∗
Forecast targeting,” forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards judgment and follows a given instrument rule. This is demonstrated in a few examples for two empirical models of the U.S. economy, one forward looking an...
متن کاملFrcTrg . tex Monetary Policy with Judgment : Forecast Targeting ∗
Forecast targeting,” forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards judgment and follows a given instrument rule. This is demonstrated in a few examples for two empirical models of the U.S. economy, one forward looking an...
متن کاملMonetary Aggregates and Monetary Policy
This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...
متن کاملCommentary: The Role of Judgment and Discretion in the Conduct of Monetary Policy
Friedman's skepticism with regard to the use of monetary aggregates as intermediate targets of monetary policy derives mainly from U.S. experience, the upheavals in the financial system there, and the consequent instability of the money demand function. To this extent, the quest for new approaches is quite understandable and, indeed, necessary. However, the conclusions presented in his paper ca...
متن کاملMonetary Policy with a Touch of Basel
We explore the implications of risk-based capital requirements, à la Basel, for the conduct of monetary policy. A “bank balance-sheet channel” of monetary policy is identified, which operates through bank capital and influences the bank’s loan decision. Using a dynamic banking model, we endogenize the capital decision and show that banks are likely to hold capital above the regulatory minimum t...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2020
ISSN: 1556-5068
DOI: 10.2139/ssrn.3607344