Category: Monetary Policy

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Monetary Policy

Policymaking under uncertainty

How does uncertainty impact the FOMC’s decisions when the main concern is with maintaining credibility for the inflation anchor? What is a robust monetary policy when the source of an inflation shock is uncertain?

Monetary Policy

The normalization of monetary policy in Japan

The BOJ, for the first time after more than a decade of super-loose monetary policy, set its policy rate from 0% to 0.1% and abandoned its yield-curve control. Did this normalization go smoothly?

Monetary Policy

The Bernanke Review

On April 12 the Bank of England’s Independent Evaluation Office released ‘Forecasting for monetary policy making and communication at the Bank of England: A review’, which had been led by former Federal Reserve Chairman, Ben Bernanke. A list of the main recommendations and reactions from prominent UK macroeconomists.

Monetary Policy

Assessing the recent quantitative tightening

A new research paper analyzes the experience  of quantitative tightening in seven advanced economies.

Monetary Policy

Price stability vs financial stability

Two new research papers on  whether a central bank’s mandate should be updated to include financial stability alongside price stability.

Monetary Policy

Central banking since 2007

What are the drivers of the transformation of central banking since 2007? What are the macroeconomic and financial challenges faced by central banks going forward?

Monetary Policy

Central bank independence: a new index and trends

A recent paper develops the first entirely new index in three decades that measures de jure central bank independence.  Has the momentum of central bank reforms been halted since 2008?

Monetary Policy

On the transmission of monetary policy shocks

New research sheds light on how fast as well as for how many years thereafter a monetary policy shock affects the economy.

Monetary Policy

Excess reserves and monetary policy

How do excess reserves impact the transmission of monetary policy?  What is the optimal supply of reserves under uncertainty?

Monetary Policy

On central bankers’ speeches

Do central  bankers’ speeches resolve uncertainty much like post-meeting central bank communication does?

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