Category: Monetary Policy
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Monetary policy with CBDC
How does a CBDC affect domestic monetary policy and the international monetary system?
Coherent policies that benefit all
“Lessons from 1933” and “Monetary policies for the masses” are two papers that explain the benefits of a joint monetary-fiscal policy and which policy benefits all in an unequal society.
Effectiveness of monetary policy during a pandemic
New research shows that accomodative monetary policy is less effective in a pandemic than in normal times.
On flat Phillips curves
Can staggered price indexation flatten the Phillips curve? What does a flat Phillips curve imply for monetary policy?
How to measure inflation going forward
COVID and decarbonization are affecting the standard measures of inflation. What are central banks to do?
Macropru in the time of COVID
Did macropru reduce volatility during COVID? Did it protect banks’ intermediation capacity?
The politics of QE research
How effective is QE? Research from academia and central banks might be telling different stories.
The critics of the FOMC’s new monetary policy framework
Last week the FOMC released a revised Statement of “Longer Run Goals and Monetary Policy Strategy” highlighting a switch to average inflation targeting. Why so many economists disagree?
On average inflation targeting
Will the Fed switch to average inflation targeting at the upcoming Jackson Hole Economic Policy Symposium?
On money neutrality
Two new papers challenge the assumption of medium and long-term money neutrality from two different perspectives.