Elements Of Optimal Monetary Policy Committee Design
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Author | : Jérôme Vandenbussche |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2006-12 |
Genre | : Business & Economics |
ISBN | : |
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Author | : Jerome Vandenbussche |
Publisher | : |
Total Pages | : 40 |
Release | : 2009 |
Genre | : |
ISBN | : |
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Author | : Jérôme Vandenbussche |
Publisher | : |
Total Pages | : |
Release | : 2006 |
Genre | : Electronic books |
ISBN | : |
Author | : Jérôme Vandenbussche |
Publisher | : |
Total Pages | : 38 |
Release | : 2006 |
Genre | : |
ISBN | : |
Author | : Jéroôme Vandenbussche |
Publisher | : |
Total Pages | : 38 |
Release | : 2006 |
Genre | : |
ISBN | : |
Author | : Kappes, Sylvio |
Publisher | : Edward Elgar Publishing |
Total Pages | : 415 |
Release | : 2022-08-18 |
Genre | : Business & Economics |
ISBN | : 1839100931 |
Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1998-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844239 |
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author | : Frederic S. Mishkin |
Publisher | : MIT Press |
Total Pages | : 561 |
Release | : 2007 |
Genre | : Monetary policy |
ISBN | : 0262134829 |
This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2011-03-14 |
Genre | : Business & Economics |
ISBN | : 1498339174 |
MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.
Author | : International Monetary Fund. Western Hemisphere Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 145 |
Release | : 2016-11-10 |
Genre | : Business & Economics |
ISBN | : 1475552645 |
This paper discusses Argentina’s investment rate which was well below the average of Latin American countries and that of a peer group of advanced and emerging market countries, with a larger gap in private investment. Raising investment prospects would be essential to boost economic activity. The administration that took office in December 2015 has emphasized the importance of generating an investor friendly environment that allows Argentina to recover some of the growth opportunities lost over the last few decades. Although quantifying the capital accumulation gap is a clearly a difficult task, one way of doing so is to look at the difference between Argentina’s capital-labor ratio and that of the selected peer group of countries. Argentina’s investment rates and capital-output ratios are also compared with estimates of their steady state values derived from standard neoclassical growth models. Argentina’s investment rate would need to increase significantly to eliminate the capital accumulation gap built during the last two decades, and this could significantly accelerate GDP growth.