How Monetary Policy Works

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September 2012



For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.


1. Introduction2. The Transmission Mechanism of Monetary Policy Through Interest Rates - Policy Rate Effects on Other Interest Rates, Asset Prices, Consumption and Investment Peter Sinclair3. How Policy Rates Affect Output, Prices and Labour - Open Economy Issues; and Inflation and Disinflation Peter Sinclair4. Model-building in Theory and Practice: The Output Gap Lavan Mahadeva5. Model-building in Theory and Practise: The Philips Curve Lavan Mahadeva6. Transmission Mechanisms and Inflation Targeting - The Case of Columbia's Disinflation Javier Gomez and Juan Manuel Julio7. Monetary Transmission Mechanism in Poland Tomasz Lyziak8. Monetary Policy and Goals for External Competitiveness - A Dynamic General Equilibrium Model for Hungary Aron Gereben9. Monetary Transmission Mechanism - A View from a High Inflation Environment Gulbin Sahinbeyoglu10. Measures of Monetary Policy Transparency and the Transmission Mechanism Richhild Moessner, Toni Gravelle and Peter Sinclair11. Discussant's Comments Marion William, Barbados13. Discussant's Comments David Dodge, Canada14. Discussant's Comments Bimal Jalan, India15. The Monetary Transmission Mechanism in South Africa M.M. Smal and S. de Jager16. What do we know about the Channels of Monetary Transmission in Transition Economies? Hungaries Experience Under the Exchange Rate Targeting Regime Judit Nemenyi17. Goals and Instruments of Monetary Policy - Past, Present and Future C. Freedman


Lavan Mahadeva is Monetary Policy Committee Research Advisor to the Bank of England, UK. His Previous book, Monetary Policy Frameworks in a Global Context, is also available from Routledge. Peter Sinclair is Director of the Bank of England Centre for Central Banking Studies and Professor of Economics at the University of Birmingham, UK. His previous book, Financial Stability and Central Banks, is also available from Routledge.
EAN: 9780415648370
ISBN: 0415648378
Untertitel: 'Central Bank Governor's Sympos'. Sprache: Englisch.
Erscheinungsdatum: September 2012
Seitenanzahl: 466 Seiten
Format: kartoniert
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