How Monetary Policy Works

Overview

"This book, a collaboration between practitioners of monetary policy across the world, helps to provide a foundation for understanding how monetary policy works 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 ...
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How Monetary Policy Works

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Overview

"This book, a collaboration between practitioners of monetary policy across the world, helps to provide a foundation for understanding how monetary policy works 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.
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Product Details

Meet the Author

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.

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Table of Contents

1 Introduction 1
2 The transmission of monetary policy through interest rates : policy rate effects on other interest rates, asset prices, consumption and investment 5
3 How policy rates affect output, prices and labour, open economy issues, and inflation and disinflation 50
4 Model-building in theory and practice : the output gap 83
5 Model-building in theory and practice : the Phillips curve 119
6 Transmission mechanisms and inflation targeting : the case of Colombia's disinflation 139
7 Monetary policy and goals for external competitiveness : a dynamic general equilibrium model for Hungary 169
8 Monetary transmission mechanism in Poland 198
9 Monetary transmission mechanism in Turkey : a view from a high-inflation environment 231
10 Measures of monetary policy transparency and the transmission mechanism 257
11 Central bank governors' symposium, 2001, Bank of England discussant's comments : Governor of the Bank of Barbados 297
12 Central Bank Governor's symposium, 2001, Bank of England discussant's comments : Governor of the Bank of Canada 299
13 Central Bank Governors' symposium, 2001, Bank of England discussant's comments : Governor of the Bank of India 302
14 Volatility of foreign financial flows and the monetary transmission mechanism : evidence from Slovenia 306
15 The monetary transmission mechanism in South Africa 327
16 What do we know about the channels of monetary transmission in transition economies? Hungary's experience under the exchange rate targeting regime 344
17 Goals and instruments of monetary policy : past, present and future 376
18 Monetary policy and the supply side 396
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