The influence of the Taylor rule on US monetary policy

Pelin Ilbas, Øistein Røisland, Tommy Sveen, 13 February 2013

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The Taylor rule has undoubtedly influenced the debate about monetary policy over the last 20 years. But has it directly influenced monetary policy? According to a survey by Kahn (2012), the answer seems to be that it has. The transcripts from the Federal Open Market Committee meetings include several references to the rule.

Topics: Monetary policy
Tags: Fed, Federal Reserve, Taylor rule, US

Misplaced concerns about central-bank independence

Marco Annunziata, 12 February 2013

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Concerns are rising that central-bank independence is at risk, already curtailed by governments eager to control all other levers of growth. The Japanese government’s none-too-subtle strong-arming of the Bank of Japan is one of the most blatant examples (e.g. King 2013).

But the current debate on the risks to central-bank independence misses the point.

Topics: Institutions and economics, Monetary policy
Tags: Central Banks, ECB, Fed, Federal Reserve, fiscal policy, independence

Is LTRO QE in disguise?

Jean Pisani-Ferry, Guntram Wolff, 3 May 2012

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With the launching of the three-year longer-term refinancing operations (LTROs) in December 2011, the Eurosystem has entered new territory (see Wyplosz 2012).

Topics: Macroeconomic policy
Tags: Bank of England, ECB, Fed, monetary policy

Bad forecasters can be good policymakers

Thomas J. Sargent, Martin Ellison, 24 November 2009

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The value of the Federal Reserve’s Open Market Committee (FOMC)1 has recently been questioned in a highly provocative paper by two professors at the University of California, Berkeley. The two professors are husband-and-wife team Christina and David Romer, who are amongst the most influential economists in the world today.

Topics: Macroeconomic policy
Tags: Fed, forecast, monetary policy

Fiscal dimensions of central banking: the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2

Willem Buiter, 25 March 2009

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The Bank of England

Topics: Monetary policy
Tags: Bank of England, ECB, Fed, fiscal backing

Fiscal dimensions of central banking: The fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2

Willem Buiter, 24 March 2009

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Why has there not been quantitative easing in the Eurozone? Good question.

Topics: Monetary policy
Tags: ECB, Fed, quantitative easing

Financial crisis resolution: It’s all about burden-sharing

Charles Wyplosz, 20 July 2008

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An old and familiar debate is back. Should taxpayers bail out the US banking system, quite possibly the British and European ones as well? 

There are two standard views on the multi-trillion dollar question of who pays for getting us out of the financial crisis

Topics: Financial markets
Tags: bailout, Bear Stearns, Fannie Mae, Fed, Federal Reserve, financial crisis, Freddie Mac, Japan, subprime crisis, Sweden

No relief for ECB’s status quo headache from rotation

Mika Widgrén, 25 February 2008

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The most recent ECB Governing Council (GC) meeting on 7 February left the key ECB interest rates unchanged.

Topics: Monetary policy
Tags: ECB, Fed, Governing Council

Federal Reserve policy actions in August 2007: frequently asked questions (updated)

Stephen Cecchetti, 15 August 2007

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Editors’ note: This column updates the 13 August 2007 column on the same topic and includes a slightly revised version of the content of the earlier column.

Topics: Financial markets
Tags: ECB, Fed, international financial crises, Subprime, subprime crisis

The perils of inflation targeting

Axel Leijonhufvud, 25 June 2007

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To control the price level, Patinkin demonstrated many years ago, you need control of one interest rate and one nominal asset for which the private sector cannot produce a close substitute. Although the theory did not say so, in practice it was obvious that this nominal stock had better not be very small.

Topics: Monetary policy
Tags: Fed, inflation, inflation targeting, interest rates

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