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8. Shadow Banking as a Source of Systemic Risk

8. Shadow Banking as a Source of Systemic Risk »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

My colleagues on the panel are highly respected and deeply experienced experts on central bank issues. In this chapter I express my views as a practitioner, and those views are based on my experience at Gold...

9. Macroprudential Policy Regimes: Definition and Institutional Implications

9. Macroprudential Policy Regimes: Definition and Institutional Implications »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

Policymakers and economists spent decades debating the design of monetary institutions before the wave of central bank independence measures in the 1990s. We now need to turn our eyes to a fresh institution-...

10. Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy

10. Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

In keeping with the title of the session, “Macroprudential Policies: Gathering Evidence,” I will say something about the evidence, but I will also offer some broader reflections on the limits of macroprudent...

11. A Simple Cost-Benefit Analysis of Using Monetary Policy for Financial Stability Purposes

11. A Simple Cost-Benefit Analysis of Using Monetary Policy for Financial Stability Purposes »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

Should monetary policy be used for financial stability purposes? Should monetary policy, as suggested by the Bank for International Settlements (2014), “lean against the wind”—for instance, against increases...

12. Introduction to the Monetary Policy Section

12. Introduction to the Monetary Policy Section »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

One of the most remarkable features of the last seven years, since the beginning of the global financial crisis, has been the tremendous innovation and experimentation in the field of monetary policy. Presse...

13. Monetary Policy in the Future

13. Monetary Policy in the Future »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

In the few minutes that I have, I’ll offer some thoughts on the Fed’s monetary policy framework, its tools for implementing monetary policy, and how both are likely to evolve as we return to a more historica...

14. A Monetary Policy for the Future

14. A Monetary Policy for the Future »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

A year ago at another IMF conference, “Monetary Policy in the New Normal,” I argued that central banks should renormalize monetary policy, not new-normalize it to some new normal as some had suggested....

15. The Credit Surface and Monetary Policy

15. The Credit Surface and Monetary Policy »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

I believe that credit plays a central role in the booms and busts of market economies, and even in milder fluctuations. But I do not believe that the credit conditions influencing booms and busts are driven...

16. Remarks on the Future of Monetary Policy

16. Remarks on the Future of Monetary Policy »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

During the precrisis period, monetary policy appeared to be relatively predictable and straightforward. The Great Moderation saw low inflation rates around the world, with inflation targeting, either formal...

17. Fiscal Policy for the Twenty-First Century: Testing the Limits of the Tax State?

17. Fiscal Policy for the Twenty-First Century: Testing the Limits of the Tax State? »

Source: Progress and Confusion : The State of Macroeconomic Policy

Series: Books

Publisher: The MIT Press

Publication Date: 29 April 2016

ISBN: 9780262034623

Keywords: Economic policy, Financial stability, Financial risk, Exchange rate management, Capital flows, Macroprudential Policy, Monetary Policy, Fiscal Policy, Financial Crises, Macroeconomics; capital flows;

Public finance and fiscal policy are in search of a new paradigm.Richard Musgrave’s threefold classification of public finance functions—allocation, distribution, and stabilization—is showing signs of wear a...