Monetary Policy at the Long-Term Margin: A Tobin-Kahn Framework

"Monetary Policy at the Long-Term Margin: A Tobin-Kahn Framework" published in in Aspects of Modern Monetary and Macroeconomic Policy, (eds) P. Arestis, E. Hein and E. Le Heron. London, UK: Palgrave/MacMillan


Introduction

During the last years, there is an increasing interest among central bank policy makers in the ‘portfolio rebalancing effect’, which stems from the imperfect substitutability of financial assets, and which can be generated by central bank open market operations (Andres et al.2004). The discussion over the ‘portfolio rebalancing effect’ echoes the earlier-generation debate between the ‘bills-only’ and the ‘bills-bonds’ approach.

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From Monetary to Fiscal Policy Rule:a Matter of Adjustment or Choice

“From Monetary to Fiscal Policy Rule: a Matter of Adjustment or Choice,” published in Modern Economic Policy Approaches Macroeconomic Policy, (eds) Rochon L. P. and P. Gnos. Cheltenham, UK: Edward Elgar Publishing.

Introduction

During the last 10 years,economic policy has been dominated by a new analytical framework.

That synthesis,which has been called the "New consensus" approach (NCA) has received considerable attention in terms of theoritical and empirical discussion and is considered to be a significant departure for the development of research in the area of monetary policy.

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Monetary Policy Indicators

“Monetary Policy Indicators,” in Encyclopedia of Central Banking, (eds) Rochon L. P. and S. Rossi, Cheltenham, UK: Edward Elgar Publishing.

Introduction

Monetary policy indicators are variables used to provide information ti monetary authorities on the current expected future state of the economy.When monetary policy indicators are not consistent with central banks' expectations,they may signal that interest rates and monetary policy must be reconsidered.

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Housing Bubbles

“Housing Bubbles,” in Encyclopedia of Central Banking, (eds.) Rochon L. P. and S. Rossi, Cheltenham, UK: Edward Elgar Publishing.

 

Introduction

A housing bubble is a type of financial bubble that takes place in residential markets.It is distinguished from the broader terms of real-estate bubbles or property bubbles,which include commercial real estate.

Animal Spirits

Animal spirits is a term that broadly describes individual economic behavior,influenced by psychology forces such as feelings and dispositions and produces different outcomes than rational expectations as defined by traditional economics,where emotions play no substantive role in decision making.

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