Book Reviews

2017 ◽  
Vol 55 (1) ◽  
pp. 222-225
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Central Banks ◽  
Low Income Countries ◽  
Balance Sheets ◽  
Flow Of Funds ◽  
Monetary Analysis ◽  
Policy Frameworks ◽  
Bank Of England

Bilin Neyapti of Bilkent University reviews “Monetary Analysis at Central Banks,” edited by David Cobham. The Econlit abstract of this book begins: “Four papers investigate how analysis of monetary and credit aggregates is used in modern central banks and how that analysis feeds through into policy making. Papers discuss monetary analysis and central banks (David Cobham); the analysis of money and credit during the financial crisis--the approach at the Bank of England (Jon Bridges, James Cloyne, Ryland Thomas, and Alex Tuckett); central banks as balance sheets of last resort--the European Central Bank's monetary policy in a flow-of-funds perspective (Philippine Cour-Thimann and Bernhard Winkler); and evolving monetary policy frameworks in low-income countries--the Tanzanian experience (Christopher Adam, Pantaleo Kessy, and Ben Langford).”

scholarly journals Do Monetary Policy Frameworks Matter in Low Income Countries?

2020 ◽  
Vol 2020 (139) ◽  
pp. 1
Author(s):  
Alina Carare ◽  
Carlos de Resende ◽  
Andrew Levin ◽  
Chelsea Zhang
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Low Income Countries ◽  
Policy Frameworks

Implementation Errors and Incomplete Information

2018 ◽  
Author(s):  
Rafael Portillo ◽  
Filiz Unsal ◽  
Stephen O’Connell ◽  
Catherine Pattillo
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Incomplete Information ◽  
Low Income ◽  
Complete Information ◽  
Structural Features ◽  
New Keynesian ◽  
Low Income Countries ◽  
Keynesian Model ◽  
Policy Frameworks

This chapter shows that limited effects of monetary policy can reflect shortcomings of existing policy frameworks in low-income countries rather than (or in addition to) the structural features often put forward in policy and academic debates. The chapter focuses on two pervasive issues: lack of effective frameworks for implementing policy, so that short-term interest rates display considerable unintended volatility, and poor communication about policy intent. The authors introduce these features into an otherwise standard New Keynesian model with incomplete information. Implementation errors result from insufficient accommodation to money demand shocks, creating a noisy wedge between actual and intended interest rates. The representative private agent must then infer policy intentions from movements in interest rates and money. Under these conditions, even exogenous and persistent changes in the stance of monetary policy can have weak effects, even when the underlying transmission (as might be observed under complete information) is strong.

Do Monetary Policy Frameworks Matter in Low Income Countries?

2020 ◽  
Author(s):  
Alina Carare ◽  
Carlos de Resende ◽  
Andrew T. Levin ◽  
Chelsea Zhang
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Low Income Countries ◽  
Policy Frameworks

Monetary Policy of Central Banks during Global Financial Crisis

2010 ◽  
pp. 69-87
Author(s):  
S. Andryushin ◽  
V. Kuznetsova
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Statistical Data ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Balance Sheets ◽  
Macroeconomic Conditions ◽  
Bank Of China ◽  
Bank Of England ◽  
The Global Financial Crisis

The paper analyzes different regimes of monetary policy, which central banks realized in normal macroeconomic conditions, summarizes their pluses and minuses. During the global financial crisis central banks had to conduct unconventional measures of monetary policy. Their realization has changed the structure and values of central banks balance sheets that is shown on the example of statistical data of FRS, Bank of England, ECB, Bundesbank, Bank of Japan, Peoples Bank of China.

scholarly journals Do Monetary Policy Frameworks Matter in Low Income Countries?

2021 ◽  
Author(s):  
Alina Carare ◽  
Carlos de Resende ◽  
Andrew Levin ◽  
Chelsea Zhang
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Low Income Countries ◽  
Policy Frameworks

Do Monetary Policy Frameworks Matter in Low Income Countries?

2021 ◽  
Author(s):  
Alina Carare ◽  
Carlos de Resende ◽  
Andrew T. Levin ◽  
Chelsea Zhang
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Low Income Countries ◽  
Policy Frameworks

Monetary Policy in Sub-Saharan Africa

2018 ◽  
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Sub Saharan Africa ◽  
Low Income Countries ◽  
African Countries ◽  
Policy Regimes ◽  
Export Prices ◽  
Policy Work ◽  
Sub Saharan ◽  
Policy Guidance

Having broadly stabilized inflation over the past two decades, many policymakers in sub-Saharan Africa are now asking more of their monetary policy frameworks. They are looking to avoid policy misalignments and respond appropriately to both domestic and external shocks, including swings in fiscal policy and spikes in food and export prices. In many cases they are finding current regimes—often characterized as ‘money targeting’—lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. At the same time, little existing research on monetary policy is targeted to low-income countries. What do we know about the empirics of monetary transmission in low-income countries? (How) Does monetary policy work in countries characterized by a huge share of food in consumption, underdeveloped financial markets, and opaque policy regimes? (How) Can we use methods largely derived in advanced countries to answer these questions? And (how) can we use the results to guide policymakers? This book draws on years of research and practice at the IMF and in central banks from the region to shed empirical and theoretical light on these questions and to provide practical tools and policy guidance. A key feature of the book is the application of dynamic general equilibrium models, suitably adapted to reflect key features of low-income countries, for the analysis of monetary policy in sub-Saharan African countries.

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