scholarly journals Online Appendix to Slow Post-Financial Crisis Recovery and Monetary Policy

2018 ◽  
Vol 2018 (347) ◽  
Author(s):  
Daisuke Ikeda ◽  
◽  
Takushi Kurozumi ◽  
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Online Appendix ◽  
Crisis Recovery

scholarly journals Slow Post-Financial Crisis Recovery and Monetary Policy

2018 ◽  
Vol 2018 (347) ◽  
Author(s):  
Daisuke Ikeda ◽  
◽  
Takushi Kurozumi ◽  
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Crisis Recovery

scholarly journals Slow Post-financial Crisis Recovery and Monetary Policy

2019 ◽  
Vol 11 (4) ◽  
pp. 82-112
Author(s):  
Daisuke Ikeda ◽  
Takushi Kurozumi
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Slow Recovery ◽  
Strong Response ◽  
High Interest Rate ◽  
Output Stabilization ◽  
Interest Rate Volatility ◽  
Crisis Recovery ◽  
Monetary Policy Rule ◽  
Inflation Stabilization

Post-financial crisis recoveries tend to be slow and accompanied by slowdowns in total factor productivity (TFP) and permanent losses in GDP. To prevent them, how should monetary policy be conducted? We address this issue by developing a model with endogenous TFP growth in which an adverse financial shock can induce a slow recovery. In the model, a welfare-maximizing monetary policy rule features a strong response to output, and the welfare gain from output stabilization is much larger than when TFP expands exogenously. Moreover, inflation stabilization results in a sizable welfare loss, while nominal GDP stabilization works well, albeit causing high interest rate volatility. (JEL E12, E23, E32, E43, E44, E52, G01)

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

Normative dimensions of central banking: How the guardians of financial markets affect justice

2017 ◽  
Author(s):  
Peter Dietsch
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Financial Markets ◽  
Central Banking ◽  
Democratic Legitimacy ◽  
Policy Agenda ◽  
Theory Of Justice ◽  
Introductory Section ◽  
The Impact

Monetary policy, and the response it elicits from financial markets, raises normative questions. This chapter, building on an introductory section on the objectives and instruments of monetary policy, analyzes two such questions. First, it assesses the impact of monetary policy on inequality and argues that the unconventional policies adopted in the wake of the financial crisis exacerbate inequalities in income and wealth. Depending on the theory of justice one holds, this impact is problematic. Should monetary policy be sensitive to inequalities and, if so, how? Second, the chapter argues that the leverage that financial markets have today over the monetary policy agenda undermines democratic legitimacy.

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

scholarly journals Settlement Liquidity and Monetary Policy Implementation Lessons from the Financial Crisis

2012 ◽  
Author(s):  
Morten L. Bech ◽  
Antoine Martin ◽  
James McAndrews
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Policy Implementation

scholarly journals Financial crisis, US unconventional monetary policy and international spillovers

2016 ◽  
Vol 67 ◽  
pp. 62-81 ◽  
Author(s):  
Qianying Chen ◽  
Andrew Filardo ◽  
Dong He ◽  
Feng Zhu
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Unconventional Monetary Policy ◽  
International Spillovers
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