FRANKFURT, Feb. 11 (Xinhua) -- European Central Bank (ECB) President Christine Lagarde said on Tuesday that monetary policy "cannot and should not be the only game in town," arguing that fiscal and structural policies also have to play their part in upholding the effectiveness of ECB's stim...
“In doing so, the Fed has done what it can within its remit and policy toolkit to support aggregate demand and, in particular, the availability of credit and liquidity. Fed Chair Jerome Powell acknowledged that the measures are unlikely to prevent the US economy from taking ...
We study the transmission of conventional monetary policy in China, focusing on the interaction between monetary and fiscal policy given the unique institutional set-up for macroeconomic policy making. Our results suggest some progress but also continued difficulties in the transmission of monetary policy...
in every advanced economy except Canada, monetary policy is delegated(授权) to a committee of experts rather than to a single decision-maker. In practice, however, decision-making has been impaired(受损) by the pitfalls(陷阱) of groupthink, tokenism(形式主义), and marginalization(边缘化) of d...
1.上课的时候提到过,宽松的monetary policy会带来high inflation,照常理理解,high inflation = high nominal rate,为什么这里会说宽松的monetary policy带来的short term yield下降呢? 2.其实我们直觉会认为宽松的monetary policy会主动降低利率来促进资金的流动,这又和上课讲到的high inflation带来的high nominal rate相...
The US Federal Reserve has, on average, cut the overnight policy interest rate by over 5% in post-war recessions; with today’s Fed Funds rate around 1% in the US, and central bank interest rates slightly negative in the Eurozone and Japan, there is hardly room for that now. Moreover,...
Ghana: Bank of Ghana stands pat in May amid greater upside risk to inflation At its 15 May meeting, which was brought forward from 22 May due to the Covid-19 crisis, the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) opted to stand pat and keep the policy rate un...
In my view it is a combination. ·First, central banks have built up policy credibility. Many central banks, with or without explicit inflation targets, have spent twenty years or more keeping inflation low and stable. Many have had legislative overhauls giving them greater policy autonomy, and...
1. In the October 2023 Monetary Policy Statement (MPS), MAS maintained the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, with no change to the width of the band or level at which it was centred. Since then, the S$NEER has strengthened...
If one focuses on the “NGDP targeting” part of market monetarism, then it is not clear that any major changes are needed in policy implementation. One could easily imagine a version of the Taylor Rule that aimed to stabilize NGDP along a trend line, rather than a composite of inflation ...