Search Results

Showing results 1 to 10 of approximately 58.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Mishkin, Frederic S. 

Working Paper
How has the monetary transmission mechanism evolved over time?

We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission - the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest rates, equity prices, and the exchange rate, and the consequent effects on household and business demand - have remained steady from early policy-oriented models (like the Penn-MIT-SSRC MPS model) to modern dynamic-stochastic-general-equilibrium (DSGE) models. In contrast, non-neoclassical channels, such as ...
Finance and Economics Discussion Series , Paper 2010-26

Journal Article
Can the central bank achieve price stability? (commentary)

Review , Issue Mar , Pages 204-207

Working Paper
Housing and the monetary transmission mechanism

The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary policy. I begin with a theoretical and empirical review of the main housing-related channels of the ...
Finance and Economics Discussion Series , Paper 2007-40

Working Paper
Will monetary policy become more of a science?

This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of "scientific" principles. However, there remains, and will likely always remain, elements of art in the conduct of monetary policy.
Finance and Economics Discussion Series , Paper 2007-44

Working Paper
Central Banking Post Crises

The world economy has experienced the largest financial crisis in generations, a global pandemic, and a resurgence in inflation during the first quarter of the 21st century, yielding important insights for central banking. Price stability has important benefits and is the responsibility of a central bank. Achieving price stability in a complex and uncertain environment involves a credible commitment to a nominal anchor with a strong response to inflation and pre-emptive leaning against an overheating economy. Associated challenges imply that central bank communication and transparency are key ...
Finance and Economics Discussion Series , Paper 2024-035

Working Paper
Unprecedented actions: the Federal Reserve’s response to the global financial crisis in historical perspective

Interventions by the Federal Reserve during the financial crisis of 2007-2009 were generally viewed as unprecedented and in violation of the rules---notably Bagehot?s rule---that a central bank should follow to avoid the time-inconsistency problem and moral hazard. Reviewing the evidence for central banks? crisis management in the U.S., the U.K. and France from the late nineteenth century to the end of the twentieth century, we find that there were precedents for all of the unusual actions taken by the Fed. When these were successful interventions, they followed contingent and target rules ...
Globalization Institute Working Papers , Paper 209

FILTER BY year

FILTER BY Content Type

FILTER BY Jel Classification

E58 1 items

G01 1 items

N10 1 items

N20 1 items

FILTER BY Keywords

Monetary policy 25 items

Inflation (Finance) 8 items

Banks and banking, Central 7 items

Financial stability 7 items

Financial markets 6 items

Globalization 6 items

show more (53)

PREVIOUS / NEXT