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Assets matter: New and old views of monetary policy

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  • Stan du Plessis

    ()
    (Department of Economics, University of Stellenbosch)

Abstract

An extraordinary consensus on the goals and conduct of monetary has been undermined by the international financial crisis and the faltering recovery in many economies. There is an evident need to pay closer attention to developments of asset markets and in the financial sector, which has opened a discussion on the appropriate goals for monetary policy. Meanwhile central banks have employed controversial balance sheet operations to restore market stability and encourage economic recovery. This paper argues that both these developments reflect earlier concerns in monetary policy: prior to the modern consensus both balance sheet policies and an emphasis on financial stability were central concerns of monetary authorities and the future of monetary policy is likely to rhyme with its past.

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File URL: http://www.ekon.sun.ac.za/wpapers/2012/wp162012/wp-16-2012.pdf
File Function: First version, 2012
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Bibliographic Info

Paper provided by Stellenbosch University, Department of Economics in its series Working Papers with number 16/2012.

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Date of creation: 2012
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Handle: RePEc:sza:wpaper:wpapers168

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Keywords: monetary policy; interest rate policy; balance sheet operations; financial stability;

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  1. Marvin Goodfriend, 2007. "How the World Achieved Consensus on Monetary Policy," NBER Working Papers 13580, National Bureau of Economic Research, Inc.
  2. Piti Disyatat, 2010. "The bank lending channel revisited," BIS Working Papers 297, Bank for International Settlements.
  3. Frederic S. Mishkin, 2011. "Monetary Policy Strategy: Lessons From The Crisis," Chapters, European Central Bank.
  4. Frederic S. Mishkin, 2009. "Monetary Policy Strategy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262513374, December.
  5. William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
  6. Kenneth J. Arrow & B. Douglas Bernheim & Martin S. Feldstein & Daniel L. McFadden & James M. Poterba & Robert M. Solow, 2011. "100 Years of the American Economic Review : The Top 20 Articles," American Economic Review, American Economic Association, vol. 101(1), pages 1-8, February.
  7. Goodhart, C.A.E. & Sunirand, P. & Tsomocos, D.P., 2011. "The optimal monetary instrument for prudential purposes," Journal of Financial Stability, Elsevier, vol. 7(2), pages 70-77, June.
  8. Piti Disyatat, 2008. "Monetary policy implementation: Misconceptions and their consequences," BIS Working Papers 269, Bank for International Settlements.
  9. Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
  10. Charles Goodhart, 2000. "Can Central Banking Survive the IT Revolution?," FMG Special Papers sp125, Financial Markets Group.
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