Central bank perspectives on stabilization policy
For some time, the use of monetary and fiscal policies to smooth business cycle fluctuations has taken a back seat to longer term objectives of restoring price stability and fiscal balance. More recently, however, weaker economic performance in some of the world’s economies, most notably in Japan and the United States, has led to renewed interest in the use of short-run stabilization policy. ; This year the bank’s economic policy symposium, “Rethinking Stabilization Policy,” explored the potential scope for stabilization policy in this new environment. The papers presented at the symposium and the ensuing discussion focused on a number of key issues including: reasons for the renewed interest in stabilization policy, the effectiveness and limitations of stabilization policy, and whether the use of short-run stabilization policy conflicts with the pursuit of longer term macroeconomic objectives. ; The articles included in this special issue of the Economic Review provide perspectives on stabilization policy from five prominent central bank officials: Alan Greenspan, Otmar Issing, Guillermo Ortiz, Yukata Yamaguchi, and David Dodge. As these articles suggest, policymakers in different countries clearly share a common set of core values that guide policy. At the same time, monetary policy decisions must also be tailored to the unique circumstances of individual countries. Viewed individually, each of these presentations is highly interesting and informative. Taken together, they provide a broad perspective on the challenges facing policymakers in a changing economic environment.
Volume (Year): (2002)
Issue (Month): Q IV ()
|Contact details of provider:|| Postal: |
Phone: (816) 881-2254
Web page: http://www.kansascityfed.org
More information through EDIRC
|Order Information:|| Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999.
"Monetary policy shocks: What have we learned and to what end?,"
Handbook of Macroeconomics,
in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148
- Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 1998. "Monetary Policy Shocks: What Have We Learned and to What End?," NBER Working Papers 6400, National Bureau of Economic Research, Inc.
- Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 1997. "Monetary policy shocks: what have we learned and to what end?," Working Paper Series, Macroeconomic Issues WP-97-18, Federal Reserve Bank of Chicago.
- Hartmann, Philipp & Manna, Michele & Manzanares, Andrés, 2001.
"The microstructure of the euro money market,"
Working Paper Series
0080, European Central Bank.
- Lawrence J. Christiano & Massimo Rostagno, 2001. "Money Growth Monitoring and the Taylor Rule," NBER Working Papers 8539, National Bureau of Economic Research, Inc.
- John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1, June.
- repec:cup:cbooks:9780521788885 is not listed on IDEAS
- Orphanides, Athanasios, 1999.
"The Quest for Prosperity Without Inflation,"
Working Paper Series
93, Sveriges Riksbank (Central Bank of Sweden).
- Laurence H. Meyer, 2001. "Does money matter?," Review, Federal Reserve Bank of St. Louis, issue May, pages 1-16.
- Philip Lowe & Claudio Borio, 2002. "Asset prices, financial and monetary stability: exploring the nexus," BIS Working Papers 114, Bank for International Settlements.
- Claus Brand & Dieter Gerdesmeier & Barbara Roffia, 2002. "Estimating the trend of M3 income velocity underlying the reference value for monetary growth," Occasional Paper Series 03, European Central Bank.
- repec:cup:cbooks:9780521783248 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:fip:fedker:y:2002:i:qiv:p:15-36:n:v.87no.4. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (LDayrit)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.