Assets matter: New and old views of monetary policy
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.
|Date of creation:||2012|
|Contact details of provider:|| Postal: Private Bag X1, 7602 Matieland|
Fax: +27 (0)21-808 2409
Web page: http://www.ekon.sun.ac.za
More information through EDIRC
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.:
- Frederic S. Mishkin, 2011. "Monetary Policy Strategy: Lessons from the Crisis," NBER Working Papers 16755, National Bureau of Economic Research, Inc.
- Piti Disyatat, 2008. "Monetary policy implementation: Misconceptions and their consequences," BIS Working Papers 269, Bank for International Settlements.
- Piti Disyatat, 2011.
"The Bank Lending Channel Revisited,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 43(4), pages 711-734, 06.
- 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.
- C.A.E. Goodhart & P. Sunirand & D.P. Tsomocos, 2008. "The Optimal Monetary Instrument for Prudential Purposes," OFRC Working Papers Series 2008fe26, Oxford Financial Research Centre.
- Charles Goodhart & Dimitrios Tsomocos & Pojanart Sunirand, 2008. "The Optimal Monetary Instrument for Prudential Purposes," FMG Discussion Papers dp617, Financial Markets Group.
- William Poole, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, Oxford University Press, vol. 84(2), pages 197-216.
- 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.).
- William Poole, 1970. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Staff Studies 57, Board of Governors of the Federal Reserve System (U.S.).
- Charles Goodhart, 2000. "Can Central Banking Survive the IT Revolution?," FMG Special Papers sp125, Financial Markets Group.
- Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
- Frederic S. Mishkin, 2009.
"Monetary Policy Strategy,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262513374, March.
- Marvin Goodfriend, 2007.
"How the World Achieved Consensus on Monetary Policy,"
Journal of Economic Perspectives,
American Economic Association, vol. 21(4), pages 47-68, Fall.
- Marvin Goodfriend, 2007. "How the World Achieved Consensus on Monetary Policy," NBER Working Papers 13580, National Bureau of Economic Research, Inc.
- 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.
When requesting a correction, please mention this item's handle: RePEc:sza:wpaper:wpapers168. 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: (Melt van Schoor)
If references are entirely missing, you can add them using this form.