عنوان

Interest rates, prices and liquidity :

(Number (ISBN

1107014735 (hardback)

(Number (ISBN

9781107014732 (hardback)

Number

dltt

Title Proper

Interest rates, prices and liquidity :

General Material Designation

[Book]

Other Title Information

lessons from the financial crisis /

First Statement of Responsibility

edited by Jagjit S. Chadha, Sean Holly

Specific Material Designation and Extent of Item

xi, 280 pages :

Other Physical Details

illustrations ;

Dimensions

24 cm

Series Title

Macroeconomic policy making

Text of Note

Papers presented at a conference held in Cambridge, England in Mar. 2010

Text of Note

Includes bibliographical references and index

Text of Note

New instruments of monetary policy / Jagjit S. Chadha and Sean Holly -- Liquidity and monetary policy / Douglas Gale -- Interest rate policies and stability of banking systems / Hans Gersbach and Jan Wenzelberger -- Handling liquidity shocks: QE and Tobin's q / John Driffill and Marcus Miller -- Asset purchase policies and portfolio balance effects: a DSGE analysis / Richard Harrison -- Financial intermediaries in an estimated DSGE model for the UK / Stefania Villa and Jing Yang -- Central bank balance sheets and long term forward rates / Sharon Kozicki, Eric Santor and Lena Suchanek -- Non-standard monetary policy measures and monetary developments / Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin -- QE: one year on / Spencer Dale -- What saved the banks: unconventional monetary or fiscal policy? / Mike Wickens -- Non-conventional monetary policies: QE and the DSGE literature / Evren Caglar, Jagjit Chadha, Jack Meaning, James Warren and Alex Waters

0

Text of Note

"Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned"--

Text of Note

"We assess recent developments in monetary policy practice following the .nancial crisis drawing on papers from a specially convened conference in March 2010. In particular, we consider why central banks throughout the world have injected substantial quantitites of liquidity into the .nancial system and seen their balance sheets expand to multiples of GDP. We outline the theoretical rationale for balance sheet operations: (i) portfolio balance of the non-bank .nancial sector; (ii) an o$set for the zero bound; (iii) signalling mechanism about medium term in.ation expectations and (iv) the alleviation of the government.s budget constraint. We brie.y outline the recent experience with QE and draw a distinction between liquidity and macroeconomic stabilisation operations"--

Global Financial Crisis, 2008-2009

Interest rates

Monetary policy

Number

Edition

Class number

Book number

Chadha, Jagjit

Holly, Sean

Date of Transaction

20141128190833.0

Electronic name

[Book]

Y