Abstract:
As the central bank of the world's biggest emerging, developing and transitional economy, considering the extreme complicated constraints and structure characteristics, due to the mainstream theory are focusing on developed economies, PBC actively explore monetary policies not only based on international theory progresses and experiences but also on the Chinese conditions status quo, successfully promote growth and price stability, and achieve satisfactory policy outcomes.The financial crisis has brought new challenges to the traditional monetary economics, which has greatly promoted the reflection and progress of the monetary policy theory. In this article, we made comprehensive analysis of the frontier progress and new models of the monetary economics theory, monetary policy framework,operations as well as strategies, and analyzed the valuable experience of China's monetary policy practice, which are the same in essence. Therefore, we can draw significant implications both in theory and policy to transform the monetary policy, perform the structural reform of the supply side under nowadays China's new normal.
徐忠. 中国稳健货币政策的实践经验与货币政策理论的国际前沿[J]. 金融研究, 2017, 439(1): 1-21.
XU Zhong. The Progress in Monetary Economics and Practices in China. Journal of Financial Research, 2017, 439(1): 1-21.
周小川,2016,《把握好多目标货币政策:转型的中国经济的视角》,在Michel Camdessus Central Banking Lecture的发言,www.pbc.gov.cn ,6月23日。
周小川,2016,《把握好多目标货币政策:转型的中国经济的视角》,在Michel Camdessus Central Banking Lecture的发言,www.pbc.gov.cn ,6月23日。
[8]
Acharya V., 2009, “A Theory of Systemic Risk and Design of Prudential Bank Regulation”, Journal of Financial Stability, 5(3): 224-255.
Acharya V., 2009, “A Theory of Systemic Risk and Design of Prudential Bank Regulation”, Journal of Financial Stability, 5(3): 224-255.
[9]
Ball, L., Gagnon, J., Honohan, P. and Krogstrup, S., 2016, “What Else Can Central Banks Do? Geneva Reports on the World Economy”, 18th Geneva Report.
Ball, L., Gagnon, J., Honohan, P. and Krogstrup, S., 2016, “What Else Can Central Banks Do? Geneva Reports on the World Economy”, 18th Geneva Report.
[10]
Basu, P., M. Gillman and J. Pearlman, 2012, “Inflation, Human Capital and Tobin's Q”, Journal of Economic Dynamics and Control, 36(7):1057-1074.
Basu, P., M. Gillman and J. Pearlman, 2012, “Inflation, Human Capital and Tobin's Q”, Journal of Economic Dynamics and Control, 36(7):1057-1074.
[11]
Berentsen, A., A. Marchesiani and C. Waller, 2014, “Floor Systems for Implementing Monetary Policy”, Review of Economic Dynamics, 17(3): 523-542.
Berentsen, A., A. Marchesiani and C. Waller, 2014, “Floor Systems for Implementing Monetary Policy”, Review of Economic Dynamics, 17(3): 523-542.
[12]
Bernanke., B., 2010, “Federal Reserve's Exit Strategy”, Testimony before the Committee on Financial Services, U.S. House of Representatives, Feb., 10th.
Bernanke., B., 2010, “Federal Reserve's Exit Strategy”, Testimony before the Committee on Financial Services, U.S. House of Representatives, Feb., 10th.
[13]
Bernanke, B. and M. Gertler, 1986, “Agency Costs, Collateral, and Business Fluctuations”, Proceedings, Federal Reserve Bank of San Francisco.
Bernanke, B. and M. Gertler, 1986, “Agency Costs, Collateral, and Business Fluctuations”, Proceedings, Federal Reserve Bank of San Francisco.
[14]
Bernanke, B. and M. Gertler, 2001, “Should Central Banks Respond to Movements in Asset Prices?” American Economic Review, 91(5): 253-257.
Bernanke, B. and M. Gertler, 2001, “Should Central Banks Respond to Movements in Asset Prices?” American Economic Review, 91(5): 253-257.
[15]
Bindseil, U. and J. Jablecki, 2011, “A Structural Model of Central Bank Operations and Bank Intermediation”, ECB Working Paper Series, No.1312.
Bindseil, U. and J. Jablecki, 2011, “A Structural Model of Central Bank Operations and Bank Intermediation”, ECB Working Paper Series, No.1312.
[16]
Bindseil, U. and A. Winkler, 2012, “Dual Liquidity Crises under Alternative Monetary Frameworks”, ECB Working Paper Series, No. 1478.
Bindseil, U. and A. Winkler, 2012, “Dual Liquidity Crises under Alternative Monetary Frameworks”, ECB Working Paper Series, No. 1478.
[17]
BIS, 2009, “Monetary Policy Frameworks and Central Bank Market Operations”, Market Committee, May.
BIS, 2009, “Monetary Policy Frameworks and Central Bank Market Operations”, Market Committee, May.
[18]
Blinder, A., M. Ehrmann, M. Fratzscher, J. Haan and D. Jansen, 2008, “Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence”, Journal of Economic Literature, 46(4): 910-945.
Blinder, A., M. Ehrmann, M. Fratzscher, J. Haan and D. Jansen, 2008, “Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence”, Journal of Economic Literature, 46(4): 910-945.
[19]
Borio, C., 2016, “Revisting Three Intellectual Pillars of Monetary Policy”, Cato Journal, 36(2): 213-238.
Borio, C., 2016, “Revisting Three Intellectual Pillars of Monetary Policy”, Cato Journal, 36(2): 213-238.
[20]
Borio, C. and A. Zabai, 2016, “Unconventional Monetary Policies”, BIS Working Paper, No.570.
Borio, C. and A. Zabai, 2016, “Unconventional Monetary Policies”, BIS Working Paper, No.570.
[21]
Campbell, J.,2013,“Odyssean Forward Guidance in Monetary Policy: A Primer”, Economic Perspectives, 2013(5): 130-138.
Campbell, J.,2013,“Odyssean Forward Guidance in Monetary Policy: A Primer”, Economic Perspectives, 2013(5): 130-138.
[22]
Carney, M, 2013, “Monetary Policy after the Fall”,Speech at Eric J. Hanson Memorial Lecture, University of Alberta.
Carney, M, 2013, “Monetary Policy after the Fall”,Speech at Eric J. Hanson Memorial Lecture, University of Alberta.
[23]
Cesa-Bianchi, A. and A. Rebucci, 2016, “Does Easing Monetary Policy Increase Financial Instability?”,NBER Working Paper , No.22283.
Cesa-Bianchi, A. and A. Rebucci, 2016, “Does Easing Monetary Policy Increase Financial Instability?”,NBER Working Paper , No.22283.
[24]
Claessens, S., 2014, “An Overview of Macroprudential Policy Tools”, IMF Working Paper, No. WP/14/214.
[25]
Cooley, T. and G. Hansen, 1989, “Inflation Tax in a Real Business Cycle Model”, American Economic Review, 79(4): 733-748.
[24]
Claessens, S., 2014, “An Overview of Macroprudential Policy Tools”, IMF Working Paper, No. WP/14/214.
[25]
Cooley, T. and G. Hansen, 1989, “Inflation Tax in a Real Business Cycle Model”, American Economic Review, 79(4): 733-748.
[26]
DeJong, D. and C. Dave, 2007, Structural Macroeconomics. Princeton: Princeton University Press.
DeJong, D. and C. Dave, 2007, Structural Macroeconomics. Princeton: Princeton University Press.
[27]
Feinman, J., 1993, “Reserve Requirements: History, Current Practice, and Potential Reform”, Federal Reserve Bulletin, June.
Feinman, J., 1993, “Reserve Requirements: History, Current Practice, and Potential Reform”, Federal Reserve Bulletin, June.
[28]
Friedman, M., 1968, “The Role of Monetary Policy”, American Economic Review, 58(1): 1-17.
Friedman, M., 1968, “The Role of Monetary Policy”, American Economic Review, 58(1): 1-17.
[29]
Friedman, B. and K. Kuttner, 2011, “Implementation of Monetary Policy”, in Handbook of Monetary Economics, Vol.3, Friedman, B. and M. Woodford (eds.), 1345-1438. Amsterdam: Elsevier.
Friedman, B. and K. Kuttner, 2011, “Implementation of Monetary Policy”, in Handbook of Monetary Economics, Vol.3, Friedman, B. and M. Woodford (eds.), 1345-1438. Amsterdam: Elsevier.
[30]
Fischer, S., 2016a, “The Lender of Last Resort Function in the United States”, Speech at the Conference of The Lender of Last Resort, Washington, D.C., Feb., 10th.
Fischer, S., 2016a, “The Lender of Last Resort Function in the United States”, Speech at the Conference of The Lender of Last Resort, Washington, D.C., Feb., 10th.
[31]
Fischer, S., 2016b, “Reflections on Macroeconomics Then and Now”, Speech at 32nd Annual National Association for Business Economics Economic Policy Conference, Mar. 7th.
Fischer, S., 2016b, “Reflections on Macroeconomics Then and Now”, Speech at 32nd Annual National Association for Business Economics Economic Policy Conference, Mar. 7th.
[32]
Fischer, S., 2016c, “Low Interest Rates”, Speech at the 40th Annual Central Banking Seminar, Federal Reserve Bank of New York, Otc. 5th.
Fischer, S., 2016c, “Low Interest Rates”, Speech at the 40th Annual Central Banking Seminar, Federal Reserve Bank of New York, Otc. 5th.
[33]
Furfine, C., 2003, “Standing Facilities and Interbank Borrowing: Evidence from the Fed's New Discount Window”, International Finance, 6(3): 329-347.
Furfine, C., 2003, “Standing Facilities and Interbank Borrowing: Evidence from the Fed's New Discount Window”, International Finance, 6(3): 329-347.
[34]
Furman,2014, “The Fifth Anniversary of the American Recovery and Reinvestment”, View the Council of Economic Advisers’Report, Feb. 17th.
Furman,2014, “The Fifth Anniversary of the American Recovery and Reinvestment”, View the Council of Economic Advisers’Report, Feb. 17th.
[35]
Gaballo, G., 2013, “Good Luck or Good Policy?”,Journal of Economic Dynamics and Control, 37(12): 2755-2770.
Gaballo, G., 2013, “Good Luck or Good Policy?”,Journal of Economic Dynamics and Control, 37(12): 2755-2770.
[36]
Gambacorta, L., 2009, “Monetary Policy and the Risk-taking Channel”, BIS Quarterly Review, (December): 43-53.
Gambacorta, L., 2009, “Monetary Policy and the Risk-taking Channel”, BIS Quarterly Review, (December): 43-53.
[37]
Goncalves, C. and A. Carvalho, 2009, “Inflation Targeting Matters: Evidence from OECD Economies’ Sacrifice Ratio”, Journal of Money, Credit and Banking, 41(1): 233-243.
Goncalves, C. and A. Carvalho, 2009, “Inflation Targeting Matters: Evidence from OECD Economies’ Sacrifice Ratio”, Journal of Money, Credit and Banking, 41(1): 233-243.
[38]
Goodfriend, M., 2002, “Interest on Reserves and Monetary Policy”, Federal Reserve Bank of New York Economic Policy Review, 8(1): 77-84.
Goodfriend, M., 2002, “Interest on Reserves and Monetary Policy”, Federal Reserve Bank of New York Economic Policy Review, 8(1): 77-84.
[39]
Goodfriend, M. and R. King, 1997, “The New Neoclassical Synthesis and the Role of Monetary Policy”, in NBER Macroeconomics Annual, 231-283.
Goodfriend, M. and R. King, 1997, “The New Neoclassical Synthesis and the Role of Monetary Policy”, in NBER Macroeconomics Annual, 231-283.
[40]
Goodfriend, M. and B. McCallum, 2007, “Banking and Interest Rates in Monetary Policy Analysis”, Journal of Monetary Economics, 54(5): 1480-1507.
Goodfriend, M. and B. McCallum, 2007, “Banking and Interest Rates in Monetary Policy Analysis”, Journal of Monetary Economics, 54(5): 1480-1507.
[41]
Goodhart, C., 2009, “Liquidity Management”, Paper for the Symposium on Economic Policy for the Information Economy, Federal Reserve Bank of Kansas City.
Goodhart, C., 2009, “Liquidity Management”, Paper for the Symposium on Economic Policy for the Information Economy, Federal Reserve Bank of Kansas City.
[42]
Gust, C, K. Johannsen and D. Lopez-Salido, 2015, “Monetary Policy, Incomplete Information, and the Zero Lower Bound”, Board of Governors of the Federal Reserve System,Finance and Economics Discussion Series, 2015-099.
Gust, C, K. Johannsen and D. Lopez-Salido, 2015, “Monetary Policy, Incomplete Information, and the Zero Lower Bound”, Board of Governors of the Federal Reserve System,Finance and Economics Discussion Series, 2015-099.
[43]
Heider, F., M. Hoerova, and C. Holthausen. 2015. “Liquidity Hoarding and Interbank Market Rates”, Journal of Financial Economics, 118(2): 336-354.
Heider, F., M. Hoerova, and C. Holthausen. 2015. “Liquidity Hoarding and Interbank Market Rates”, Journal of Financial Economics, 118(2): 336-354.
[44]
Iacoviello, M. and S. Neri, 2010, “Housing Market Spillovers”, American Economic Journal: Macroeconomics, 2(2): 125-164.
Iacoviello, M. and S. Neri, 2010, “Housing Market Spillovers”, American Economic Journal: Macroeconomics, 2(2): 125-164.
[45]
IMF, 2008, World Economic Outlook. October.
IMF, 2008, World Economic Outlook. October.
[46]
Issing, O., 2005, “Why did the Great Inflation not Happen in Germany?”, Federal Reserve Bank of St. Louis Review, (March/April): 329-336.
Issing, O., 2005, “Why did the Great Inflation not Happen in Germany?”, Federal Reserve Bank of St. Louis Review, (March/April): 329-336.
[47]
Kahn, G., 2009, “Beyond Inflation Targeting”,Federal Reserve Bank of Kansas City Economic Review, 94(3): 35-64.
Kahn, G., 2009, “Beyond Inflation Targeting”,Federal Reserve Bank of Kansas City Economic Review, 94(3): 35-64.
[48]
Kahn, G. and A. Palmer, 2016, “Monetary Policy at the Zero Lower Bound”, Federal Reserve Bank of Kansas City Economic Review, (First Quarter): 5-37.
Kahn, G. and A. Palmer, 2016, “Monetary Policy at the Zero Lower Bound”, Federal Reserve Bank of Kansas City Economic Review, (First Quarter): 5-37.
[49]
Keister, T. and J. McAndrews, 2009, “Why are Banks Holding so Many Excess Reserves”, Federal Reserve Bank of New York Current Issues in Economics and Finance, 15(8): 1-10.
Keister, T. and J. McAndrews, 2009, “Why are Banks Holding so Many Excess Reserves”, Federal Reserve Bank of New York Current Issues in Economics and Finance, 15(8): 1-10.
[50]
Keynes, J., 1936, The General Theory of Employment, Interest, and Money. New York: Macmillan.
Keynes, J., 1936, The General Theory of Employment, Interest, and Money. New York: Macmillan.
[51]
Kiyotaki, N. and J. Moore, 1997, “Credit Cycles”, Journal of Political Economy, 105(2): 211-248.
Kiyotaki, N. and J. Moore, 1997, “Credit Cycles”, Journal of Political Economy, 105(2): 211-248.
[52]
Klee, E., Senyuz, Z. and Yoldas, E., 2016, “Effects of Changing Monetary and Regulatory Policy on Overnight Money Markets”, Board of Governors of the Federal Reserve System,Finance and Economics Discussion Series, 2016-084.
Klee, E., Senyuz, Z. and Yoldas, E., 2016, “Effects of Changing Monetary and Regulatory Policy on Overnight Money Markets”, Board of Governors of the Federal Reserve System,Finance and Economics Discussion Series, 2016-084.
[53]
Kool, Cl. And D. Thornton, 2015, “How Effective Is Central Bank Forward Guidance?”,Federal Reserve Bank of St. Louis Review, 97(4): 303-322.
Kool, Cl. And D. Thornton, 2015, “How Effective Is Central Bank Forward Guidance?”,Federal Reserve Bank of St. Louis Review, 97(4): 303-322.
[54]
Korinek, A. and A. Simsek, 2016, “Liquidity Trap and Excessive Leverage: Dataset”, American Economic Review, 106(3): 699-738.
Korinek, A. and A. Simsek, 2016, “Liquidity Trap and Excessive Leverage: Dataset”, American Economic Review, 106(3): 699-738.
[55]
Kydland, F., and E. Prescott, 1977, “Rules Rather than Discretion”, Journal of Political Economy, 85(3): 473-491.
Kydland, F., and E. Prescott, 1977, “Rules Rather than Discretion”, Journal of Political Economy, 85(3): 473-491.
[56]
Kydland, F., and E. Prescott, 1982, “Time to Build and Aggregate Fluctuations”, Econometrica, 50(6): 1345-1370.
Kydland, F., and E. Prescott, 1982, “Time to Build and Aggregate Fluctuations”, Econometrica, 50(6): 1345-1370.
[57]
Linde, J., F. Smets and R. Wouters, 2016,“Challenges for Central Banks? Macro Models”,SverigesRiksbank Working Papers, No.323.
Linde, J., F. Smets and R. Wouters, 2016,“Challenges for Central Banks? Macro Models”,SverigesRiksbank Working Papers, No.323.
[58]
Liu, Z., J. Miao and T. Zha, 2016, “Land Prices and Unemployment”, Journal of Monetary Economics, 80(C): 86-105.
Liu, Z., J. Miao and T. Zha, 2016, “Land Prices and Unemployment”, Journal of Monetary Economics, 80(C): 86-105.
[59]
Lucas, R. 1972, “Expectations and the Neutrality of Money”, Journal of Economic Theory, 4(2): 103-124.
Lucas, R. 1972, “Expectations and the Neutrality of Money”, Journal of Economic Theory, 4(2): 103-124.
[60]
Lucas, R., 1976, “Econometric Policy Evaluation: A critique”, Carnegie-Rochester Conference Series on Public Policy, 1(1), P.19-46.
Lucas, R., 1976, “Econometric Policy Evaluation: A critique”, Carnegie-Rochester Conference Series on Public Policy, 1(1), P.19-46.
[61]
Mankiw, G., 2006, “The Macroeconomist as Scientist and Engineer”, Journal of Economic Perspectives, 20(1): 29-46.
Mankiw, G., 2006, “The Macroeconomist as Scientist and Engineer”, Journal of Economic Perspectives, 20(1): 29-46.
[62]
Mishkin, F., 1997, “The Causes and Propagation of Financial Instability”, in the Maintaining Financial Stability in a Global Economy, Federal Reserve Bank of Kansas City Proceedings, 55-96.
Mishkin, F., 1997, “The Causes and Propagation of Financial Instability”, in the Maintaining Financial Stability in a Global Economy, Federal Reserve Bank of Kansas City Proceedings, 55-96.
[63]
Mishkin, F. 2010. “Monetary Policy Flexibility,Risk Management,and Financial Disruptions”, Journal of Asian Economics, 23(3): 242-246.
Mishkin, F. 2010. “Monetary Policy Flexibility,Risk Management,and Financial Disruptions”, Journal of Asian Economics, 23(3): 242-246.
[64]
Mishkin, F., 2011, “Monetary Policy Strategy: Lessons From The Crisis”, NBER Working Paper, No.16755.
Mishkin, F., 2011, “Monetary Policy Strategy: Lessons From The Crisis”, NBER Working Paper, No.16755.
[65]
Nikolsko-Rzhevskyy, A., D. Papell and R. Prodan, 2014, “Deviations from Rules-Based Policy and Their Effects”, Journal of Economic Dynamics and Control, 49(C): 4-17.
Nikolsko-Rzhevskyy, A., D. Papell and R. Prodan, 2014, “Deviations from Rules-Based Policy and Their Effects”, Journal of Economic Dynamics and Control, 49(C): 4-17.
[66]
Powell, J., 2016, “Discussion of the Paper 'Language after Liftoff' ”, Speech at the 2016 U.S. Monetary Policy Forum, New York, Feb., 26th.
Powell, J., 2016, “Discussion of the Paper 'Language after Liftoff' ”, Speech at the 2016 U.S. Monetary Policy Forum, New York, Feb., 26th.
[67]
Reinhart,C.and K.Rogoff, 2009, This Is Different:Eight Centuries of Financial Folly. Princeton: Princeton University Press.
Reinhart,C.and K.Rogoff, 2009, This Is Different:Eight Centuries of Financial Folly. Princeton: Princeton University Press.
[68]
Samuelson, P., 1955, Economics. 3rd ed., New York: McGraw-Hill.
Samuelson, P., 1955, Economics. 3rd ed., New York: McGraw-Hill.
[69]
Shin, H., 2016, “Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy”, in Progress and Confusion: The State of Macroeconomic Policy, Blanchard, O., R. Rajan, K. Rogoff and L. Summers (eds.). Cambridge: MIT Press.
Shin, H., 2016, “Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy”, in Progress and Confusion: The State of Macroeconomic Policy, Blanchard, O., R. Rajan, K. Rogoff and L. Summers (eds.). Cambridge: MIT Press.
[70]
Sims,C., 2004, “Limits to Inflation Targeting”, in The Inflation-Targeting Debate, Bernanke, B. and M. Woodford (ed.), 283-308. Chicago: Chicago University Press.
Sims,C., 2004, “Limits to Inflation Targeting”, in The Inflation-Targeting Debate, Bernanke, B. and M. Woodford (ed.), 283-308. Chicago: Chicago University Press.
[71]
Smithin, J., 2003, Controversy on Monetary Economics. Edward Elgar.
Smithin, J., 2003, Controversy on Monetary Economics. Edward Elgar.
[72]
Stiglitz, J. and A. Weiss, 1981, “Credit Rationing in Markets with Imperfect Information”, American Economic Review, 71(3): 393-410.
Stiglitz, J. and A. Weiss, 1981, “Credit Rationing in Markets with Imperfect Information”, American Economic Review, 71(3): 393-410.
[73]
Svensson, L., 2011, “Inflation Targeting”, in Handbook of Monetary Economics, Vol.3, Friedman, B. and M. Woodford (ed.), 1237-1302. Amsterdam: Elsevier.
Svensson, L., 2011, “Inflation Targeting”, in Handbook of Monetary Economics, Vol.3, Friedman, B. and M. Woodford (ed.), 1237-1302. Amsterdam: Elsevier.
[74]
Svensson, L., 2012, “Evaluating Monetary Policy”, in The Taylor Rule and the Transformation of Monetary Policy, Koening, E., R. Lesson and G. Kahn (ed.), 219-245. Stanford: Hoover Press.
Svensson, L., 2012, “Evaluating Monetary Policy”, in The Taylor Rule and the Transformation of Monetary Policy, Koening, E., R. Lesson and G. Kahn (ed.), 219-245. Stanford: Hoover Press.
[75]
Taylor, J., 1993, “Discretion Versus Policy Rules in Practice”, Carnegie-Rochester Conference Series on Public Policy, 39(1): 195-214.
Taylor, J., 1993, “Discretion Versus Policy Rules in Practice”, Carnegie-Rochester Conference Series on Public Policy, 39(1): 195-214.
[76]
Taylor, J., 1999, “A Historical Analysis of Monetary Policy Rules”, in Monetary Policy Rules, Taylor, J. (ed.), 319-348. University of Chicago Press.
Taylor, J., 1999, “A Historical Analysis of Monetary Policy Rules”, in Monetary Policy Rules, Taylor, J. (ed.), 319-348. University of Chicago Press.
[77]
Taylor, J., 2014, “The Role of Policy in the Great Recession and the Weak Recovery”, American Economic Review, 104(5): 61-66.
Taylor, J., 2014, “The Role of Policy in the Great Recession and the Weak Recovery”, American Economic Review, 104(5): 61-66.
[78]
Taylor, J., 2015, ”Getting Back to a Rules-Based Monetary Strategy”, Presentation at the Shadow Open Market Committee Conference, March 20th.
Taylor, J., 2015, ”Getting Back to a Rules-Based Monetary Strategy”, Presentation at the Shadow Open Market Committee Conference, March 20th.
[79]
Taylor, J., 2016, ”Can We Restart the Recovery All Over Again?”,American Economic Review, 106(5):48-51.
Taylor, J., 2016, ”Can We Restart the Recovery All Over Again?”,American Economic Review, 106(5):48-51.
[80]
Taylor, J. and J. Williams, 2011, “Simple and Robust Rules for Monetary Policy”, in Handbook of Monetary Economics, Vol.3, Friedman, B. and M. Woodford (ed.), 829-859. Amsterdam: Elsevier.
Taylor, J. and J. Williams, 2011, “Simple and Robust Rules for Monetary Policy”, in Handbook of Monetary Economics, Vol.3, Friedman, B. and M. Woodford (ed.), 829-859. Amsterdam: Elsevier.
[81]
Taylor, J. and V. Wieland, 2016, “Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations”, Hoover Institution Economics Working Papers, No.16109.
Taylor, J. and V. Wieland, 2016, “Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations”, Hoover Institution Economics Working Papers, No.16109.
[82]
Thornton, D, 2004, “The Fed and Short-term Rate”, Journal of Banking and Finance, 28(3): 475-498.
Thornton, D, 2004, “The Fed and Short-term Rate”, Journal of Banking and Finance, 28(3): 475-498.
[83]
Tressel T. and Y. Zhang ,2016, “Effectiveness and Channels of Macroprudential Policies: Lessons from the Euro Area”, IMF Working Paper, No.WP/16/04.
Tressel T. and Y. Zhang ,2016, “Effectiveness and Channels of Macroprudential Policies: Lessons from the Euro Area”, IMF Working Paper, No.WP/16/04.
[84]
Vollmer, U. and H. Wiese, 2016, “Central Bank Standing Facilities, Counterparty Risk, and OTC-Interbank Lending”, North American Journal of Economics and Finance 36(C)L 101-122.
Vollmer, U. and H. Wiese, 2016, “Central Bank Standing Facilities, Counterparty Risk, and OTC-Interbank Lending”, North American Journal of Economics and Finance 36(C)L 101-122.
[85]
Whitesell, W., 2006, “Interest Rate Corridors and Reserves”, Journal of Monetary Economics, 53(6): 1177-1195.
Whitesell, W., 2006, “Interest Rate Corridors and Reserves”, Journal of Monetary Economics, 53(6): 1177-1195.
[86]
Williams, J., 2016, “Whither Inflation Targeting?”,Presentation to the Hayek Group, Reno, Nevada, Sep. 6th.
Williams, J., 2016, “Whither Inflation Targeting?”,Presentation to the Hayek Group, Reno, Nevada, Sep. 6th.
[87]
Woodford, M., 2001, “Monetary Policy in the Information Economy”, Paper for the Symposium on Economic Policy for the Information Economy.
Woodford, M., 2001, “Monetary Policy in the Information Economy”, Paper for the Symposium on Economic Policy for the Information Economy.
[88]
Woodford, M., 2003, Interest and Prices. Princeton: Princeton University Press.
Woodford, M., 2003, Interest and Prices. Princeton: Princeton University Press.
[89]
Yellen, J., 2016a, “The Outlook, Uncertainty, and Monetary Policy”, Speech at the Economic Club of New York, New York, Mar., 29th.
Yellen, J., 2016a, “The Outlook, Uncertainty, and Monetary Policy”, Speech at the Economic Club of New York, New York, Mar., 29th.
[90]
Yellen, J., 2016b, “The Federal Reserve's Monetary Policy Toolkit”, Speech at Symposium on Designing Resilient Monetary Policy Frameworks for the Future, Aug., 26th.
Yellen, J., 2016b, “The Federal Reserve's Monetary Policy Toolkit”, Speech at Symposium on Designing Resilient Monetary Policy Frameworks for the Future, Aug., 26th.
[91]
Yellen, J., 2016c, “Macroeconomic Research after the Crisis”, Speech at 60th Annual Economic Conference, Oct., 14th.
Yellen, J., 2016c, “Macroeconomic Research after the Crisis”, Speech at 60th Annual Economic Conference, Oct., 14th.
[92]
Yellen, J. 2017, “The Economic Outlook and the Conduct of Monetary Policy”, Speeches At the Stanford Institute for Economic Policy Research, Jan, 19th.
Yellen, J. 2017, “The Economic Outlook and the Conduct of Monetary Policy”, Speeches At the Stanford Institute for Economic Policy Research, Jan, 19th.
