Monetary Policy Implementation: Exploring the 'New Normal' in Central Banking
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cham
palgrave macmillan
[2024]
|
| Ausgabe: | 1st ed. 2024 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xv, 264 Seiten Illustrationen |
| ISBN: | 9783031538841 |
Internformat
MARC
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| 245 | 1 | 0 | |a Monetary Policy Implementation |b Exploring the 'New Normal' in Central Banking |c Angelo Baglioni |
| 264 | 1 | |a Cham |b palgrave macmillan |c [2024] | |
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| 650 | 4 | |a Financial Economics | |
| 650 | 4 | |a Macroeconomics and Monetary Economics | |
| 650 | 4 | |a Financial Services | |
| 650 | 4 | |a Finance | |
| 650 | 4 | |a Macroeconomics | |
| 650 | 4 | |a Financial services industry | |
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Datensatz im Suchindex
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| adam_text |
Contents 1 4 1 Introduction 1.1 An Overview of the Book 2 The Literature on Monetary Policy Implementation 2.1 Introduction 2.2 The Debate on Normalization: Stay on the Floor or Get Up? 2.3 The Literature on Interest Rate Steering 2.4 Central Banks’Publications References 3 The Operational Framework of Monetary Policy: A Simple Model 3.1 Introduction 3.2 Interest Rate Steering and Corridor System 3.2.1 The Market for Bank Reserves 3.2.2 Demand for Bank Reserves 3.2.3 Supply of Bank Reserves 3.2.4 Money Market Equilibrium 3.2.5 Monetary Policy Implementation 3.3 Quantitative Basing and Floor System 3.3.1 The New Tools of Monetary Policy 3.3.2 The Floor System 3.3.3 Negative Interest Rate Policy 15 16 18 24 30 31 35 36 38 38 39 46 49 55 58 58 60 63
CONTENTS The New Normal 3.4.1 Exit Strategy and Normalization 3.4.2 Floor Versus Corridor Systems: A Comparison 3.4.3 Supply-Driven Versus Demand-Driven Floor Systems 76 3.5 The Transmission Channels of Monetary Policy 3.5.1 Interest Rate Channel 3.5.2 Bank Lending Channel 3.5.3 Asset Price Channel 3.5.4 Foreign Channel 3.6 Monetary Policy and Financial Stability 3.6.1 The Risk-Taking Channel 3.6.2 Exit from QE Policies and Side Effects on Banks References 3.4 4 The European Central Bank: Twenty-five Years of Single Monetary Polity in the Euro Area 4.1 Introduction 4.2 The Strategy of the Ecb 4.2.1 The Primary Objective: Price Stability 4.2.2 The “Two-Pillar” Approach ' 4.2.3 The 2021 Strategy Review 4.3 The Traditional Operational Framework: Interest Rate Steering 4.4 The International Financial Crisis and the Enhanced Credit Support Measures 4.5 The Sovereign Debt Crisis and “Whatever It Takes” 4.6 Quantitative Easing and Negative Interest Rates 4.7 Exit Strategy and New Normal 4.7.1 The Exit from QE Policies 4.7.2 The New Normal 4.8 Institutional Issues Specific to the Euro Area 4.8.1 The Need to Preserve the Smooth Transmission of Monetary Policy 4.8.2 The Prohibition of Monetary Financing of the Public Sector 131 4.8.3 The Legal Controversy over the PSPP 4.8.4 TARGET Balances and Monetary Policy Operations References 65 65 69 79 80 81 82 84 85 85 87 89 93 94 95 95 98 101 103 106 110 114 121 121 126 127 129 134 138 144
CONTENTS 5 The Federal Reserve System from the Traditional Operating Framework to the New Normal 147 Introduction The Organization of the Federal Reserve System Dual Mandate and Strategy Review 5.3.1 The Fed’s Strategy Until 2020 5.3.2 The Strategy Review 5.4 The Operational Framework Before the Financial Crisis 5.5 QE and Interests on Reserves: The Two-Floor System 5.6 The Fed’s Unconventional Measures: 2007-2014 5.6.1 Credit Easing 5.6.2 Quantitative Easing 5.6.3 Operation Twist 5.6.4 Forward Guidance 5.7 Exit Strategy and Policy Normalization 5.7.1 The Exit from QE 5.7.2 The New Normal 5.8 The Reaction to the Pandemic Crisis 5.9 A New Round of Normalization 5.10 Normalization and Financial Stability: The 2023 Banking Crisis 193 References 148 150 152 153 155 158 162 168 168 172 174 175 177 179 180 185 188 Unconventional Monetary Policies in UK and Japan 199 200 201 209 214 5.1 5.2 5.3 6 6.1 Introduction 6.2 Bank of England: From QE to Normalization 6.3 Bank ofJapan: QE with Yield Curve Control References 7 vii Future Challenges: CBDC and Greening Monetary Policy 7.1 7.2 7.3 Introduction Central Bank Digital Currency 7.2.1 What CBDC is? (and What Is Not?) 7.2.2 Why Introduce a CBDC? 7.2.3 The Implications of a CBDC for Monetary Policy 226 7.2.4 The Impact of a CBDC on the Banking Sector 7.2.5 Technical and Organizational Issues 7.2.6 National Initiatives Greening Monetary Policy 197 217 218 220 220 223 228 231 233 241
viü CONTENTS Sustainable Finance and the Role of Public Policy 7.3.2 The Network for Greening the Financial System 7.3.3 The Ecb from Market Neutrality to Green Monetary Policy References 7.3.1 Index 241 244 247 252 255 |
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| spelling | Baglioni, Angelo Verfasser (DE-588)170193667 aut Monetary Policy Implementation Exploring the 'New Normal' in Central Banking Angelo Baglioni Cham palgrave macmillan [2024] xv, 264 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Financial Economics Macroeconomics and Monetary Economics Financial Services Finance Macroeconomics Financial services industry Erscheint auch als Online-Ausgabe 978-3-031-53885-8 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035022610&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Baglioni, Angelo Monetary Policy Implementation Exploring the 'New Normal' in Central Banking Financial Economics Macroeconomics and Monetary Economics Financial Services Finance Macroeconomics Financial services industry |
| title | Monetary Policy Implementation Exploring the 'New Normal' in Central Banking |
| title_auth | Monetary Policy Implementation Exploring the 'New Normal' in Central Banking |
| title_exact_search | Monetary Policy Implementation Exploring the 'New Normal' in Central Banking |
| title_full | Monetary Policy Implementation Exploring the 'New Normal' in Central Banking Angelo Baglioni |
| title_fullStr | Monetary Policy Implementation Exploring the 'New Normal' in Central Banking Angelo Baglioni |
| title_full_unstemmed | Monetary Policy Implementation Exploring the 'New Normal' in Central Banking Angelo Baglioni |
| title_short | Monetary Policy Implementation |
| title_sort | monetary policy implementation exploring the new normal in central banking |
| title_sub | Exploring the 'New Normal' in Central Banking |
| topic | Financial Economics Macroeconomics and Monetary Economics Financial Services Finance Macroeconomics Financial services industry |
| topic_facet | Financial Economics Macroeconomics and Monetary Economics Financial Services Finance Macroeconomics Financial services industry |
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