Mp Essay

Topics: Monetary policy, Federal Reserve System, Macroeconomics Pages: 3 (407 words) Published: December 21, 2012
Tools of monetary policy and problems of them working properly

(Specification: Unconventional monetary policy)

1. Introduction: monetary policy as part of the government stabilization policy.

2. Conventional monetary policy: tools, monetary transmission mechanism (in brief).

3. Situations when conventional monetary policy becomes ineffective: liquidity trap, zero bound problem, etc. Case-study: Japan (late 1990s), USA (recent crisis).

4. Unconventional monetary policy measures: quantitative easing, credit easing, signaling, etc. Case-study: the use of unconventional monetary policy in Japan (late 1990s) and in the U.S. (during the recent crisis), evaluation of it`s effectiveness.

5. Summary and conclusion.

Bibliography

Published works:

1. “U.S. Monetary policy: An introduction”, Federal Reserve Bank of San-Francisco, 2004.

2. “Unconventional monetary policy measures”. Focus, Banque de France. No.4 (2009).

3. Henderson D.R., Hummel J.R, “Greenspan`s monetary policy in retrospect: discretion or rules?”, CATO Institute briefing papers, No.109, 2008.

4. Ionete C. “Modern challenges of the monetary policy”, Finance – challenges of the future, No.8 (2008), pp. 9-12.

5. Ito T. “Japanese monetary policy: 1998-2005 and beyond”, BIS Papers, No. 31, pp. 105-132.

6. Kuttner K.N., Mosser P.C., “The monetary transmission mechanism: some answers and further questions”, FRBNY Economic Policy Review, 2002.

7. Loisel O., Mesonnier J.-S., “Unconventional monetary policy measures in response to the crisis”, Current issues (Questions actuelles), No. 1 (2009).

8. Meltzer A.H., “Politics and the Fed”, Journal of Monetary Economics, No.58 (2011), pp. 39-48.

9. Mishkin F.S., “The channels of monetary transmission: lessons for monetary policy”, Banque de France bulletin digest, No. 27 (1996), pp. 33-44.

Research papers:

10. Bates S., Vaugirard V., “Monetary...

Bibliography: 2. “Unconventional monetary policy measures”. Focus, Banque de France. No.4 (2009).
3. Henderson D.R., Hummel J.R, “Greenspan`s monetary policy in retrospect: discretion or rules?”, CATO Institute briefing papers, No.109, 2008.
4. Ionete C. “Modern challenges of the monetary policy”, Finance – challenges of the future, No.8 (2008), pp. 9-12.
6. Kuttner K.N., Mosser P.C., “The monetary transmission mechanism: some answers and further questions”, FRBNY Economic Policy Review, 2002.
7. Loisel O., Mesonnier J.-S., “Unconventional monetary policy measures in response to the crisis”, Current issues (Questions actuelles), No. 1 (2009).
8. Meltzer A.H., “Politics and the Fed”, Journal of Monetary Economics, No.58 (2011), pp. 39-48.
9. Mishkin F.S., “The channels of monetary transmission: lessons for monetary policy”, Banque de France bulletin digest, No. 27 (1996), pp. 33-44.
11. Endut N., Morley J., Tien P.-L., “The changing transmission mechanism of U.S. monetary policy”, 2009.
12. Goodfriend M. “How the world achieved consensus on monetary policy”, 2007.
13. Grekov I., “Historical aspects and modern lines in development of the monetary policy theory”, 2009.
14. Howells P., Biefang-Frisancho Mariscal I., “Recent developments in monetary policy”, 2009.
15. Ito T., Mishkin F.S., “Monetary policy in Japan: problems and solutions”, 2004.
16. Iwamura M., Kudo T., Watanabe T., “Monetary and fiscal policy in a liquidity trap: the Japanese experience 1999-2004”, 2005.
17. Klyuev V., Imus P., Srinivasan K., “Unconventional choices for unconventional times: credit and quantitative easing in advanced economies”. IMF staff position note, 2009.
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