Monetary Policy Implementation: Exploring the ’New Normal’ in Central Banking - Tapa dura

Baglioni, Angelo

 
9783031538841: Monetary Policy Implementation: Exploring the ’New Normal’ in Central Banking
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ISBN 10: 3031538846 ISBN 13: 9783031538841
Editorial: Palgrave Macmillan, 2024

Sinopsis

This book addresses the implementation of monetary policy (MP) and focuses on the operations used by the central banks to implement their policies: the so-called operational framework of MP. The operational framework has become of paramount importance in the last fifteen years, due to the profound transformations taking place in this period. The financial crisis, started in August 2007, has rapidly changed the way in which MP is implemented around the world. Further, innovations have been introduced to address other crises in the following years: a new set of "unconventional" instruments have been adopted, like the large-scale purchases of private and government securities and the long-term refinancing operations. The balance sheets of central banks have increased by huge amounts. The recent surge of inflation has induced several central banks to exit those exceptional policies. However, instead of going back to the traditional "interest rate steering" approach, they are going towards a "new normal" that combines some features of that approach with others inherited from the "quantitative easing" experience. The book therefore addresses the following questions: Which are the common stylized patterns of the unconventional MP across the different countries? Did the economic profession work out a theoretical framework within which to place the unconventional MP? Which are the issues related to the exit strategy from unconventional MP? Which are the main features of the operational framework under the "new normal" approach? This book answers these questions by looking at the experiences of the European Central Bank, the Federal Reserve System alongside other central banks, and providing some original modelling and empirical evidence, which will be of interest to academics, researchers in banking and finance, policy makers, and practitioners in the financial industry.

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Acerca del autor

Angelo Baglioni is Professor of Economics at Università Cattolica del Sacro Cuore (UCSC) in Milan, where he teaches Monetary Policy and Financial Economics. He is Director of Osservatorio Monetario, President of REF Ricerche, and Member of the editorial board of lavoce.info. He was Member of the Banking Stakeholder Group of the European Banking Authority. His main research interests are in the fields of monetary policy and financial intermediation. He has written several books (including The European Banking Union: A Critical Assessment, Palgrave Macmillan 2016) and articles published in international scientific journals.

De la contraportada

This book addresses the implementation of monetary policy (MP) and focuses on the operations used by the central banks to implement their policies: the so-called operational framework of MP. The operational framework has become of paramount importance in the last fifteen years, due to the profound transformations taking place in this period. The financial crisis, started in August 2007, has rapidly changed the way in which MP is implemented around the world. Further, innovations have been introduced to address other crises in the following years: a new set of “unconventional” instruments have been adopted, like the large-scale purchases of private and government securities and the long-term refinancing operations. The balance sheets of central banks have increased by huge amounts. The recent surge of inflation has induced several central banks to exit those exceptional policies. However, instead of going back to the traditional “interest rate steering” approach, they are going towards a “new normal” that combines some features of that approach with others inherited from the “quantitative easing” experience. The book therefore addresses the following questions: Which are the common stylized patterns of the unconventional MP across the different countries? Did the economic profession work out a theoretical framework within which to place the unconventional MP? Which are the issues related to the exit strategy from unconventional MP? Which are the main features of the operational framework under the “new normal” approach? This book answers these questions by looking at the experiences of the European Central Bank, the Federal Reserve System alongside other central banks, and providing some original modelling and empirical evidence, which will be of interest to academics, researchers in banking and finance, policy makers, and practitioners in the financial industry.


Angelo Baglioni is Professor of Economics at Università Cattolica del Sacro Cuore (UCSC) in Milan, where he teaches Monetary Policy and Financial Economics. He is Director of Osservatorio Monetario, President of REF Ricerche, and Member of the editorial board of lavoce.info. He was Member of the Banking Stakeholder Group of the European Banking Authority. His main research interests are in the fields of monetary policy and financial intermediation. He has written several books (including The European Banking Union: A Critical Assessment, Palgrave Macmillan 2016) and articles published in international scientific journals.

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Editorial
Palgrave Macmillan
Año de publicación
2024
Idioma
Inglés
ISBN 10 
3031538846
ISBN 13 
9783031538841
Encuadernación
Tapa dura
Número de páginas
282
Contacto del fabricante
Paradox Interactive
https://plaion.com/

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9783031538872: Monetary Policy Implementation: Exploring the 'New Normal' in Central Banking

Edición Destacada

ISBN 10:  3031538870 ISBN 13:  9783031538872
Editorial: Palgrave Macmillan, 2025
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