Monetary Policy, Markup Dispersion, and Aggregate TFP

Monetary Policy, Fiscal Policy, and Aggregate Economic Activity in Korea

Discussion of “ Large Banks , Loan Rate Markup , and Monetary Policy ” ∗

Cuciniello and Signoretti (this issue, hereafter CS) provide a New Keynesian dynamic stochastic general equilibrium (NKDSGE) model with imperfect competition in the banking industry and collateral-constrained borrowers to address some important questions. How much does banking industry market structure amplify business cycles? How does strategic interaction between big banks and the central ban...

Monetary Aggregates and Monetary Policy

This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...

Central Bank Transparency and Monetary Policy Effectiveness

The paper concentrates on the conditions, contingencies and determinants of central bank transparency and communication. From the state of the economy and the quality of national institutions, to the structure of monetary policy committees, the personality of the governor and the nature of the monetary policy framework - with a particular focus on the case of inflation targeting, there i...

Password Policy Markup Language

Password-based authentication is the most widely used authentication scheme for granting access to user accounts on the Internet. Despite this, there exists no standard implementation of passwords by services. They have different password requirements as well as interfaces and procedures for login, password change, and password reset. This situation is very challenging for users and often leads...