Philip Lowe: Low inflation in a world of monetary stimulus
نویسنده
چکیده
It is perhaps stating the obvious to say that an important part of the macroeconomic environment is monetary policy. The actions of central banks have material effects on financial markets and can shape macroeconomic outcomes. Indeed, over recent decades it became widely accepted that monetary policy was the primary macroeconomic stabilisation tool and that monetary policy could effectively manage the business cycle.
منابع مشابه
The Impact of Central Bank Transparency on Inflation Volatility
Over the past two decades, central banks throughout the world have been moving towards greater transparency about policy decisions, the targets that they seek to achieve through those decisions, and their economic outlook of likely future changes. The Central Bank transparency is likely to be of great importance in increasing the effectiveness of monetary policy and reducing macroeconomic volat...
متن کاملThe Effect of Exchange Rate, Oil Prices and Global Inflation Shocks on Macroeconomic Variables for the Iranian Economy in the form of a DSGE Model
T he world economy has experienced a bulk of positive and negative shocks in crude oil prices and exchange rates over the years, and that global inflation has undergone some changes. Such shocks have affected the macroeconomic variables in the countries of the world and have challenged the economies of these countries, and have led them to take different measures to protect themselves agai...
متن کاملIntroduction to Monetary Policy and Inflation Targeting
Medium-term price stability is widely accepted as the appropriate ultimate goal for monetary policy. This reflects two ideas. The first is that high rates of inflation distort decision-making, ultimately leading to slower economic growth. The second is that monetary policy is the most effective instrument in influencing medium-term inflation outcomes. By pursuing a strategy that ensures that in...
متن کاملMonetary Policy Goals for Inflation in Australia
The opinions expressed here are those of the authors and should not be attributed to the Reserve Bank of Australia. We are indebted to a number of colleagues for helpful discussion, particularly Palle Andersen, David Gruen, Philip Lowe and Jenny Wilkinson. We also thank John Simon for excellent assistance with computing.
متن کاملThe Threshold Impact of Fiscal and Monetary Policies on Inflation: Threshold Model Approach
The aim of this study is to examine the nonlinear effects of fiscal and monetary policies on inflation during 1990:3 to 2013:1 based on threshold model. First lag of the liquidity growth is recognized as threshold variable with threshold value estimated at 6.37 percent. In low liquidity growth, the results indicate that inflation expectations and the lagged liquidity growth are the most importa...
متن کامل