Monetary policy : roles, forecasting and effects / editor, Yasuo Nishiyama.

Format:

Book

Contributor:

Nishiyama, Yasuo.

Series:

Business Economics in a Rapidly-Changing World

Language:

English

Subjects (All):

Monetary policy--Case studies.

Monetary policy.

Banks and banking--Case studies.

Banks and banking.

Physical Description:

1 online resource (235 p.)

Place of Publication:

Hauppauge, NY : Nova Science Publishers, c2012.

Language Note:

English

Summary:

This book is a unique collection of recent research on monetary policy. Various critical issues related to monetary policy are investigated in this book. How often, and why, do firms in Canada reset their prices? How does monetary policy in Japan, the United States, and the United Kingdom influence inflation expectations? What would the policy interest rates have been if the European Central Bank were to set the rates of individual member countries by responding to each member country's economic conditions? What is the monetary transmission mechanism in Papua New Guinea? What is the monetary transmission mechanism in Bulgaria under the currency board? Has monetary policy in China contributed to a decline in inflation and output volatility? These and other important issues are thoroughly examined in this book.

Contents:

""MONETARY POLICY ""; ""MONETARY POLICY ""; ""CONTENTS ""; ""PREFACE ""; ""MICRO FOUNDATIONS OF PRICE-SETTING BEHAVIOUR: EVIDENCE FROM CANADIAN FIRMS ""; ""ABSTRACT ""; ""INTRODUCTION: WHY STUDY PRICE-SETTING BEHAVIOUR? ""; ""2. RECENT EVIDENCE ON PRICE-SETTING BEHAVIOUR ""; ""2.1. Can We Explain Sticky Prices? ""; ""2.2. Which Sticky-Price Theories Are Widely Recognized? ""; ""3. CANADIAN PRICE-SETTING SURVEY DATA ""; ""3.1. The Price-Setting Survey ""; ""3.2. How Often Do Firms Change Prices? ""; ""3.3. Firms� Evaluations of Sticky-Price Theories ""

""4. MODELLING PRICE-ADJUSTMENT FREQUENCY """"4.1. Model and Specification ""; ""4.1.1. Factors Affecting the Price-Adjustment Frequency ""; ""4.1.2. Count Data Models ""; ""4.2. Empirical Findings ""; ""4.2.1. Marginal Effects ""; ""5. EVALUATIONS OF STICKY-PRICE THEORIES ""; "" 5.1 Patterns of sticky-price theory evaluation ""; ""5.2. Model and Specification ""; ""5.2.1. Factors Affecting the Importance Rankings ""; ""5.2.2. Probit and Ordered Probit Models ""; ""5.3. Empirical Findings ""; ""5.3.1. Most Important Factors Common to All Sticky-Price Theories ""

""5.3.2. Firm Characteristics and Sticky-Price Theories """"Coordination Failure (On a Price Decline or Increase) ""; ""Cost-Based Pricing ""; ""Explicit and Implicit Contracts ""; ""Sticky Information and Menu Costs ""; ""Factor Stability ""; ""Customer Relations ""; ""Non-Price Competition and Low Inflation ""; ""6. IMPLICATIONS FOR FEATURE RESEARCH ""; ""7. IMPLICATIONS FOR POLICY MAKING ""; ""CONCLUSION ""; ""APPENDIX A: THE SURVEY METHODOLOGY ""; ""APPENDIX B: VARIABLE DEFINITIONS AND DESCRIPTIONS ""; ""APPENDIX C: COUNT MODEL SENSITIVITY ANALYSIS: ALTERNATIVE BASELINE CASE ""

""APPENDIX D: ALTERNATIVE ORDERED PROBIT AND PROBIT ESTIMATIONS """"REFERENCES ""; ""RELATIONSHIP BETWEEN MONETARY POLICY AND INFLATION EXPECTATIONS: COMPARISON AMONG JAPAN, THE UNITED STATES, AND THE UNITED KINGDOM""; ""Abstract""; ""1.Introduction""; ""2.FormationofExpectations""; ""2.1.Data""; ""2.2.Correlationsbetweenin ationexpectationsandmacroeconomicvari-ables""; ""3.DeterminantsofIn ationExpectations""; ""3.1.Estimationstrategy""; ""3.2.EstimationforJapan""; ""3.3.EstimationfortheUnitedStates""; ""3.4.EstimationfortheUnitedKingdom""

""4.AnalysisoftheReactionofAssetPricestotheQuantitativeEasingPolicy""""4.1.Estimationstrategy""; ""4.1.1.Data""; ""4.2.EffectofassetpurchaseprograminJapan""; ""4.2.1.Impulseresponses""; ""4.3.EffectofassetpurchaseprogramintheUnitedStates""; ""4.3.1.Impulseresponses""; ""4.4.Discussion""; ""5.Conclusion""; ""Acknowledgements""; ""References""; ""AN EVALUATION OF THE ECB POLICY RESPONSE TO CHANGING ECONOMIC CONDITIONS IN EURO AREA MEMBER STATES""; ""ABSTRACT ""; ""1. INTRODUCTION ""; ""2. EMPIRICAL METHODOLOGY ""; ""2.1. The Taylor Rule ""; ""2.2. Estimation Issues ""; ""2.3. Data ""

""3. ESTIMATION RESULTS ""

Notes:

Includes index.

Description based on print version record.

ISBN:

1-61942-184-4