User:Nick Gardner /Sandbox: Difference between revisions

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<ref name=turner>[http://www.fsa.gov.uk/pubs/other/turner_review.pdf ''The Turner Review: A regulatory response to the global banking crisis'', Financial Services Authority, March 2009]</ref>


Second, there are important questions to
<ref name=T2>[http://www.fsa.gov.uk/pubs/discussion/dp09_04.pdf ''Turner Review Conference Discussion Paper: A regulatory response to the global banking crisis: systemically important banks and assessing the cumulative impact'', Financial Services Authority, October 2009]</ref>
be answered about the design of monetary
 
policy. At least one factor that fuelled the
 
housing bubble – in the U.K., the U.S. and
<ref name=imf>[http://www.imf.org/external/pubs/ft/weo/2009/02/pdf/c3.pdf ''Lessons for Monetary Problems from Asset Price Fluctuations'',  (World Economic Outlook October 2009 Chapter 3) International Monetary Fund 2009]</ref>.
elsewhere – was the very low level of interest
 
rates. There seemed to be a consensus among
<ref name=warwick>[http://www2.warwick.ac.uk/research/warwickcommission/report/swc_report.pdf ''The Warwick Commission on International Financial Reform: In Praise of Unlevel Playing Fields'', (The report of the second Warwick Commission) University of Warwick, November 2009]</ref>.
economists on both sides of the Atlantic that
 
asset markets, including the housing market,
<ref name=bofe>[http://www.bankofengland.co.uk/publications/other/financialstability/roleofmacroprudentialpolicy091121.pdf ''The Role of Macroprudential Policy'', a discussion paper, Bank of England, November 2009]</ref>
could be left to their own devices and that
 
interest rate policy should be directed solely
 
at controlling price inflation, not asset price
<ref>[http://www.federalreserve.gov/BoardDocs/Speeches/2002/20021015/default.htm Ben Bernanke: ''Asset-Price "Bubbles" and Monetary Policy'' (Speech to the New York Chapter of the National Association for Business Economics, New York, New York, October 15 2002) Federal  Reserve Board 2002]</ref>; and in a 2005 lecture, Jean-Claude Trichet,  the President of the European Central Bank, argued that not all  bubbles threaten financial stability, and that if  policy-makers attempted  to eliminate all risk from the financial system, they either fail or they would  "hamper the appropriate functioning of a market economy"<ref>[http://www.ecb.int/press/key/date/2005/html/sp050608.en.html Jean-Claude Trichet: ''Asset price bubbles and monetary policy'',(Mas lecture, 8 June 2005) European Central Bank, 2005]</ref>.
inflation. Additionally, it was understood
<ref>[http://www.bis.org/review/r090826a.pdf Mark Carney, Governor of the Bank of Canada: ''Some Considerations on Using Monetary Policy to Stabilize Economic Activity'', (Speech to the Foreign Policy Association, New York, 19 November 2009)Bank for International Settlements, 2009]</ref>, and by Federal Reserve  Board Governor Frederic Mishkin <ref>[http://www.federalreserve.gov/newsevents/speech/mishkin20080515a.htm Frederic Mishkin: ''How Should We Respond to Asset Price Bubbles'', Board of Governors of the Federal Reserve System, October 2008]</ref>
that monetary policy could be used as the
single main instrument of government
macroeconomic policy. Inflation targeting,
however, needs to be supplemented by some
form of regulation specifically aimed at
calming asset markets when they
become overheated.


<ref>[http://www.boj.or.jp/en/type/ronbun/ron/wps/data/wp06e10.pdf Hiroshi Ugai: ''Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses'', Bank of Japan, July 2006]</ref>
<ref>[http://www.boj.or.jp/en/type/ronbun/ron/wps/data/wp06e10.pdf Hiroshi Ugai: ''Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses'', Bank of Japan, July 2006]</ref>

Revision as of 10:30, 3 December 2009

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[3].

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[6]; and in a 2005 lecture, Jean-Claude Trichet, the President of the European Central Bank, argued that not all bubbles threaten financial stability, and that if policy-makers attempted to eliminate all risk from the financial system, they either fail or they would "hamper the appropriate functioning of a market economy"[7]. [8], and by Federal Reserve Board Governor Frederic Mishkin [9]

[10]

Shigenori Shiratsuka

[11]

[12]

[13]

[14]

[15]

[16]



  1. ↑ The Turner Review: A regulatory response to the global banking crisis, Financial Services Authority, March 2009
  2. ↑ Turner Review Conference Discussion Paper: A regulatory response to the global banking crisis: systemically important banks and assessing the cumulative impact, Financial Services Authority, October 2009
  3. ↑ Lessons for Monetary Problems from Asset Price Fluctuations, (World Economic Outlook October 2009 Chapter 3) International Monetary Fund 2009
  4. ↑ The Warwick Commission on International Financial Reform: In Praise of Unlevel Playing Fields, (The report of the second Warwick Commission) University of Warwick, November 2009
  5. ↑ The Role of Macroprudential Policy, a discussion paper, Bank of England, November 2009
  6. ↑ Ben Bernanke: Asset-Price "Bubbles" and Monetary Policy (Speech to the New York Chapter of the National Association for Business Economics, New York, New York, October 15 2002) Federal Reserve Board 2002
  7. ↑ Jean-Claude Trichet: Asset price bubbles and monetary policy,(Mas lecture, 8 June 2005) European Central Bank, 2005
  8. ↑ Mark Carney, Governor of the Bank of Canada: Some Considerations on Using Monetary Policy to Stabilize Economic Activity, (Speech to the Foreign Policy Association, New York, 19 November 2009)Bank for International Settlements, 2009
  9. ↑ Frederic Mishkin: How Should We Respond to Asset Price Bubbles, Board of Governors of the Federal Reserve System, October 2008
  10. ↑ Hiroshi Ugai: Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses, Bank of Japan, July 2006
  11. ↑ Monetary Policy Framework, Bank of England, 2009
  12. ↑ Arzu Çetinkaya and' Devrim Yavuz'Calculation of the Output-Inflation Sacrifice Ratio: The Case of Turkey, The Central Bank of the Republic of Turkey, October 2002
  13. ↑ Laurence Boone and Benoit Mojon: Sacrifice Ratio in Europe: A Comparison of France, Germany, Italy and the U.K., (Available at SSRN) 1999
  14. ↑ Laurence Ball: What Determines the Sacrifice Ratio?, National Bureau of Economic Research, 1994
  15. ↑ Robert E. Keleher: Transparency and Federal Reserve Monetary Policy , United States Congress Joint Economic Committee, November 1997
  16. ↑ Federal Open Market Committee: Frequently Asked Questions, Federal Reserve Board, 2009
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