Monetary policy under financial turbulence

The financial crisis that started in 2007 brought the global economy to the brink, and in many respects it is still unfolding, especially in Europe. While a fierce debate continues on how to understand and deal with the crisis, a consensus is emerging with regard to the originating shocks, the mecha...

Descripción completa

Guardado en:

Detalles Bibliográficos
Otros Autores:	Céspedes, Luis Felipe
Formato:	Libro
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	BANCOS CENTRALES POLÍTICA MONETARIA CRISIS FINANCIERA FINANZAS INTERNACIONALES
Acceso en línea:	https://hdl.handle.net/20.500.12580/1639
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai-20.500.12580-1639
record_format	dspace
spelling	oai-20.500.12580-16392021-04-24T05:02:02Z Monetary policy under financial turbulence Céspedes, Luis Felipe Chang, Roberto Saravia, Diego BANCOS CENTRALES POLÍTICA MONETARIA CRISIS FINANCIERA FINANZAS INTERNACIONALES The financial crisis that started in 2007 brought the global economy to the brink, and in many respects it is still unfolding, especially in Europe. While a fierce debate continues on how to understand and deal with the crisis, a consensus is emerging with regard to the originating shocks, the mechanisms that amplified those shocks, and official policy responses, especially from central banks. The new consensus assigns a substantially bigger role to financial imperfections and institutions than was previously assumed, to the point that one can safely say that for the next several years, research on macroeconomic policy will be dominated by the interaction between financial frictions, the financial system, and aggregate fluctuations. This volume gathers twelve contributions by distinguished scholars analyzing the causes of the crisis, the role of financial instruments and financial imperfections in its propagation, and the role that policymakers could play through the use of monetary and fiscal policies. These studies expand on theoretical and empirical issues surrounding the new consensus and identify significant lessons for macroeconomic and financial policy. Monetary Policy under Financial Turbulence : An Overview / Luis Felipe Céspedes, Roberto Chang, and Diego Saravia -- The Global Financial Crisis / Franklin Allen and Elena Carletti -- The Great Recession and the Great Depression : Reflections and Lessons / Barry Eichengreen -- Recessions and Financial Disruptions in Emerging Markets : A Bird's Eye View / Stijn Claessens, M. Ayhan Kose, and Marco E. Terrones -- The Credit Channel and Monetary Transmission in Brazil and Chile : A Structured VAR Approach / Luis A.V. Catão and Adrian Pagan -- Revisiting Overborrowing and its Policy Implications / Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Rebucci, and Eric R. Young -- The Financial Accelerator under Learning and the Role of Monetary Policy / Rodrigo Caputo, Juan Pablo Medina and Claudio Soto -- Heterodox Central Banking / Luis Felipe Céspedes, Roberto Chang, and Javier García-Cicco -- Inflation Targeting in Financially Stable Economies : Has it Been Flexible Enough? / Mauricio Calani, Kevin Cowan, and Pablo García S. -- Fiscal Deficits, Debt, and Monetary Policy in a Liquidity Trap / Michael B. Devereux -- Anchors Aweigh : How Fiscal Policy Can Undermine 'Good' Monetary Policy / Eric M. Leeper -- Competition and Stability in Banking / Xavier Vives. 2019-11-01T00:05:25Z 2019-11-01T00:05:25Z 2011 Libro 978-956-7421-35-0 https://hdl.handle.net/20.500.12580/1639 eng Series on Central Banking, Analysis, and Economic Policies, no. 16 Serie Banca Central, análisis y políticas económicas, no. 16 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Documento Completo 502 p. application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	BANCOS CENTRALES POLÍTICA MONETARIA CRISIS FINANCIERA FINANZAS INTERNACIONALES
spellingShingle	BANCOS CENTRALES POLÍTICA MONETARIA CRISIS FINANCIERA FINANZAS INTERNACIONALES Monetary policy under financial turbulence
description	The financial crisis that started in 2007 brought the global economy to the brink, and in many respects it is still unfolding, especially in Europe. While a fierce debate continues on how to understand and deal with the crisis, a consensus is emerging with regard to the originating shocks, the mechanisms that amplified those shocks, and official policy responses, especially from central banks. The new consensus assigns a substantially bigger role to financial imperfections and institutions than was previously assumed, to the point that one can safely say that for the next several years, research on macroeconomic policy will be dominated by the interaction between financial frictions, the financial system, and aggregate fluctuations. This volume gathers twelve contributions by distinguished scholars analyzing the causes of the crisis, the role of financial instruments and financial imperfections in its propagation, and the role that policymakers could play through the use of monetary and fiscal policies. These studies expand on theoretical and empirical issues surrounding the new consensus and identify significant lessons for macroeconomic and financial policy.
author2	Céspedes, Luis Felipe
author_facet	Céspedes, Luis Felipe
format	Libro
title	Monetary policy under financial turbulence
title_short	Monetary policy under financial turbulence
title_full	Monetary policy under financial turbulence
title_fullStr	Monetary policy under financial turbulence
title_full_unstemmed	Monetary policy under financial turbulence
title_sort	monetary policy under financial turbulence
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/1639
_version_	1718346228191723520

Monetary policy under financial turbulence

Ejemplares similares