Unconventional monetary policies from conventional theories: Modern lessons for central bankers

Journal of Policy Modeling - Tập 42 - Trang 503-519 - 2020
Giuseppe Fontana1,2, Marco Veronese Passarella1
1Economics Division, University of Leeds, Leeds, LS2 9JT, UK
2University of Sannio, Italy

Tài liệu tham khảo

Adolfson, 2007, Modern forecasting models in action: Improving macroeconomic analyses at central banks, International Journal of Central Banking, 3, 111 Allsopp, 2000, The assessment: Macroeconomic policy, Oxford Review of Economic Policy, 16, 1, 10.1093/oxrep/16.4.1 Arestis, 2011, Classifying monetary economics, Journal of Economic Surveys, 25, 769, 10.1111/j.1467-6419.2010.00625.x Ball, 2009 Bernanke, 1981, Bankuptcy, liquidity and recession, American Economic Review Proceedings, 71, 155 Bernanke, 1983, Nonmonetary effects of the financial crisis in the propagation of the great depression, American Economic Review, 73, 257 Bernanke, 1989, Agency costs, net worth and business fluctuations, American Economic Review, 79, 14 Bernanke, 1996, The financial accelerator and flight to quality, Review of Economics and Statistics, 78, 1, 10.2307/2109844 Bernanke, 1999, The financial accelerator in a quantitative business cycle framework, Vol. 1, 1341 Blanchard, 2016 Blanchard, 2017 Blanchard, 2016 Blanchard, 2017 Blanchard, 1987 Buiter, 2009, The unfortunate uselessness of most ‘state of the art’ academic monetary economics, Financial Times Caiani, 2016, Agent based-stock flow consistent macroeconomics: Towards a benchmark model, Journal of Economic Dynamics and Control, 69, 375, 10.1016/j.jedc.2016.06.001 Cho, 2006, A small-sample study of the new keynesian macro model, Journal of Money, Credit and Banking, 38, 1461, 10.1353/mcb.2006.0078 Christiano, 2013 Clarida, 1999, The science of monetary policy: A New Keynesian perspective, Journal of Economic Literature, 37, 1661, 10.1257/jel.37.4.1661 Cottrell, A. (1984–85) Keynesianism and the natural rate of unemployment: a problem of pedagogy. Journal of Post Keynesian Economics, 7(2): 263–268. De Grauwe, 2010, The scientific foundation of dynamic stochastic general equilibrium (DSGE) models, Public Choice, 144, 413, 10.1007/s11127-010-9674-x Del Negro, 2014 Dixon, 2008, New Keynesian macroeconomics Eggertsson, 2012, Debt, deleveraging, and the liquidity trap, Quarterly Journal of Economics, 127, 1469, 10.1093/qje/qjs023 Foley, 2009, The economy needs agent-based modelling, Nature, 460, 685, 10.1038/460685a Fontana, 2007, Are long-run stability and short-run output stabilization all that monetary policy can aim for?, Metroeconomica, 58, 269, 10.1111/j.1467-999X.2007.00268.x Fontana, 2018, The role of commercial banks and financial intermediaries in the new consensus macroeconomics (NCM): A preliminary and critical appraisal of old and new models, 77 Fontana, 2017, Does fiscal policy affect the monetary transmission mechanism? A monetary theory of production (MTP) response to the new consensus macroeconomics (NCM) perspective, Metroeconomica, 68, 378, 10.1111/meca.12166 Galí, 2017, Some scattered thoughts on DSGE models Gilchrist, S., Ortiz, A. and Zakrajšek, E. (2009) Credit risk and the macroeconomy: evidence from an estimated DSGE model. Paper prepared for the FRB/JMCB conference ‘Financial Markets and Monetary Policy’. Held at the Federal Reserve Board, Washington D.C., 4–5 June. Goodfriend, 1997, The New neoclassical synthesis and the role of monetary policy, Vol. 12, 231 Goodhart, 2009, The continuing muddles of monetary theory: A steadfast refusal to face facts, Economica, 76, 821, 10.1111/j.1468-0335.2009.00790.x Goodhart, 2014, The parlous state of macroeconomics and the optimal financial structure, International Review of Financial Analysis, 36, 78, 10.1016/j.irfa.2014.10.014 Gürkaynak, 2017, Introduction: Are DSGE models useful for policymakers? Haldane, 2017 Hargreaves-Heap, 1980, Choosing the wrong natural rate: Accelerating inflation or decelerating employment and growth, Economic Journal, 90, 611, 10.2307/2231931 Keen, 2016 Korinek, 2015 Krugman, P. (2009) Lionel Robbins Lecture. Lecture made at the London School of Economics, 10 June 2009. Krugman, 2016 Lavoie, 2006, A Post-Keynesian amendment to the new consensus on monetary policy, Metroeconomica, 57, 165, 10.1111/j.1467-999X.2006.00238.x Lavoie, 2016 León-Ledesma, 2002, The endogeneity of the natural rate of growth, Cambridge Journal of Economics, 26, 441, 10.1093/cje/26.4.441 Lindé, 2016, Challenges for central banks’ macro models, Vol. 2, 2185 Merola, 2013 Münchau, 2016 Ouliaris, 2016 Prescott, 1986, Theory ahead of business cycle measurement, Federal Reserve Bank of Minneapolis Quarterly Review, 10, 9 Romer, 2000, Keynesian macroeconomics without the LM curve, Journal of Economic Perspectives, 14, 149, 10.1257/jep.14.2.149 Romer, 2016 Setterfield, 2002, Introduction: A dissenter’s view of the development of growth theory and the importance of demand-led growth, 1 Taylor, 1993, Discretion versus policy rules in practice, Carnegie-Rochester Conference Series on Public Policy, 39, 195, 10.1016/0167-2231(93)90009-L Taylor, 2000, Teaching modern macroeconomics at the principles level, American Economic Review, 90, 90, 10.1257/aer.90.2.90 Tovar, 2009, DSGE models and central banks, Economics: Open Access/Open Assessment e-Journal, 3, 1, 10.5018/economics-ejournal.ja.2009-16 Woodford, 2003 Woodford, 2009, Convergence in macroeconomics: Elements of the new synthesis, American Journal of Economics: Macroeconomics, 1, 267 Wren-Lewis, 2016