Monetary Policy Strategy: Lessons from the Crisis

210 citations recorded by the source corpus.

Citations in the corpus

Should Monetary Policy Lean Against the Wind? An Analysis Based on a DSGE Model with Banking (2013, unknown): “…consisted in the inability of the central bank to correctly identify bubbles, the lack of effectiveness of the policy rate as an instrument to contain asset price movements and the idea that a strong easing of policy would be sufficient to “clean up”after the burst of a bubble (Mishkin, 2011).”
Rethinking Macro Policy II; Getting Granular (2013, unknown): “Given these limitations, the issue of whether central banks should use the policy rate to lean against bubbles has made a comeback (see, for instance, Svensson, 2009; Mishkin, 2010; Bernanke, 2011; and King, 2012).”
FAT-TAIL DISTRIBUTIONS AND BUSINESS-CYCLE MODELS (2013, unknown): “Similarly, Mishkin (2011) warns against the use of Gaussian shocks in quantitative studies of optimal monetary policy, arguing that in reality “the distribution of shocks hitting the economy is more complex” and “may exhibit excess kurtosis, that is, tail risk” (p. 24).”
Necessity As the Mother of Invention: Monetary Policy after the Crisis (2017, unknown): “Since the first is well-trodden territory (cf., Mishkin, 2011), we’ll concentrate on the second—which is the one relevant to post-crisis changes.”