Do conservative governments make a difference in monetary policy? A study of the U.S. and the U.K.

2003 ◽  
Vol 31 (3) ◽  
pp. 242-254 ◽  
Author(s):  
Attiat F. Ott ◽  
Anna Belova ◽  
Vladislav Dolgopolov
Keyword(s):  
Monetary Policy ◽  
The U.S

scholarly journals Causes of The Outbreak of the Eurozone Crises: The Role of the Usa and the European Central Bank Monetary Policy

e-Finanse ◽  
2015 ◽  
Vol 11 (2) ◽  
pp. 47-63
Author(s):  
Natalia Białek
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
European Central Bank ◽  
Institutional Design ◽  
Global Financial Crisis ◽  
European Central ◽  
Low Interest Rates ◽  
The Usa ◽  
The U.S

Abstract This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the U.S. Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008-09. Unusually low interest rates in 2001- 05 compelled investors to engage in high risk endeavors. It also encouraged some governments to finance excessive domestic consumption with foreign loans. Emerging financial bubbles burst first in mortgage markets in the U.S. and subsequently spread to other countries. The paper also reviews other causes of the crisis as discussed in literature. Some of them relate directly to weaknesses inherent in the institutional design of the European Monetary Union (EMU) while others are unique to members of the EMU. It is rather striking that recommended remedies tend not to take into account the policies of the European Central Bank.

scholarly journals U.S. Monetary Policy, Commodity Prices and the Financialization Hypothesis

2017 ◽  
Vol 10 (2) ◽  
pp. 53-77 ◽  
Author(s):  
Papa Gueye Fam ◽  
Rachida Hennani ◽  
Nicolas Huchet
Keyword(s):  
Monetary Policy ◽  
Commodity Prices ◽  
Spillover Effects ◽  
Commodity Markets ◽  
Bond Markets ◽  
Financial Assets ◽  
Market Prices ◽  
Agricultural Prices ◽  
Policy Measures ◽  
The U.S

AbstractMany studies point out the growing correlations within financial markets, while others highlight the financialization of commodity markets. The purpose of this article is to revisit the relationships between various financial assets and commodity markets by taking into account the U.S. monetary policy and therefore the implementation of non-standard measures. In addition to oil, stock and bond markets, U.S. policy rates and a great deal of agricultural prices have been over time considered through a DCC-GARCH model, between 1995-2015. We find that agricultural markets uphold the financialization hypothesis, implying an increase in market-prices’ correlations and so raises the question of agricultural prices’ drivers. Interestingly, conditional correlations between the U.S. monetary policy and agricultural prices have decreased since 2010, which indicates that the implementation of non-standard monetary policy measures reduces spillover effects on asset prices, especially raw commodities. Such a result in turn highlights changing relationships between monetary, financial and physical markets, in a context of very weak policy rates over a long period.

scholarly journals Lessons on Monetary Policy from the 1980s

1988 ◽  
Vol 2 (3) ◽  
pp. 51-72 ◽  
Author(s):  
Benjamin M Friedman
Keyword(s):  
Monetary Policy ◽  
Federal Reserve ◽  
Price Stability ◽  
Money Stock ◽  
The Past ◽  
Reserve System ◽  
Past Half ◽  
The U.S ◽  
Half Decade ◽  
Do So

The half-decade running from mid-1982 to mid-1987 was a pretty good era for U.S. monetary policy, as these things go. Even the severe 1981-82 recession served its intended purpose of substantially restoring price stability. At least as judged by the outcomes for the standard objectives of macroeconomic policy, U.S. monetary policy was a distinct success. Economists hoping to say something useful about monetary policy in the 1980s have had a tougher time. The quantitative relationships connecting income and price movements to the growth of familiar monetary aggregates, including especially the M1 measure of the money stock that had been the chief focus of monetary policy during 1979-82, utterly fell apart during this period. It is difficult to escape the conclusion that there is now a conceptual vacuum at the center of the U.S. monetary policymaking process. In the meanwhile, the Federal Reserve System has not ceased operations. Nor should it be inclined to do so, in light of the performance of both income and prices during the past half-decade.

The evolution of the monetary policy regimes in the U.S.

2011 ◽  
Vol 43 (2) ◽  
pp. 617-649 ◽  
Author(s):  
Jinho Bae ◽  
Chang-Jin Kim ◽  
Dong Heon Kim
Keyword(s):  
Monetary Policy ◽  
Policy Regimes ◽  
The U.S

A Note on the ECB's Monetary Policy when Confronted with International Systemic Risks

2005 ◽  
Vol 5 (1) ◽  
pp. 1850029
Author(s):  
Alyson Bloomer ◽  
Thierry Warin
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Institutional Environment ◽  
September 11 ◽  
Liquidity Management ◽  
Systemic Risks ◽  
Before And After ◽  
The U.S ◽  
The Eu

This paper provides an analysis of the liquidity management of the euro. We tested the influence of five variables (the exchange rate, the price of oil, the EU deficit, the EU interest rate, and the U.S. interest rate) on the euro liquidity supply in addition to the fluctuation of the liquidity supply before and after September 11, 2001. While the literature focuses on the internal European institutional environment, this study looks at the international systemic risks and their influence on the liquidity supply. Ultimately, we come to the conclusion that the ECB’s liquidity supply is affected by international factors.

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