Monetary policy

Identify and discuss the costs and benefits of joining the Economic and Monetary Union (EMU)? Do the benefits outweigh the costs? Abstract: “EMU is seen as a mean to recover some influence over European monetary affairs.” (François Mitterrand, 1992) The idea of an EMU appeared in the Werner Report in the 1970s in which France has played a major role. Indeed, the French social democratic president François Mitterrand wanted the European Union and its member-states to have a stronger influence

structurelle des pays membres et inefficacité du policy-mix dans l’Union Economique et Monétaire Séverine MENGUY MINI-FORUM, Université de Paris X –Nanterre mail : menguy.severine@wanadoo.fr La cible d’inflation très basse de la Banque Centrale Européenne et les contraintes imposées par le Pacte de Stabilité et de Croissance sont souvent tenues pour seules responsables des difficultés rencontrées par les autorités économiques pour pouvoir mettre en place un policy-mix efficace dans la zone monétaire européenne

Outline of the Course • Lecture 1: Stylized facts about Latin America. The curse of natural resources • Lecture 2: Fear of floating. Dollarisation. Sudden stops. Default risk. • Lecture 3: Fiscal Policy and Fiscal Rules. Recent crisis in Latin America and their effect in the current policy framework. • Lecture 4: Trade Integration in Latina America. The effect of and recovery from the 2008-09 crisis. • Lecture 5: Some future prospects for Latin America. Exam. LATAM MACRO - Lecture 1

insurance companies, and nationalized some, including Freddie Mac and Fannie Mae. The United States central bank, the Federal Reserve, has also played an prominent role in managing the crisis, often hand in hand with the government. As the nationʼs monetary policy regulator, the Federal Reserve determines the money supply and the interest rate at which banks lend funds to each others. It has injected massive amount of currency into the banking system and has dramatically reduced the interest rate. This

Lending Survey For the Euro Area”, European Central Bank, N’ 23 February. • Bernanke, B. (2009), “The Crisis and the Policy Response”, Stamp Lecture at London School of Economics, January 13. Available at http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm • Blundel-Wignall, A. and Atkinson, P. and Lee S. (2008). “The current Financial Crisis: Cause and Policy Issues”. Financial Market Trends, OECD Publication. • Bose, N. (2002),”Inflation, the credit market, and economic

compléter la matière vue en classe (Siklos, 1997 ; Hubbard, 2000 ; Mishkin et Serletis, 2004). Cette année, j’ai décidé d’imposer l’achat d’un livre (Laidler, David, E.W. et William B.P. Robson, Two Percent Target: Canadian Monetary Policy Since 1991, C.D. Howe Institute Policy Study #37, Toronto, 2004.) parce qu’il contient une analyse détaillée et experte de la politique monétaire au Canada depuis 1991. Les différents chapitres du livre seront intégrés dans la liste des lectures obligatoires à mesure

semblent à même de dissiper les inquiétudes quant à la pertinence de l’entrée dans l’euro de l’Estonie, de la Lituanie et de la Slovénie dès 2007. 22 Bibliographie Amato, J. et S. Gerlach (2001), “Modelling the Transmission Mechanism of Monetary Policy in Emerging Market Countries Using Prior Information”, BIS Papers 18, 264-272. Baghli, M. C. Bouthevillain, O. de Bandt, H. Fraisse, H. Le Bihan et P.Rousseaux (2002), “PIB Potentiel et Ecart de PIB : Quelques Evaluations pour la France”, Banque

Zealand has the longest experience in inflation targeting; this policy had announced in 4 March 1989 and took place in 1 February 1990, In addition the New Zealand has the most clearly defined target and policy framework for achieving it. Thus, for conduct this policy, Taylor define an instrument in 1993 which called «Taylor rule», this rule become the reference for all study how look for the rule or the instruments to conduct the policy of inflation targeting. We show that the Taylor rule with standard

d’intérêt d’autre part. Abstract : This paper examines the expected effects, the characteristics and the issues raised by the two forms of non-standard monetary policies, increasing the size of the balance sheet of the central bank and the average level of reserves held by banks on the one hand, committing to follow a policy of extended monetary policy ease on the other hand. Il est difficile de définir les politiques monétaires non conventionnelles (PNC) autrement que de manière négative : des

de celle qui prévaudrait en situation de concurrence parfaite. Ses écrits Essais d’économie positive (1953), éd. Litec, 1996. Capitalisme et liberté (1962), éd. Robert Laffont, 1971. Prix et théorie économique (1962), éd. Economica, 1983. A Monetary History of the United States, 1867-1960, avec Anna Schwartz, éd. Princeton University Press, 1963. Inflation et systèmes monétaires (1968), éd. Calmann-Lévy, 1969. La liberté du choix (1980), avec Rose Friedman, éd. Belfont, 1980. La tyrannie