Monetary policy

Locarno, A., Morgan, J., et Villetelle, J.-P., (2001) «Monetary Policy Transmission in the Euro Area: What Do Aggregate and National Structural Models Tell Us?», ECB Working Paper No 94. b. Mc Adam, P., and Morgan J., (2001), «The Monetary Mechanism At the Euro-Area Level: Issues and Result Using Structural Macroeconomic Models», ECB Working Paper No 93. c. Banque des Règlements Internationaux, (1995), «Financial Structure and the monetary policy transmission mechanism». d. Baghli, M., Bruhnes-Lesage

Nikolov (2003) : « Financial frictions and the monetary transmission mechanism : theory,evidence and policy implications », in Monetary transmission in the Euro area edited by I. Angeloni, B. Mojon & A. Kashyap, Cambridge University Press. -Bernanke B. & A Blinder (1988) : « Credit, money, and aggregate demand », American Economic Review 98 (may), pp. 435-439. -Bernanke B. & M. Gertler (1995) : « Inside the black box : the credit channel of monetary policy transmission », Journal of Economic Perspectives

gérer l’inflation peut être contraignante donc certainement des problèmes de chômage, pas d’harmonisation fiscale, sociale… Xuerou: In it is added the absence of real political power to the community level is felt, to coordinate the economic and monetary policies which are not very readable Yoann: Effectivement, les gouvernements doivent être nécessairement solidaires dans leurs choix politiques et économiques pour que le système fonctionne et perdure. Mais ces notions ne sont pas faciles à faire

models provide estimates of dynamic fiscal multipliers. Because of their very structure however, they largely postulate rather than document an effect of fiscal policy on activity. There exists also a large number of reduced-form studies. But these have typically concentrated either on the effects of some summary statistic of fiscal policy such as a cyclically adjusted deficit, or on spending, or on taxes. Most theories do not suggest however *MJT and NBER, and Columbia University and CEPR. We

Session 7: Macro Heterodox policy: Would heterodox monetary policies promote or impede economic growth? 2013: shift in three major central banks (USA, Japan, UK)  new policy: doves I) A. Orthodox Methods Changing interest rates Open-market operations Changing reserve requirement: keep percentage of reserve in banks “Now with short term interest rates will stuck near zero….” B. Quantitative easing Lowering exchange of the interest rate when banks exchange with other

Countries and Endogenous Growth. Savings, Investment, and Government Deficits: A Two-Period Model: The Consumption Savings Decision and Credit Markets; A Real Intemporal Model with Investment. Money and Business Cycles: A Monetary Intertemporal Model: Money, Prices, and Monetary Policy; Market-Clearing Models of the Business Cycle; Keynesian Business Cycle Theory: Sticky Wages and Prices. International Macroeconomics: International Trade in Goods and Assets; Money in the Open Economy. Topics in Macroeconomics:

au taux de croissance tendanciel de l’économie (2,2 % sur la période 1984-1992). 1 R. Barro et D.B. Gordon, « Rules, Discretion and Reputation in a Model of Monetary Policy », Journal of Monetary Economics n° 12, 1983 2 J.B. Taylor, « Discretion Versus Policy Rules in Practice », Carnegie-Rochester Conference Series on Public Policy, n° 39, 1993 82 BULLETIN DE LA BANQUE DE FRANCE – N° 45 – SEPTEMBRE 1997 ÉTUDES Règle de Taylor : présentation, application, limites Taylor constate

treaty. It has permitted to make faster the cooperation in the area of nuclear energy. Those different treaties have permitted to develop several policies such as the common agricultural policy in 1962 or the European Regional Development Fund (ERDF) in 1975 which has implemented regional solidarity policy. Between the middle of the 70’s to the middle o the 80’s, one of the major treaty of the European Union has been signed, the single European act, 300 directives signed in 1986, it was the

Investing FT data Research Introduction Article & analysis Key Terms What do you think? Article & analysis • Weakening of U.S. dollar is sad, but inevitable • The role of dollar in the markets – is there a need for new currency? • New monetary policy Investing FT data Research Introduction Article & Analysis Currency • Generally accepted form of money • Basis for trade • Investors often trade currency on the foreign exchange market Key Terms What do you think? Investing FT

G. C. & R. G. Lipsey, (1960), "Monetary and Value Theory : Further Comment", The Review of Economic Studies, 28, pp. 50-56. Artis, M. J., R. Bladen-Hovell & D. M. Nachane, (1992), "Instability of Velocity of Money, a New Approach Based on the Evolutionary Spectrum", Cepr discussion paper N◦ 735. Bachus, D. & J. Driffill, (1985), "Inflation and Reputation", American Economic Review, 75, pp.530-538. Bagliano, F. C. & C. Favero, (1999), "Measuring Monetary Policy with VAR Models : an Evaluation"