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» Resultado: 4 registros
| Registro 1 de 4 | |
| Autor: | Sellon, Gordon H., Jr. - |
| Título: | Expectations and the Monetary Policy Transmission |
| Fuente: | Economic Review. v.89, n.4. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 5-42 |
| Año: | 2004 |
| Resumen: | In principle, the monetary policy transmission mechanism can be described rather simply. When the Federal Reserve raises its target for the federal funds rate, other interest rates also rise-reducing interest-sensitive spending and slowing the economy. Conversely, when the federal funds rate target is lowered, other interest rates tend to fall-stimulating spending and spurring economic activity. While adequate for some purposes, this stylized description of the transmission mechanism is less helpful in explaining the complex relationship between interest rates and monetary policy that is actually observed in financial markets. It also provides little insight into the source of the Federal Reserve’s leverage over market interest rates. Indeed, how does control over a relatively insignificant interest rate-the overnight federal funds rate-allow the Federal Reserve to influence the whole spectrum of short-term and long-term market rates? Sellon describes a simple analytical framework that provides a better conceptual understanding of the monetary policy transmission mechanism and also helps explain the complex relationships between monetary policy and interest rates observed in financial markets. In this framework, financial market expectations about future monetary policy play a central role. Indeed, expectations about the path of future policy actions are the driving force in determining market interest rates. Consequently, understanding how financial markets construct this expected policy path and what factors cause the path to change is critical to understanding the transmission process and the behavior of interest rates. This framework also highlights the important role central bank communications play in the transmission mechanism and the evolution of market interest rates. |
| Palabras clave: | POLITICA MONETARIA | TIPO DE CAMBIO | DINERO | MERCADO FINANCIERO | TRANSMISION MONETARIA | |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
| Registro 2 de 4 | |
| Autor: | Sellon, Gordon H., Jr. - |
| Título: | The changing U.S. financial system: some implications for the monetary policy transmission |
| Fuente: | Economic Review. v.87, n.1. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 37-64 |
| Año: | 2002 |
| Resumen: | An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity. In recent decades, significant changes in the structure of financial markets and institutions in the United States may have altered the interest rate channel. Key developments include the deregulation of the financial system, the growth of capital markets as an alternative to bank intermediation, increased competition among intermediaries both domestically and internationally, and greater transparency by the Federal Reserve about monetary policy operations. These changes may have altered both the timing and magnitude of the response of interest rates to monetary policy. Indeed, the failure of long-term interest rates to respond to monetary policy easing during the past year has been cited in the financial press as an indication that monetary policy may now have less influence on interest rates than in the past. Sellon examines how the changing financial system has affected the interest rate channel of monetary policy. He finds that the response of interest rates to monetary policy, rather than diminishing, has actually increased considerably over time. Indeed, bank lending rates on consumer and business loans and mortgage rates now appear to exhibit a much stronger and faster response to monetary policy actions than in the past. Moreover, institutional changes, such as the increased use of variable-rate loans and the availability of low-cost mortgage refinancing, may have altered the transmission mechanism, potentially broadening the influence of monetary policy on the economy. |
| Palabras clave: | POLITICA MONETARIA | MERCADO FINANCIERO | TASA DE INTERES | |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
| Registro 3 de 4 | |
| Autor: | Hakkio, Craig S. - Sellon, Gordon H., Jr. - |
| Título: | The discount window : time for reform? |
| Fuente: | Economic Review. v.85, n.2. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 1-20 |
| Año: | 2000 |
| Resumen: | For many years, the Federal Reserve’s discount window has played an important role in monetary policy. Discount window borrowing helps individual depository institutions manage their reserve accounts in the presence of unexpected deposit and payments flows. Improved reserve management, in turn, helps stabilize the overnight federal funds market by reducing the volatility of short-term interest rates. Moreover, announced changes in the Federal Reserve’s discount rate have often signaled important shifts in the stance of monetary policy and have frequently been associated with large changes in market interest rates, exchange rates, and asset prices. In the 1990s, however, fewer and fewer institutions have relied on the window to meet short-term credit needs. Consequently, the usefulness of the discount window in smoothing reserve imbalances and stabilizing interest rates may have been reduced. In addition, changes in monetary policy operating procedures and the formal announcement of monetary policy decisions by the Federal Reserve may have reduced the effectiveness of discount rate changes in influencing market interest rates and asset prices. Hakkio and Sellon analyze the changing role of the discount window in monetary policy and examine the case for discount window reform. One alternative to the traditional discount window is a "Lombard-type" lending facility in which depository institutions can borrow more freely than under the current system but at a higher rate. While there appear to be good arguments in favor of modernizing the discount mechanism, a number of conceptual and practical issues must be addressed before implementing a Lombard-type lending facility. An additional consideration, going forward, is the projected reduction in the supply of Treasury debt over the next few years. A shrinking supply of Treasury securities could complicate the use of open market operations in providing reserves to the banking system and require the Federal Reserve to place greater emphasis on the discount window. Consequently, any redesign of the discount window would need to address this issue. |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
| Registro 4 de 4 | |
| Autor: | Sellon, Gordon H., Jr. - Buskas, Charmaine R. |
| Título: | New challenges for monetary policy : a summary of the Bank’s 1999 Symposium |
| Fuente: | Economic Review. v.84, n.4. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 5-15 |
| Año: | 1999 |
| Resumen: | After two decades of successfully restoring price stability in much of the world economy, central banks begin the next millennium facing a new set of challenges. One key task is how to conduct monetary policy in an era of price stability. Clearly, policymakers would like inflation to remain subdued. But how should monetary policy procedures be designed to ensure that inflation does not reappear as a serious policy problem? Another important question is whether central banks enjoy greater operational flexibility or face new constraints in an environment of low inflation. And recent crises in financial markets around the world pose an additional set of challenges for policymakers. Indeed, preserving global financial stability and dealing with extreme asset price and exchange rate movements have taken on greater urgency in many recent policy discussions. To explore the implications of these issues, the Federal Reserve Bank of Kansas City held a symposium titled "New Challenges for Monetary Policy" at Jackson Hole, Wyoming, on August 26-28, 1999. The symposium brought together a crosssection of distinguished experts from central banks, academic institutions, and financial markets from around the world. Sellon and Buskas highlight the principal issues raised at the symposium and summarize the papers presented and the commentary. The first section provides an overview of the main issues and identifies areas of agreement and disagreement among program participants. The remaining sections summarize the viewpoints of the participants and their policy recommendations. |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
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