Monetary policy in a changing environment

Bank for International Settlements

No 19 in BIS Papers from Bank for International Settlements

Abstract: The papers in this volume were presented and discussed at the Autumn Central Bank Economists' Meeting held at the BIS in Basel on 14-15 October 2002. The purpose of this meeting was to discuss challenges that central banks have faced in the current environment characterised by low and comparatively stable inflation, structural supply side improvements, the apparently high credibility of central banks' anti-inflation commitment and liberalised financial markets. These challenges have included learning how to deal with unforeseen potential increases in productivity growth, major expansions in credit and asset prices, and, in some cases, even financial instability and deflation. Another challenge has been the recent sudden and widespread slowdown in economic activity that, uncharacteristically, was not triggered by a tightening of monetary policy designed to quell inflationary pressures but rather by the unwinding of an investment boom. The meeting explored potential changes in the dynamics of the business cycle, in particular the ability to identify inflationary and deflationary pressures, and the implications for monetary policy, including the challenges posed by the zero lower bound on interest rates.

Date: 2003 Written 2003-10
ISBN: 92-9131-649-0
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (42)

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Chapters in this book:

A tale of two perspectives: old or new challenges for monetary policy? , pp 1-59

Claudio Borio, William English and Andrew Filardo

Searching for the natural rate of interest: a euro area perspective , pp 60-80

Jesus Crespo-Cuaremsa, Ernest Gnan and Doris Ritzberger-Gruenwald

Inflation, relative prices and nominal rigidities , pp 81-105

Luc Aucremanne, Guy Brys, Peter Rousseeuw, Anja Struyf and Mia Hubert

Inflation targeting in Brazil: lessons and challenges , pp 106-133

André Minella, Paulo Springer de Freitas, Ilan Goldfajn and Marcelo Kfoury Muinhos

Inflation persistence and costly market share adjustment: a preliminary analysis , pp 134-146

Robert Amano and Scott Hendry

Assessing future inflation in inflation targeting: forecasts or simulations? , pp 147-157

Michal Skořepa and Viktor Kottlan

The role of money in monetary policymaking , pp 158-191

Klaus Masuch, Sergio Nicoletti-Altimari, Massimo Rostagno and Huw Pill

The role of financial factors in the transmission of monetary policy , pp 192-212

Laurent Clerk and Christian Pfister

The challenges of the "new economy" for monetary policy , pp 213-233

Gilbert Cette and Christian Pfister

Real long-term interest rates and monetary policy: a cross-country perspective , pp 234-257

Christian Upper and Andreas Worms

Monetary policy with unobservedpotential output , pp 258-275

Francesco Lippi

The effect of the increase in the monetary base of Japan's economy at zero interest rates: an empirical analysis , pp 276-312

Takeshi Kimura, Hiroshi Kobayashi, Jun Muranaga and Hiroshi Ugai

Asset price movements and monetary policy in South Korea , pp 313-337

Ho Yeol Lim

Fear of floating or fear of inflation? The role of the exchange rate pass-through , pp 338-354

Armando Baqueiro, Alejandro Diaz de Leon and Alberto Torres

Financial stability in low-inflation environments , pp 355-367

Jan Kakes and Cees Ullersma

Monetary policy in real time: the role of simple rules , pp 368-382

Kjetil Olsen, Jan Fredrik and Oistain Roisland

A financial conditions index for Switzerland , pp 398-413

Caesar P Lack

The informational content of empirical measures of real interst rate and output gaps for the United Kingdom , pp 414-442

Jens Larsen and Jack McKeown

Distinguishing trends from cycles in productivity , pp 443-462

James Kahn and Robert Rich

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