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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
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Chapters in this book:

A tale of two perspectives: old or new challenges for monetary policy? , pp 1-59 Downloads
Claudio Borio, William English and Andrew Filardo
Searching for the natural rate of interest: a euro area perspective , pp 60-80 Downloads
Jesus Crespo-Cuaremsa, Ernest Gnan and Doris Ritzberger-Gruenwald
Inflation, relative prices and nominal rigidities , pp 81-105 Downloads
Luc Aucremanne, Guy Brys, Peter Rousseeuw, Anja Struyf and Mia Hubert
Inflation targeting in Brazil: lessons and challenges , pp 106-133 Downloads
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 Downloads
Robert Amano and Scott Hendry
Assessing future inflation in inflation targeting: forecasts or simulations? , pp 147-157 Downloads
Michal Skořepa and Viktor Kottlan
The role of money in monetary policymaking , pp 158-191 Downloads
Klaus Masuch, Sergio Nicoletti-Altimari, Massimo Rostagno and Huw Pill
The role of financial factors in the transmission of monetary policy , pp 192-212 Downloads
Laurent Clerk and Christian Pfister
The challenges of the "new economy" for monetary policy , pp 213-233 Downloads
Gilbert Cette and Christian Pfister
Real long-term interest rates and monetary policy: a cross-country perspective , pp 234-257 Downloads
Christian Upper and Andreas Worms
Monetary policy with unobservedpotential output , pp 258-275 Downloads
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 Downloads
Takeshi Kimura, Hiroshi Kobayashi, Jun Muranaga and Hiroshi Ugai
Asset price movements and monetary policy in South Korea , pp 313-337 Downloads
Ho Yeol Lim
Fear of floating or fear of inflation? The role of the exchange rate pass-through , pp 338-354 Downloads
Armando Baqueiro, Alejandro Diaz de Leon and Alberto Torres
Financial stability in low-inflation environments , pp 355-367 Downloads
Jan Kakes and Cees Ullersma
Monetary policy in real time: the role of simple rules , pp 368-382 Downloads
Kjetil Olsen, Jan Fredrik and Oistain Roisland
A financial conditions index for Switzerland , pp 398-413 Downloads
Caesar P Lack
The informational content of empirical measures of real interst rate and output gaps for the United Kingdom , pp 414-442 Downloads
Jens Larsen and Jack McKeown
Distinguishing trends from cycles in productivity , pp 443-462 Downloads
James Kahn and Robert Rich

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