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BL
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| Record Number
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860507
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| Main Entry
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Heise, Michael
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| Title & Author
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Inflation targeting and financial stability : : monetary policy challenges for the future /\ Michael Heise.
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| Publication Statement
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Cham, Switzerland :: Springer,, [2019]
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, ©2019
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| Page. NO
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1 online resource
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| ISBN
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3030050785
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: 3030050793
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: 9783030050788
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: 9783030050795
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3030050777
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9783030050771
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| Bibliographies/Indexes
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Includes bibliographical references.
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| Contents
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Intro; Foreword; Preface; Contents; List of Abbreviations; List of Figures; 1: Introduction; Reference; 2: Some Reflections on the Secular Decline in Interest Rates; 2.1 Fundamental Factors; 2.2 The Impact of Monetary Policy; References; 3: Uncertainties About the Monetary Transmission Mechanism; 3.1 The Credit Channel in Times of Deleveraging; 3.2 The Risks Involved in the Asset Price Channel; 3.3 The Impact of Monetary Policy and the Phillips Curve Debate; References; 4: Side Effects of Monetary Accommodation; 4.1 The Impact on Financial Wealth and Retirement Assets
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4.2 The Impact on Inequality4.3 Target II Imbalances; 4.4 The Risk of Serial Financial Bubbles; 4.5 The Relentless Rise of Debt; References; 5: Towards a Monetary Policy Fit for the Future; 5.1 Recalibrating Inflation Targets; 5.2 Accounting for Trade-Offs with Financial Stability; 5.3 The Role of More Discretionary Elements; 5.4 The Risks of QE as the New Normal; References; 6: Conclusions; References; Appendix: Op-Ed List; Project Syndicate; The Debt Shackles Return; Financial Times; Fed's failure to tighten financial conditions a cause for concern; Financial Times
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Bond markets need to wake up to global upswingProject Syndicate; Rewriting the Monetary-Policy Script; Financial Times; Monetary policy lacks the muscle to boost growth; Wall Street Journal; Hitting the Limits of Monetary Policy; Even ECB President Mario Draghi admits he's running out of options.; Financial Times: Markets Insight; Don't forget the upside of 'lower for longer' oil; It's time to remember the fundamentals-low oil prices will boost the global economy
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| Abstract
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Since the financial crisis of 2008/09, the world's major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.
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| Subject
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Inflation targeting.
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International finance.
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Monetary policy.
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BUSINESS ECONOMICS-- Finance.
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| Subject
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Inflation targeting.
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International finance.
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| Subject
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Monetary policy.
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| Dewey Classification
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332.46
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| LC Classification
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HG230.3
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