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QUIZ: Can you name the Money and Banking References (Weeks 5-8)?

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Topics of readingsAuthor and year
5 types of transparency, problems of transparency, potential benefits and relative use of different methods by central banks. Should loss function be transparent? Forecasting, info
Communication by the central bank and the reasons why it is necessary. Potentially reduced policy effectiveness and welfare. Communication methods
Less noisy central bank signals than private sector, improvement in forecasting since more 'open' Fed
Anecdotal evidence about policy projections and criticism of the study below. MPC meeting minutes
Welfare suffers with poor quality policy projections
Seminal paper on transparency and credibility benefits
Benefits of central bank secrecy
'Inflation nutters' quotation
Potential problems of excessive transparency
Time consistency definition, higher inflation MB>MC, reasoning behind preferences for higher output. Criticism of different solution proposals.
Time inconsistency problem (seminal paper)
Credibility problem (original paper)
Conservative central banker solution (preferences)
Central bank incentives (contracts)
Independence - average inflation regressions
Criticism of above study by including inflation aversion of financial sectors
Reputation model for central banks
Misunderstanding of the 'credibility problem': same preferences as society. Solutions criticism. Is inflation bias really a problem?
Support for independence from political influence, but need to be accountable
Improvement to conservative central banker with government override option
Topics of readingsAuthor and year
Definitions of policy goals, targets and instruments. Criticism of model below. History of Fed operating procedures
Optimal monetary policy instrument/target choice model
Target choice can affect variables' average levels
Threat of zero bound and deflation spiral, alternatives to stimulate the economy
ECB's monetary pillar, is money necessary in a model of inflation? The pitfalls of relying on money as an indicator
Out-of-sample forecast performance study, NKM with and without money
Bank of England assessment of which assets should be included as 'money', difference to M4 measure
Scaling up M2 to include the shadow banking system could have helped prevent the crisis
Adjusting US dollar for international holdings helps improve its predictive content for inflation
What the financial crisis has taught economists about stabilisation policy, and the Great Moderation, and implications for policy design (particularly instruments and targets)
The UK experience of the Great Moderation and financial crisis, and implications for future Bank of England policy
Real effects of money shock due to confusion about whether shock is relative or aggregate. Prediction that real effect of AD shock is smaller in an economy where demand shock varia
Test of the latter model prediction
Wage setting rigidity model, creates price but not inflation inertia
Firm price adjustment according to a Poisson process
Inflation persistence achieved in a model by basing real wage contracts on real wages of previous and next periods
Criticism for the above model, unrealistic assumptions about wage contracts
Sticky information about inflation target results in inflation inertia and costly disinflations
Disinflation booms under Taylor model, setting paths for prices is unrealistic
Hybrid Phillips Curve with 50% adaptive expectations, and evidence that survey inflation expectations respond to actual inflation

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