Programma

La gestione operativa della politica monetaria nel XXI secolo

·Borio, Claudio (1997), “The Implementation of Monetary Policy in Industrial Countries: A Survey,” BIS Economic Papers No. 47.

·Cecchetti, Stephen (2007), “Come Interviene la FED. Domande e Risposte.” www.lavoce.info.

·Escriva, J.L and G.P. Fagan (1996), “Empirical Assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries,” EMI Staff Paper No. 2.

·Woodford, Michael (2001), “Monetary Policy in the Information Economy,” Columbia University.

·Woodford, Michael (2002),“Financial Market Efficiency and the Effectiveness of Monetary Policy,” Columbia University.

Operazioni di Politica Monetaria Straordinarie

·Bernanke, Ben (2009), “The Federal Reserve’s Balance Sheet,” Board of Governors of the Federal Reserve System.

· Borio, Claudio e William Nelson (2008), “Monetary Operations and the Financial Turmoil,” BIS Quarterly Review.

·Mishkin, Frederic S. (2008), “The Federal Reserve’s Tools for Responding to Financial Disruptions,” Board of Governors of the Federal Reserve System.

Struttura a Termine dei Tassi di Interesse

·Appunti del corso.

·Campbell, John (2001), “Some Lessons from the Yield Curve,” Journal of Economic Perspectives, Vol. 9, Number 3, pages 129-152.

·Greenspan, Alan (2005), “Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate” February 16, 2005.

·Bernanke, Ben (2005), “The Global Saving Glut and the U.S. Current Account Deficit,” remarks at the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia.

Il meccanismo di trasmissione della politica monetaria in economia chiusa

Evidenza Empirica

·BCE (2002) “Recenti risultati sulla trasmissione della politica monetaria nell’area dell’Euro,” Bollettino mensile, ottobre, p. 43-53 .

·Bernanke B. e Gertler M. (1995) “Inside the black box: the credit channel of monetary policy transmission,” Journal of Economic Perspectives, 9, 4, p. 27-48.

·Taylor J.B. (1995) “The monetary transmission mechanism: an empirical framework,” Journal of Economic Perspectives, 9, 4, p. 11-26.

Effetti di sostituzione intertemporale: un modello neo-keynesiano.

·Appunti del corso.

·Benigno Pierpaolo (2008), “New-Keynesian Economics: An AS-AD Viewr,” NBER Working Paper No. 14824

·Goodfriend Marvin (2004), “Monetary Policy in the New Neoclassical Synthesis: A Primer,” Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 90 No. 3.

·King, Robert (2000), “The New IS-LM Model: Language, Logic and Limit,” Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 86 No. 3.

Il canale creditizio: il meccanismo dell’acceleratore finanziario

·Appunti del corso.

·Bernanke B. e Gertler M. (1995) “Inside the black box: the credit channel of monetary policy transmission,” Journal of Economic Perspectives, 9, 4, p. 27-48.

·Mishkin, Frederic (2007), “The Role of House Prices in Formulating Monetary Policy,” remarks at the Forecaster Club of New York.

·Mishkin, Frederic (2008), “Monetary Policy Flexibility, Risk Management and Financial Disruptions,” Federal Reserve Board of Governors.

·Mishkin, Frederic (2008), “Financial Instability and Monetary Policy,” Federal Reserve Board of Governors.

Il ruolo delle aspettative

·Appunti del corso.

·Eggertsson Gauti (2009), “Great Expectations and the End of the Depression,” American Economic Review

·Krugman, Paul (1998), “Japan’s trap” mimeo.

La trappola della liquiditá

·Appunti del corso.

·Krugman, Paul (1998), “Japan’s trap” mimeo.

·Eggertsson Gauti (2009), “What fiscal policy is effective at zero interest rates?” unpublished manuscript.

Il meccanismo di trasmissione della politica monetaria in economia aperta

Il tasso di cambio

·Appunti del corso.

Paritá aperta e scoperta

·Appunti del corso.

Legge del prezzo unico e PPP

·Appunti del corso.

Strategie di prezzo e di mercato

·Appunti del corso.

Strategie e obiettivi della Banca Centrale

L’obiettivo della stabilita’ dei prezzi

·Appunti del corso.

·BCE, (1999), “The Stability-Oriented Monetary Policy Strategy of the Eurosystem,” ECB Monthly Bullettin, January

·Broaddus, Alfred and Marvin Goodfrieng (2004), “Sustaining Price Stability,” Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 90 No. 3.

·King, Mervyn (1999), “Challenges for Monetary Policy: New and Old” Federal Reserve Bank of Kansan City conference proceedings.

·Woodford, Michael (1999), “Commentary: How Should Monetary Policy Be Conducted in an Era of Price Stability?” in: Federal Reserve Bank of Kansas City, New Challenges for Monetary Policy, 1999.

Strategie di politica monetaria: la Fed

·Appunti del corso.

·Bernanke, Ben (2004), “The Logic of Monetary Policy,” remarks before the National Economics Club.

·Blinder Alan and Ricardo Reis (2005), “Understanding the Greenspan Standard” in The Greenspan Era: Lessons for the Future, Jackson Hole: Federal Reserve Bank of Kansas City.

·Mankiw, Greg (2005), “A Letter to Ben Bernanke,” mimeo.

·Mishkin, Frederic (2008), “Does Stabilizing Inflation Contribute to Stabilizing Economic Activity,” Federal Reserve Board of Governors.

·Woodford Michael (2005), “Central-Bank Communication and Policy Effectiveness,” in The Greenspan Era: Lessons for the Future, Jackson Hole: Federal Reserve Bank of Kansas City.

Strategie di politica monetaria: la BCE

·BCE, (1999), “The Stability-Oriented Monetary Policy Strategy of the Eurosystem,” ECB Monthly Bullettin, January

·BCE, (2004), “The Monetary Policy of the ECB.”

·BCE, (2000), “The Two-Pillars of the ECB’s Monetary Policy Strategy,” ECB Monthly Bullettin, November.

·Bean Charlie (2003), “Inflation Targeting: the UK experience,” Bank of England Quarterly Bulletin, Winter 2003.

·Fisher, B., Lenza, M., Phil H. and L. Reichlin (2006), “Money and Monetary Policy: The ECB Experience 1999-2006,” mimeo.

·Woodford, Michael (2006), “How Important is Money in the Conduct of Monetary Policy?” mimeo.

Inflation Targeting

·Appunti del corso.

·Giavazzi, Francesco and Frederic S. Mishkin (2006), “An Evaluation of Swedish Monetary Policy between 1995 and 2005,” report published by the Riksdag (Swedish parliament) Committee on Finance.

·Svensson Lars (2002), “”An Independent Review of Monetary Policy and Institutions in Norway,” mimeo.

·Svensson, Lars (2006), “Inflation Targeting,” in The New Palgrave Dictionary of Economics, 2nd edition, edited by Larry Blum and Steven Durlauf.

·Woodford, Michael (2003), “Inflation Targeting and Optimal Monetary Policy,” mimeo.

·Woodford, Michael (2006), “Inflation-Forecast Targeting: A Monetary Standard for the Twenty-First Century?”, mimeo.

Gli effetti della globalizzazione sulla politica monetaria

·Bean, Charlie (2006), “Globalisation and Inflation” Bank of England Quarterly Bulletin, 2006 Q4.

·Bernanke, Ben (2007), “Globalization and Monetary Policy,” remarks at the fourth Economic Summit, SIEPR, Stanford.

·Rogoff, Kenneth (2006), “Impact of Globalization on Monetary Policy,” Federal Reserve Bank of Kansas City conference proceedings.

Crisi dei Mutui, Crisi di Liquiditá e Finanziaria.

· Bernanke, Ben (1983), “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review, June 1983, Vol. 73 No. 3, pp 257-276.

· Bernanke, Ben (2007), “Housing, Housing Finance, and Monetary Policy,” Board of Governors of the Federal Reserve System.

· Bernanke, Ben (2008), “Financial Markets, the Economic Outlook, and Monetary Policy,” Board of Governors of the Federal Reserve System.

· Brunnermeier, Markus (2008), “Deciphering the 2007-08 Liquidity and Credit Crunch,” Journal of Economic Perspective, forthcoming.

· Diamond, Douglas and Anil Kashyap (2008), “Diamond and Kashyap on the recent Financail Turmoil,” unpublished manuscript.

· Draghi, Mario, Giavazzi, Francesco and Robert Merton (2008), “Transparency, Risk Management and International Financial Fragility,” NBER Working Paper No. 9806.

·Mishkin, Frederic (2007), “The Role of House Prices in Formulating Monetary Policy,” remarks at the Forecaster Club of New York.

·Mishkin, Frederic (2008), “Monetary Policy Flexibility, Risk Management and Financial Disruptions,” Federal Reserve Board of Governors.

·Mishkin, Frederic (2008), “Financial Instability and Monetary Policy,” Federal Reserve Board of Governors.

· Spaventa, Luigi (2008), “Avoiding Disordering Deleveraging,” CEPR Policy Insight No. 22.