About: Monetary Policy in a Small Economy after Tsunami: A New Consensus on the Horizon?

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	The last financial crisis significantly changed views concerning the relationship between monetary policy, asset prices and financial stability. We survey the pre-crisis opinions on the appropriate monetary policy reactions to financial market developments and delineate the new consensus which is currently emerging from the lessons taken. The new consensus is an amended model of flexible inflation targeting in which the central bank “should sometimes lean and can clean”. We try to add the small open economy context to the debate and demonstrate that the optimal reactions of monetary policy-makers in small open economies may differ and that sometimes the optimal solution may not even be available due to the policies of the key world central banks acting as price makers. In such instances, second-best policies have to be considered. The last financial crisis significantly changed views concerning the relationship between monetary policy, asset prices and financial stability. We survey the pre-crisis opinions on the appropriate monetary policy reactions to financial market developments and delineate the new consensus which is currently emerging from the lessons taken. The new consensus is an amended model of flexible inflation targeting in which the central bank “should sometimes lean and can clean”. We try to add the small open economy context to the debate and demonstrate that the optimal reactions of monetary policy-makers in small open economies may differ and that sometimes the optimal solution may not even be available due to the policies of the key world central banks acting as price makers. In such instances, second-best policies have to be considered. (en)
Title	Monetary Policy in a Small Economy after Tsunami: A New Consensus on the Horizon? Monetary Policy in a Small Economy after Tsunami: A New Consensus on the Horizon? (en)
skos:prefLabel	Monetary Policy in a Small Economy after Tsunami: A New Consensus on the Horizon? Monetary Policy in a Small Economy after Tsunami: A New Consensus on the Horizon? (en)
skos:notation	RIV/61989100:27510/11:86081059!RIV12-GA0-27510___
http://linked.open...avai/riv/aktivita	P
http://linked.open...avai/riv/aktivity	P(GAP403/11/2073)
http://linked.open...iv/cisloPeriodika	1
http://linked.open...vai/riv/dodaniDat	2012
http://linked.open...aciTvurceVysledku	Frait, Jan Komárek, Luboš Komárková, Zlatuše
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Vysoká škola báňská - Technická univerzita Ostrava / Ekonomická fakulta
http://linked.open...dnocenehoVysledku	213544
http://linked.open...ai/riv/idVysledku	RIV/61989100:27510/11:86081059
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	monetary policy, financial stability, asset markets, macroprudential policy (en)
http://linked.open.../riv/klicoveSlovo	monetary policy macroprudential policy asset markets financial stability
http://linked.open...odStatuVydavatele	CZ - Česká republika
http://linked.open...ontrolniKodProRIV	[83B86BAB2F3B]
http://linked.open...i/riv/nazevZdroje	Finance a úvěr - Czech Journal of Economics and Finance
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	3 (xsd:int)
http://linked.open...cetTvurcuVysledku	3 (xsd:int)
http://linked.open...vavai/riv/projekt	Procyclicality of financial markets, asset price bubbles and macroprudential regulation
http://linked.open...UplatneniVysledku	2011
http://linked.open...v/svazekPeriodika	61
http://linked.open...iv/tvurceVysledku	Frait, Jan Komárek, Luboš Komárková, Zlatuše
http://linked.open...ain/vavai/riv/wos	000289915600002
issn	0015-1920
number of pages	29 (xsd:int)
http://localhost/t...ganizacniJednotka	27510

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