Monetary policy in open economies
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These are extraordinary times for monetary policy. Quantitative easing is unprecedented in scale and duration, and interest rates have dipped to historical lows. Prudential frameworks are also being amended and the long-run impact of these policies is uncertain. On 16-17 December 2013, the Reserve Bank of New Zealand will host a conference on monetary policy in open economies. This conference aims to bring together recent work examining the transmission of monetary and macro-prudential policies and their effectiveness in open economies. We invite submission of both theoretical and empirical papers. Questions of interest may include the following:
- How does quantitative easing in large economies affect macro outcomes in small open economies?
- How should policy-makers determine whether exchange rates are inappropriately under- or overvalued?
- How should policy-makers respond to shocks to global financial markets?
- What is the appropriate policy response to commodity price shocks?
- Should inflation-stabilisation remain a prime objective of central banks? Should central banks respond to exchange rate fluctuations?
- How does the policy mix – monetary, macro-prudential and fiscal– affect the exchange rate and the current account?
Submissions: Please submit papers to conference2013@rbnz.govt.nz by 1 August 2013. Acceptances will be communicated by 30 August 2013.
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