Publications

2013
Chapter

Monetary Policy Frameworks after the Great Financial Crisis

By: Huw Pill and Frank Smets

2023
Working Paper

The Credit Supply Channel of Monetary Policy Tightening and Its Distributional Impacts

By: Joshua Bosshardt, Marco Di Maggio, Ali Kakhbod and Amir Kermani

This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically restrictions on... View Details

Keywords: Policy; Borrowing and Debt; Credit; Mortgages; Macroeconomics

March – April 1993
Comment

Commentary on 'Monetary Aggregates, Monetary Policy and Economic Activity'

By: Julio J. Rotemberg

Keywords: Money; Policy; Economics

January 2008 (Revised March 2009)
Teaching Note

Kinyuseisaku: Monetary Policy in Japan (TN) (A) & (B)

By: Laura Alfaro and Renee Kim

Teaching Note for [708017]. View Details

Keywords: Money; Policy; Japan

2009
Article

Monetary Policy in a Low-Interest-Rate Environment: A Checklist

By: Huw Pill

We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effect of concentration and rule out alternative explanations in two ways.... View Details

Article

An Optimization-based Econometric Framework for the Evaluation of Monetary Policy

By: Julio J. Rotemberg and Michael Woodford

Keywords: Framework; Mathematical Methods; Money; Policy

fall 1995
Article

The Role of Banks in the Transmission of Monetary Policy

Keywords: Finance; Money; Policy

2014
Chapter

Virtual Unconventional Policies: The Euro Area Recovery and the Role of ECB Policy

By: Huw Pill

2011
Chapter

Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Area

By: Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin

October 2005
Teaching Note

Exchange Rate Policy at the Monetary Authority of Singapore (TN)

By: Mihir A. Desai and Kathleen Luchs

Keywords: Currency Exchange Rate; Singapore

March 1993
Article

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance

Keywords: Money; Policy; Finance

January 1996
Article

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply

Keywords: Money; Policy; Financing and Loans; Finance; Information

15 May 2019
Research Event

The Unconventional Capitalism That Shapes Business History

Lalocracio In thinking about the current contested state of global capitalism, and what to do about it, much can be learned from the debates I heard at the recent Harvard Business School conference, Seeking the Unconventional in Forging Histories of Capitalism, which... View Details

Keywords: by Geoffrey G. Jones; Education

2002
Chapter

The ECB's Monetary Policy Strategy: Meeting the Challenges of the Early Years of EMU

By: Vitor Gaspar, Klaus Masuch and Huw Pill

February 2008 (Revised November 2011)
Case

The International Monetary Fund in Crisis

By: Rawi Abdelal, David Moss and Eugene Kintgen

When Dominique Strauss-Kahn became the Managing Director of the International Monetary Fund in late 2007, he faced a number of significant changes. The organization had lost much of its legitimacy over the previous decade, and countries seemed increasingly reluctant to... View Details

Keywords: History; Globalized Economies and Regions; Problems and Challenges; Developing Countries and Economies; Borrowing and Debt; Government and Politics; Financial Institutions; Business Strategy; Macroeconomics; Financial Services Industry

Educators

January 1997 (Revised February 2002)
Case

Fighting the Last War (B): A New Monetary Policy Framework for Britain 1992-96

By: Huw Pill