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(391)
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Show Results For
- All HBS Web
(391)
- News (48)
- Research (291)
- Multimedia (1)
- Faculty Publications (147)
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- December 2020
- Article
Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
By: Wenxin Du, Carolin Pflueger and Jesse Schreger
We document that governments whose local currency debt provides them with greater hedging benefits actually borrow more in foreign currency. We introduce two features into a government's debt portfolio choice problem to explain this finding: risk-averse lenders and... View Details
Du, Wenxin, Carolin Pflueger, and Jesse Schreger. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy." Journal of Finance 75, no. 6 (December 2020): 3097–3138.
- 2009
- Article
Monetary Policy in a Low-Interest-Rate Environment: A Checklist
By: Huw Pill
Pill, Huw. "Monetary Policy in a Low-Interest-Rate Environment: A Checklist." NBER International Seminar on Macroeconomics 6 (2009): 335–345.
- June 2000
- Article
What Do A Million Observations on Banks Say About the Transmission of Monetary Policy?
Kashyap, Anil, and Jeremy Stein. "What Do A Million Observations on Banks Say About the Transmission of Monetary Policy?" American Economic Review 90, no. 3 (June 2000).
- 2013
- Chapter
Monetary Policy Frameworks after the Great Financial Crisis
By: Huw Pill and Frank Smets
Pill, Huw, and Frank Smets. "Monetary Policy Frameworks after the Great Financial Crisis." Chap. 1 in The Great Recession: Lessons for Central Bankers, edited by J. Braude, Z. Eckstein, S. Fischer, and K. Flug, 21–50. Cambridge, MA: MIT Press, 2013.
- 2017
- Chapter
Non-Standard Monetary Policy and Financial Stability: Developing an Appropriate Macrofinancial Policy Mix
By: Huw Pill and Lucrezia Reichlin
Pill, Huw, and Lucrezia Reichlin. "Non-Standard Monetary Policy and Financial Stability: Developing an Appropriate Macrofinancial Policy Mix." Chap. 1 in Preparing for the Next Financial Crisis: Policies, Tools and Models, edited by Esa Jokivuolle and Radu Tunaru, 8–25. Cambridge University Press, 2017.
- 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
Bosshardt, Joshua, Marco Di Maggio, Ali Kakhbod, and Amir Kermani. "The Credit Supply Channel of Monetary Policy Tightening and Its Distributional Impacts." NBER Working Paper Series, No. 31464, July 2023. (Revised November 2023.)
- March – April 1993
- Comment
Commentary on 'Monetary Aggregates, Monetary Policy and Economic Activity'
By: Julio J. Rotemberg
Rotemberg, Julio J. "Commentary on 'Monetary Aggregates, Monetary Policy and Economic Activity'." Dimensions of Monetary Policy: Essays in Honor of Anatol B. Balbach Federal Reserve Bank of St. Louis Review 75, no. 2 (March–April 1993): 36–41.
- 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
- Article
An Optimization-based Econometric Framework for the Evaluation of Monetary Policy
By: Julio J. Rotemberg and Michael Woodford
Rotemberg, Julio J., and Michael Woodford. "An Optimization-based Econometric Framework for the Evaluation of Monetary Policy." NBER Macroeconomics Annual 12 (1997): 297–344.
- October 2005
- Teaching Note
Exchange Rate Policy at the Monetary Authority of Singapore (TN)
By: Mihir A. Desai and Kathleen Luchs
- 2011
- Chapter
Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Area
By: Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin
Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Area." Chap. 8 in Macroprudential Regulatory Policies: The New Road to Financial Stability? Vol. 17, by S. Claessens, D. Evanoff, G. Kaufman, and L.E. Kodres, 103–120. World Scientific Studies in International Economics. London: World Scientific, 2011.
- March 1993
- Article
Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance
Kashyap, Anil, Jeremy Stein, and David Wolcox. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance." American Economic Review 83, no. 1 (March 1993): 78–98.
- 2024
- Working Paper
Fiscal Policy under Convex Supply Curves
By: Shlok Goyal, Avi Lipton and Borui Niklas Zhu
Recent empirical evidence suggests that supply curves are convex. Supply curve convexity is at odds with conventional Phillips curves, which rely on an infinitely elastic underlying supply curve. This paper explores the effect of supply curve convexity on the... View Details
Keywords: Fiscal Stimulus; Fiscal Policy; Inflation; Inflation and Deflation; Macroeconomics; Policy; Mathematical Methods; United States
Goyal, Shlok, Avi Lipton, and Borui Niklas Zhu. "Fiscal Policy under Convex Supply Curves." Working Paper, August 2024.
- January 1996
- Article
Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply
Kashyap, Anil, Jeremy Stein, and David Wilcox. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply." American Economic Review 86, no. 1 (January 1996): 310–314.
- Article
The Unintended Consequences of the Zero Lower Bound Policy
By: Marco Di Maggio and Marcin Kacperczyk
We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds change their product offerings by investing in riskier... View Details
Keywords: Quantitative Easing; Money Market Funds; Reaching For Yield; Risk Taking; Fund Exit; Unconventional Monetary Policy; Investment Funds; Interest Rates
Di Maggio, Marco, and Marcin Kacperczyk. "The Unintended Consequences of the Zero Lower Bound Policy." Journal of Financial Economics 123, no. 1 (January 2017): 59–80.
- January 1997 (Revised February 2002)
- Case
Fighting the Last War (B): A New Monetary Policy Framework for Britain 1992-96
By: Huw Pill
Pill, Huw. "Fighting the Last War (B): A New Monetary Policy Framework for Britain 1992-96." Harvard Business School Case 797-049, January 1997. (Revised February 2002.)
- 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
Abdelal, Rawi, David Moss, and Eugene Kintgen. "The International Monetary Fund in Crisis." Harvard Business School Case 708-035, February 2008. (Revised November 2011.)
- 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
Gaspar, Vitor, Klaus Masuch, and Huw Pill. "The ECB's Monetary Policy Strategy: Meeting the Challenges of the Early Years of EMU." Chap. 3 in EMU and Economic Policy in Europe: The Challenge of the Early Years, by Marco Butti and Andre Sapir, 73–102. Edward Elgar Publishing, 2002.
- June 1998
- Article
The Politics of Monetary Leadership and Followership: Stability in the European Monetary System Since the Currency Crisis of 1992
By: Rawi Abdelal
Despite widespread scepticism, there is a fundamental continuity in the stability of the European Monetary System (EMS) before and after the 1992 crisis. Although speculative pressures provoked European leaders to widen the fluctuation bands of the Exchange Rate... View Details
Abdelal, Rawi. "The Politics of Monetary Leadership and Followership: Stability in the European Monetary System Since the Currency Crisis of 1992." Political Studies 46, no. 2 (June 1998): 236–259. (Winner of Harrison Prize Awarded each year for the best article published by Political Studies in that volume.)
- May 2005
- Article
Customer Anger at Price Increases, Changes in the Frequency of Price Adjustment and Monetary Policy
By: Julio J. Rotemberg
Rotemberg, Julio J. "Customer Anger at Price Increases, Changes in the Frequency of Price Adjustment and Monetary Policy." Journal of Monetary Economics 52, no. 4 (May 2005): 829–852.