Política Monetária e Financeira, Ano Lectivo 2010-11


Índice

  1. Observações Gerais

  2. A. Programa da disciplina

  3. B. Bibliografia

  4. C. Ligações úteis

  5. D. Elementos de apoio

  6. E. Textos para apresentações

Observações Gerais

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A. Programa da disciplina

1. Moeda e crédito. 2. Política monetária: a. Instrumentos e mecanismos de transmissão; b. Os objectivos da política monetária; c. “Regras e discricionaridade”; d. O estatuto do banco central; e. Estratégias de política monetária. 3. Política orçamental: a. O orçamento do Estado; b. Saldos e Indicadores; c. Política de estabilização. 4. Relação entre política monetária e política orçamental; a. A restrição orçamental do governo; b. Coordenação/subordinação; c. O Pacto de Estabilidade e Crescimento e o Banco Central Europeu. 5. Outros tópicos de política monetária e financeira.

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B. Bibliografia

BOFINGER, Peter, Julian Reischle, Andrea Schachter [colabs.], Monetary policy: goals, institutions, strategies, and instruments, Oxford, Oxford University Press, 2001. [BP 336.74 BOF]

Complementar:

BANCO CENTRAL EUROPEU, The monetary policy of the ECB, 2004 ed., Frankfurt, Banco Central Europeu, 2004.
• BANCO CENTRAL EUROPEU, The implementation of monetary policy in the euro area: General Documentation on Eurosystem monetary policy instruments and procedures, Frankfurt, Banco Central Europeu, 2011.
• BORDES, Christian , La Politique Monétaire, Coll. Repères, éd. La Découverte, 2007.
CHAÎNEAU, André, Mécanismes et politique monétaires: économie du système bancaire français, 11e éd., Paris, PUF, 1996. [BP 336.71 CHA]
• CHAÎNEAU, André,
O que é a moeda?, Coimbra, Livraria Minerva Editora, 2000. [BP 336.74 CHA]

QUELHAS, José Manuel, Sobre as crises financeiras, o risco sistémico e a incerteza sistemática, Tese de Doutoramento na FDUC, 2010 [capítulos sobre regulação e risco sistémico]

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C. Ligações úteis

Páginas de Bancos Centrais e Outras

• Página do Banco de Portugal
• Página de Política Monetária do Banco Central Europeu
• Página de Política Monetária do Banco de Inglaterra
• Página de Política Monetária do Federal Reserve Board
• Página de Política Monetária do Federal Reserve Bank of Minneapolis
• Página de Política Monetária do Banco do Japão
• Página de Política Monetária do Banco da Suécia
• Página de Política Monetária do Banco da República Popular da China
Taxas directoras de bancos centrais
Comparative Empirical Macroeconomics

Biblioteca:

D. Elementos de Apoio

E. Textos

Os trabalhos feitos pelos estudantes devem ser divididos em 6 secções que apresentarão os seguinte conteúdos:

  1. Qual a tese (ou quais as teses) do documento a estudar?

  2. Qual o interesse de tal tese (tais teses)?

  3. Quais as hipóteses usadas no documento para desenvolvimento das ideias?

  4. Que metodologias foram aplicadas pelo autor?

  5. A que resultados chega o autor?

  6. Comentário crítico ao estudo analisado.


Lista de Trabalhos:



1

Alan Auerbach and William Gale, Activist Fiscal Policy to Stabilize Economic Activity , in Financial Stability & Macroeconomic Policy, FRB of Kansas City, Symposium, 2009.

2

Alan S. Blinder, Quantitative Easing: Entrance and Exit Strategies, FRBRQR, November/December, 92, 6, 2010

3

Alessandro Calza and João Sousa, Why Has Broad Money Demand More Stable in the Euor Area than in Other Economies? A Literature Review, ECB, WP 261, September, 2003

4

Alexander L. Wolman, Zero Inflation and the Friedman Rule: A Welfare Comparison, Federal Reserve Bank of Richmond Economic Quarterly Volume 83/4 Fall 1997

5

Andreas Beyer, A Stable Model for Euro Area Money Demand, Revisiting the Role of Wealth, ECB, WP 1111, November, 2009

6

Andreas Schabert and Christian Stoltenberg, Macroeconomic Stability Revisited, WP 458, ECB, March, 2005

7

Andreas Schabert, Money Supply and the Implementation of Interest Rate Targets, ECB, WP 483, May 2005

8

Andrew Hauser and Andrew Brigden, Money and credit in an inflation-targeting regime, Bank of England Quarterly Bulletin: Autumn 2002

9

Anna J. Schwartz, Monetary Policy out of Recession , Shadow Open Market Committee, 2010

10

Anna J. Schwartz, Origins of the financial market crisis of 2008, Chapter 3, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

11

Anna J. Schwartz, The Role of Monetary Policy in the Face of Crises , Cato Journal, Vol. 27, No. 2 (Spring/Summer 2007)

12

Annick Bruggeman, Paola Donati and Anders Warne, Is the Demand for Euro Area M3 Stable?, ECB, WP 255, September, 2003

13

Bennett T. McCallum and Edward Nelson, Money and Inflation: Some Critical Issues, Prepared for the Elsevier/North-Holland Handbook of Monetary Economics, Volume 3, edited by Benjamin M. Friedman and Michael Woodford, 2010-57

14

Bennett T. McCallum and Marvin S. Goodfriend, Money: Theoretical Analysis of the Demand for Money, NBER, Working Paper No. 2157, February 1987

15

By James Benford, Stuart Berry, Kalin Nikolov, Chris Young and Mark Robson, Quantitative easing, Bank of England Quarterly Bulletin 2009 Q2

16

By Kathryn Grant, Gertjan Vlieghe and Andrew Brigden, Assessing the stability of narrow money demand in the United Kingdom, Bank of England Quarterly Bulletin: Summer 2004

17

By Sean Collins, Clive Thorp and Bruce White, Defining money and credit aggregates: theory meets practice, Reserve Bank of N. Zealand Bulletin, Vol. 62 No. 2 1999

18

C. Brand, H.-E. Reimers and F. Seitz, Forecasting Real GDP: What Role for Narrow Money?, ECB, WP 254, Septemebr 2003

19

Carl Walsh, Using Monetary Policy to Stabilize Economic Activity , in Financial Stability & Macroeconomic Policy, FRB od Kansas City, Symposium, 2009.

20

Carmen M. Reinhart and Vincent R. Reinhart, After the Fall, in Macroeconomic Challenges, The Decade Ahead, FRB of Kansas City, 2010 (veja a discussão)

21

Charles A. E Goodhart, Liquidity Management, in Financial Stability & Macroeconomic Policy, FRB od Kansas City, Symposium, 2009.

22

Charles A. E. Goodhart, The constitutional position of the central bank, (Chapter 4 of Money, Inflation and the Constitutional Position of the Central Bank, The Institute of Economic Affairs, 2002)

23

Charles Bean, Matthias Paustian, Adrian Penalver and Tim Taylor, Monetary Policy after the Fall, in Macroeconomic Challenges, The Decade Ahead, FRB of Kansas City, 2010 (veja a discussão)

24

Charles Goodhart, The Case for Free Banking, in Charles Goodhart, The Evolution of Central Banks, Chapter 2 (13/28), The MIT Press, Camb. Ma,1988 (Bib FEUC 336.71 GOO)

25

Charles Goodhart, Whatever became of the Monetary Aggregates? As adapted from the Peston Lecture in honour of Maurice, Lord Peston, delivered at Queen Mary College, London, on February 28, 2007

26

Charles Goodhart, Why Banks Need a Central Bank, in Charles Goodhart, The Evolution of Central Banks, Chapter 4 (85/102), The MIT Press, Camb. Ma,1988 (Bib FEUC 336.71 GOO)

27

Christopher A. Sims, Fiscal/Monetary Coordination in a Time of Crisis, December 17, 2008

28

Christopher J. Erceg and Jesper Lindé, Is There a Fiscal Free Lunch in a Liquidity Trap?, International Finance Discussion Papers, Board of Governors of the Federal Reserve System, July 2010, 1003

29

D. R. Myddelton, Accounting aspects of the financial crisis, Chapter 8, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

30

Dallas S. Batten and Daniel L. Thornton, Are Weighted Monetary Aggregates Better Than Simple-Sum Ml? FRBSL, June-July, 1985

31

Daniel L. Thornton and Piyu Vise, An Extended Series of Divisia Monetary Aggregates , Reserve Bank of St Louis Review, Nov-Dec, 1992

32

Daniel Thornton, Simple Analytics of the Money Supply Process and Monetary Control, FRBSLER, October 1982

33

David C. Wheelock, Lessons Learned? Comparing the Federal Reserve’s Responses to the Crises of 1929-1933 and 2007-2009 , FRBSLR, March/April, 92, 2, 2010 (Data (xlsx))

34

David T. Llewellyn, T, Chapter 12, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

35

David T. Llewellyn, The global financial crisis: incentive structures and implications for regulation, Chapter 17, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

36

Devin Reilly and Pierre-Daniel G. Sarte, Changes in Monetary Policy and the Variation in Interest Rate Changes Across Credit Markets , FRBRQR, 96, 3, Second Quarter 2010

37

Don Patinkin, Friedman on the Quantity Theory and Keynesian Economics, The Journal of Political Economy, Vol. 80, No. 5. (Sep. - Oct., 1972), pp. 883-905.

38

Eamonn Butler, The financial crisis: blame governments, not bankers, Chapter 4, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

39

Edward Nelson, Friedman and Taylor on Monetary Policy Rules: A Comparison, FRBSLR, March-April, 2008

40

Eric Leeper, Risks and Challenges of Large Fiscal Deficits (pontos I-V), in Macroeconomic Challenges, The Decade Ahead, FRB of Kansas City, 2010 (veja a discussão)

41

Frauke Dobnik, Long-run Money Demand in OECD Countries Cross-Member Cointegration, Ruhr Economic Papers #237, January, 2011

42

Gary B. Gorton and Andrew Metrick, Securitized Banking and the Run on Repo , NBER Working Paper No. 15223, 2009

43

Gary B. Gorton, Information, Liquidity, and the (Ongoing) Panic of 2007 , NBER Working Paper No. 14649, 2009

44

Gary B. Gorton, Questions and Answers about the Financial Crisis , NBER Working Paper No. 15787, 2010

45

Gary B. Gorton, The Panic of 2007 , NBER Working Paper No. 14358, 2008

46

Gary B. Gorton, The Subprime Panic , NBER Working Paper No. 14398, 2008


Gary Gorton and Andrew Metrick, Haircuts , FRBRQR, November/December, 92, 6, 2010

47

Gary Gorton, Andrew Metrick, Regulating the Shadow Banking System, Papers on Economic Activity, 1, 2010

48

Geoffrey E. Wood, Introduction (Money, Inflation and the Constitutional Position of the Central Bank, The Institute of Economic Affairs, 2002), Chapter 1.

49

George A. Kahn, Beyond Inflation Targeting: Should Central Banks Target the Price Level? , 3rd Quarter 2009

50

George A. Kahn, Monetary Policy under a Corridor Operating Framework ,FRBKC, 4th Quarter, 2010

51

George A. Kahn, Taylor Rule Deviations and Financial Imbalances , FRBKC, 2nd Quarter, 2010

52

George Selgin and Lawrence H. White, The Future of Fiat Money: A Mengerian Perspective, Revised version of “Mengerian Perspectives on the Future of Money,” in Michael Latzer and Stefan Schmitz, eds., Carl Menger and the Evolution of Payments Systems: From Barter to Electronic Money (Cheltenham, UK: Edward Elgar, 2002), pp. 133-58.

53

Guenter W. Beck and Volker Wieland, Money in Monetary Policy Design – Monetary Cross-Checking in the New-Keynesian Model, ECB, WP 1191, May 2010

54

James Alexander, Regulatory arbitrage and over-regulation, Chapter 7, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

55

James Bullard, Seven Faces of "The Peril" , FRBRQR, September/October, 92, 5, 2010

56

James Bullard, Three Lessons for Monetary Policy from the Panic of 2008 , FRBRQR, May/June, 92, 3, 2010

57

James R. Lothian, Milton Friedman’s Monetary Economics and the Quantity-Theory Tradition, Fordham University, April 2009

58

James Stock and Mark Watson, Inflation Dynamics in the Decade Ahead, After the Fall, in Macroeconomic Challenges, The Decade Ahead, FRB of Kansas City, 2010 (veja a discussão)

59

James Tobin, Money and Income: Post Hoc Ergo Propter Hoc?, Quarterly journal of Economics, 1970

60

Jean-Charles Rochet, Why are There So Many Banking Crises? In Jean-Charles Rochet (ed.), Why are There So Many Banking Crises?, pp. 21-34, Princeton University Press, New Jersey, 2008 (Bib FEUC 339.7 ROC)

61

Jesús Fernández-Villaverde, Pablo Guerrón-Quintana, and Juan F. Rubio-Ramírez, Reading the Recent Monetary History of the United States, 1959-2007 , FRBRQR, July/August, 92, 4, 2010

62

John A. Tatom, Issues in Measuring An Adjusted Monetary Base, FRBSL, December 1980

63

John B. Taylor, Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis , FRBRQR, May/June, 92, 3, 2010

64

John Greenwood, The successes and failures of UK monetary policy, 200-08, (Chapter 2, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009)

65

John H. Rogers, Monetary Shocks and Real Exchange Rates, International Finance Discussion Papers, Board of Governors of the Federal Reserve System, 612, May 1998

66

Juan Carlos Hatchondo and Leonardo Martinez, The Politics of Sovereign Defaults , FRBRQR, 96, 3, Second Quarter 2010

67

Julide Yildirim, Currency Substitution and the Demand for Money in Five European Union Countries, Journal of Applied Economics, Vol. VI, No. 2 (Nov 2003), 361-383

68

K Alec Chrystal and Paul Mizen, Joint model for the UK household sector, Bank of England WP, 2001

69

Kai Carstensen, Is European Money Demand Still Stable?, Kiel Institute for World Economics, Kiel Working Paper No. 1179, Revised version, March 2004

70

Kevin Dowd, The failure of capital adequacy regulation, Chapter 6, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

71

Levon Barseghyan and Riccardo DiCecio, Institutional Causes of Output Volatility , FRBRQR, May/June, 92, 3, 2010

72

Livio Stracca, Does Liquidity Matter? Properties of a Synthetic Divisia Monetary Aggregate in the Euro Area, Working Paper No. 79 ECB, October 2001

73

Livio Stracca, The Functional Form of the Demand for Euro Area M1, ECB, WP 51, March, 2001

74

Marian Bell, http://www.bankofengland.co.uk/publications/speeches/2004/speech228.pdf, Society of Business Economists at the Chartered Institute of Public Finance and Accountancy, London, September

75

Markus K. Brunnermeier, Gary Gorton and Arvind Krishnamurthy, Risk Topography, (Very preliminary and incomplete), July 16, 2010

76

Michael Beenstock, Market foundations for the new financial architecture, Chapter 5, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

77

Michael Chui, Leading indicators of balance-of-payments crises: a partial review, Bank of England WP 171, 2002

78

Michelle 11. Garfinkel and Daniel L. Thornton, The Multiplier Approach to

79

Milton Friedman, The counter-revolution in monetary theory, (Chapter 3 of Money, Inflation and the Constitutional Position of the Central Bank, The Institute of Economic Affairs, 2002)

80

Milton Friedman, Unemployment versus inflation? An evaluation of the Phillips Curve, (Chapter 2 of Money, Inflation and the Constitutional Position of the Central Bank, The Institute of Economic Affairs, 2002)

81

Morgan Ricks, Shadow Banking and Financial Regulation, Columbia Law and Economics Working Paper No. 370, August 30, 2010

82

N. Gregory Mankiw, Questions about Fiscal Policy: Implications from the Financial Crisis of 2008-2009 , FRBRQR, May/June, 92, 3, 2010

83

Nada Mora, Can Banks Provide Liquidity in a Financial Crisis? FRBKC, 3rd Quarter, 2010

84

Philip Booth, More regulation, less regulation or better regulation?, Chapter 14, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009

85

Philip Booth, The causes of the crash of 2008, (Chapter 1, Verdict on the Crash: Causes and Policy Implications, The Institute of Economic Affairs, 2009)

86

Renee Courtois Haltom, Out from the Shadows, The Run on Shadow Banking and a Framework for Reform , FRB of Richmond, Region Focus, Third Quarter 2010

87

Ricardo Caballero and Pablo Kurlat, The "Surprising" Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal , in Financial Stability & Macroeconomic Policy, FRB of Kansas City, Symposium, 2009.

88

Ricardo Lagos, Asset Prices, Liquidity, and Monetary Policy in the Search Theory of Money, FRBRQR, July/August, 92, 4, 2010

89

Richard Anderson and Kenneth Kavajecz, A Historical Perspective on the Federal Reserve's Monetary Aggregates: Definition, Construction and Targeting, FRBSLER, March-April, 1994

90

Richard C. K. Burdekin, US Pressure on China’s Currency: Milton Friedman and the Silver Episode Revisited, Claremont McKenna College, WP November 2005

91

Richard G. Anderson , Charles S. Gascon, and Yang, LiuDoubling Your Monetary Base and Surviving: Some International Experience , November/December, 92, 6, 2010, Data (xlsx)

92

Robert L. Hetzel, Monetary Policy in the 2008--2009 Recession , FRBRQR, 95, 2, Spring 2009

93

Robert Mundell and Milton Friedman, ONE WORLD, ONE MONEY? - debate the

94

Roberto M. Billi, Was Monetary Policy Optimal During Past Deflation Scares? , , 3rd Quarter 2009

95

Samuel Reynard, Maintaining Low Inflation, Money, Interest Rates, and Policy Stance, ECB, WP 756, May 2007

96

Seth B. Carpenter and Selva Demiralp, Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist?, Finance and Economics Discussion Series, Federal Reserve Board, Washington, D.C., 2010-41

97

Seth B. Carpenter and Selva Demiralp, Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist?, Finance and Economics Discussion Series, Federal Reserve Board, Washington, D.C., 2010-41

98

Setzer, Ralph and Wolff, Guntram B., Money demand in the euro area: new insights from disaggregated data, MPRA Paper, 2009

99

Stephen Burgess and Norbert Janssen, Proposals to modify the measurement of broad money in the United Kingdom: a user consultation, Bank of England Quarterly Bulletin 2007, Q3

100

Stephen Cecchetti, marion Kohler and Christian Upper, Financial Crises and Economic Activity , in Financial Stability & Macroeconomic Policy, FRB od Kansas City, Symposium, 2009.

101

Stephen Williamson and Randall Wright, New Monetarist Economics: Methods pp. 265-302 FRBRQR, July/August, 92, 4, 2010

102

Taeyoung Doh, The Efficacy of Large-Scale Asset Purchases at the Zero Lower Bound , FRBKC, 2nd Quarter, 2010

103

the Money Supply Process: A Precautionary Note, FRBSLER, July-August, 1991

104

Thórarinn G. Pétursson, The Representative Household's Demand for Money in a Cointegrated VAR Model, Central Bank of Iceland, WP 12, January 2001

105

Todd E. Clark, Is the Great Moderation Over? An Empirical Analysis , FRBKC, 4th Quarter, 2009

106

Troy Davig and Craig Hakkio, What Is the Effect of Financial Stress on Economic Activity , FRBKC, 2nd Quarter, 2010

107

Vasco Cúrdia and Michael Woodford, Conventional and Unconventional Monetary Policy, FRBRQR, July/August, 92, 4, 2010

108

virtues - or not - of fixed exchange rates, gold and a world currency, OPTIONS POLITIQUES, MAI 2001

109

Willem H. Buiter, Helicopter Money Irredeemable fiat money and the liquidity trap Or: is money net wealth after all?, NBER, 29-04-2004

110

William A. Barnett, Divisia Monetary Index , University of Kansas, April 18, 2006

111

Xavier Freixas, Bruno Parigi and Jean-Charles Rochet, The Lender of Last Resort: A Twenty-First-Century Approach, In Jean-Charles Rochet (ed.), Why are There So Many Banking Crises?, pp. 71-102, Princeton University Press, New Jersey, 2008 (Bib FEUC 339.7 ROC)

112

Yueh-Yun C. O’Brien, Measurement of Monetary Aggregates Across Countries, Finance and Economics Discussion Series, Federal Reserve Board, Washington, D.C., 2007-02

113

Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, and Hayley Boesky, Shadow Banking , Federal Reserve Bank of New York Staff Reports, no. 458, 2010 (1-37)





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