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Author: Frederic S. Mishkin
Publisher: MIT Press
ISBN: 0262134829
Category : Monetary policy
Languages : en
Pages : 561
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Book Description
This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Author: Frederic S. Mishkin
Publisher: MIT Press
ISBN: 0262134829
Category : Monetary policy
Languages : en
Pages : 561
Get Book Here
Book Description
This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Author: Marek Jarocinski
Publisher:
ISBN:
Category : Centralbanker
Languages : en
Pages : 396
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Book Description
Author: Mr.Jaromir Benes
Publisher: International Monetary Fund
ISBN: 1475505523
Category : Business & Economics
Languages : en
Pages : 71
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Book Description
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Author: Carl E. Walsh
Publisher: MIT Press
ISBN: 9780262232319
Category : Business & Economics
Languages : en
Pages : 636
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Book Description
An overview of recent theoretical and policy-related developments in monetary economics.
Author: L. Randall Wray
Publisher: Springer
ISBN: 1137539925
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Author: Apostolos Serletis
Publisher: World Scientific
ISBN: 9812568182
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
This book provides a comprehensive and systematic introduction to the problem of the definition of money and investigates the gains that can be achieved by a rigorous use of microeconomic- and aggregation-theoretic foundations in the construction of monetary aggregates. It provides readers with key aspects of monetary economics and macroeconomics, including monetary aggregation, demand systems, flexible functional forms, long-run monetary neutrality, the welfare cost of inflation, and nonlinear chaotic dynamics.This book offers the following conclusions: the simple-sum approach to monetary aggregation and log-linear money demand functions, currently used by central banks, are inappropriate for monetary policy purposes; the choice of monetary aggregation procedure is crucial in evaluating the welfare cost of inflation; the inter-related problems of monetary aggregation and money demand will be successfully investigated in the context of flexible functional forms that satisfy theoretical regularity globally, pointing the way forward to useful and productive research.
Author: John Howland Cochrane
Publisher:
ISBN: 9780817923785
Category : Monetary policy
Languages : en
Pages :
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Book Description
"As the Federal Reserve reviews its monetary policy strategy, key experts provide an in-depth discussion of the financial tools, debates, and practices that will ensure a sound US economy"--
Author: Otmar Issing
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
Author: Ioanna T. Kokores
Publisher: Cambridge Scholars Publishing
ISBN: 1527591867
Category : Business & Economics
Languages : en
Pages : 497
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Book Description
This book explores how monetary policy contributes to the efficient allocation of resources, with special reference made to the contribution of the effective workings of the financial system. It argues that the stability of the financial system promotes the smooth functioning of the payment systems and the effective transmission of monetary policy, thus promoting the achievement of monetary policy objectives. The interrelated issues addressed here include the ways various monetary policy objectives are achieved, their effective presentation to the public, and the strategic role of money growth in the conduct of monetary policy. The analysis underlines the context of financial-market performance in recent decades and the varied central bank responses to the emergence of the global financial crisis. This book constitutes a useful companion to graduate students in economics, researchers and business and central banking practitioners in understanding the unending quest of the shifting roles of money and financial practices to reconcile growth and stability.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Until now, thinking on open economy macroeconomics has been largely schizophrenic. When it comes to analyzing exchange rate dynamics, an empirically-minded economist abandons modern current account models which, while theoretically coherent, fail to address the awkward reality of sticky nominal prices. In this paper we develop an analytically tractable two-country model that marries a full account of dynamics to a supply framework based on monopolistic competition and sticky prices. It offers simple and intuitive predictions about exchange rates and current accounts that sometimes differ sharply from those of either modern flexible-price intertemporal models, or traditional sticky-price Keynesian models. The model also leads to a novel perspective on the international welfare spillovers of monetary and fiscal policies.
