Monetary policy in a world of knowledge-based growth, quality change and uncertain measurement
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Bibliographic Information
Monetary policy in a world of knowledge-based growth, quality change and uncertain measurement
Palgrave, 2001
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Papers presented at the eighth international conference on the theme 'Monetary policy in a world of knowledge-based growth, quality change, and uncertain measurement' on 18-19 June 1998, held by the Institute for Monetary and Economic Studies, the Bank of Japan
Includes bibliographical references and index
Description and Table of Contents
Description
As the development of the knowledge economy gathers speed, the fundamental structure of the global economy is undergoing drastic changes in the movement from tangible goods to a virtual output. At the same time, growing uncertainty in the stability of the markets has made monetary policy more difficult. The contributors to this book discuss the implications of our industrial past, the characteristics of information goods and their impact, the mis-measurement of price, the impact of current innovation on economic growth and the labour market, and optimal monetary policy in such circumstances. Leading economists contribute their ideas to the debate surrounding policymaking for the knowledge economy.
Table of Contents
- Preface List of Contributors Opening Remarks: M.Hayami Reader's Guide
- T.Inoue INTRODUCTION Monetary Policy and the Quality of Information
- A.H.Meltzer Information Technology and Monetary Policy
- J.B.Taylor PART I: AN OVERVIEW AND CASE STUDY OF DEVELOPMENT OF KNOWLEDGE-BASED ECONOMY Waiting for the Information Technology Revolution?
- P.A.David Comments
- R.W.Ferguson, Jr Markets for Information Goods
- H.R.Varian Comments
- M.Okuno-Fujiwara Effects of the Development of Knowledge-based Economy on Asset Price Movements: Theory and Evidence in the Japanese Stock Market
- K.G.Nishimura, T.Watanabe & K.Iwatsubo Comments
- H.Lindberg PART II: THE PRODUCTIVITY PARADOX AND MISMEASUREMENT PROBLEMS An Explanation of the Productivity Paradox: TFP Spillover through Capital Accumulation
- M.Kuroda & K.Nomura Comments
- J.Elmeskov & K.Asako The Productivity Paradox and Mismeasurement of Economic Activity
- W.E.Diewert & K.J.Fox Comments
- C.Steindel PART III: IMPLICATIONS OF KNOWLEDGE-BASED ECONOMY ON ECONOMIC GROWTH AND LABOR MARKET Whatever Happened to Productivity Investment and Growth in the G-7? D.W.Jorgenson & E.Yip Comments
- R.Konig The Japanese Economy in a World of Knowledge-based Growth
- C.I.Jones Comments
- L.Hoogduin Wage and Job Trends in the U.S. Labor Market: An Assessment
- M.H.Kosters Comments
- P.S.Andersen SECTION IV: MONETARY POLICY UNDER IRREVERSIBLE TREND OF KNOWLEDGE-BASED ECONOMY Monetary Policy in the Age of Information Technology
- R.J.Gordon Monetary Policy in a Changing Economy: Indicators, Rules, and the Shift Towards Intangible Output
- J.H.Stock Comments
- M.H.Moskow, T.Ito & G.Rich CONCLUSION Information Technology and the Financial Environment of Central Banking: Summary Comments
- P.M.Garber BACKGROUND PAPER Impact of Information Technology and Implications for Monetary Policy
- T.Inoue Index
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