Imperfect knowledge and monetary policy

著者

• Issing, Otmar
• Gaspar, Vítor
• Tristani, Oreste
• Vestin, David

書誌事項

Imperfect knowledge and monetary policy

Otmar Issing and Vítor Gaspar with Oreste Tristani and David Vestin

（The Stone lectures in economics）

Cambridge University Press, 2005

• : pbk
• : hardback

注記

Includes bibliographical references (p. 122-135) and index

内容説明・目次

内容説明

Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limitations of decision rules suggested by the academic literature and recommends an approach involving, first, a firm reliance on the few fundamental and robust results of monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and strengthens the case for conservatism.

目次

• Acknowledgments
• Introduction
• Outline of the two lectures
• First lecture: Monetary Policy in Uncharted Territory. 1. Introduction
• 2. Uncharted territory: unique historical events
• 3. Achieving price stability
• 4. Avoiding excess volatility in inflation, output and the interest rate
• 5. Pragmatic monetarism: The Bundesbank
• 6. A stability-oriented strategy: the ECB
• 7. Conclusions
• Second lecture: Imperfect Knowledge, Learning and Conservatism. 1. Introduction
• 2. Time inconsistency, cost-push shocks and Rogoff's conservatism
• 3. Empirical output gap uncertainty
• 4. Output gap uncertainty, learning and conservatism
• 5. Different degrees of CB's knowledge and information
• 6. Conclusions
• References.

「Nielsen BookData」 より

詳細情報

• NII書誌ID(NCID): BA75718998
• ISBN:
  • 0521671078
  • 0521854865
• 出版国コード: uk
• タイトル言語コード: eng
• 本文言語コード: eng
• 出版地: Cambridge
• ページ数/冊数: xi, 138 p.
• 大きさ: 22 cm
• 件名:
  • LCSH : Monetary policy
• 親書誌ID:
  • BA66144413