Monetary Policy With Imperfect Knowledge

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Imperfect Knowledge and Monetary Policy

Author : Vítor Gaspar
Publisher : Cambridge University Press
ISBN 13 : 9781139448567
Total Pages : 160 pages
Book Rating : 4.4/5 (485 download)

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Book Synopsis Imperfect Knowledge and Monetary Policy by : Vítor Gaspar

Download or read book Imperfect Knowledge and Monetary Policy written by Vítor Gaspar and published by Cambridge University Press. This book was released on 2006-02-16 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Imperfect Knowledge Economics

Author : Roman Frydman
Publisher : Princeton University Press
ISBN 13 : 0691261156
Total Pages : 368 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Imperfect Knowledge Economics by : Roman Frydman

Download or read book Imperfect Knowledge Economics written by Roman Frydman and published by Princeton University Press. This book was released on 2023-09-26 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.

Monetary Policy Mistakes and the Evolution of Inflation Expectations

Author : Athanasios Orphanides
Publisher : DIANE Publishing
ISBN 13 : 1437935613
Total Pages : 46 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Monetary Policy Mistakes and the Evolution of Inflation Expectations by : Athanasios Orphanides

Download or read book Monetary Policy Mistakes and the Evolution of Inflation Expectations written by Athanasios Orphanides and published by DIANE Publishing. This book was released on 2010 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: What monetary policy framework, if adopted by the Federal Reserve, would have avoided the Great Inflation of the 1960s and 1970s? The authors use counterfactual simulations of an estimated model of the U.S. economy to evaluate alternative monetary policy strategies. The authors document that policymakers at the time both had an overly optimistic view of the natural rate of unemployment and put a high priority on achieving full employment. They show that in the presence of realistic informational imperfections and with an emphasis on stabilizing economic activity, an optimal control approach would have failed to keep inflation expectations well anchored, resulting in highly volatile inflation during the 1970s. Charts and tables.

The Inflation-Targeting Debate

Author : Ben S. Bernanke
Publisher : University of Chicago Press
ISBN 13 : 0226044734
Total Pages : 469 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke

Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.

In the Wake of the Crisis

Author : Olivier Blanchard
Publisher : MIT Press
ISBN 13 : 0262526824
Total Pages : 251 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis In the Wake of the Crisis by : Olivier Blanchard

Download or read book In the Wake of the Crisis written by Olivier Blanchard and published by MIT Press. This book was released on 2014-08-29 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner

The Great Inflation

Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Great Inflation by : Michael D. Bordo

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

Optimal Monetary Policy under Uncertainty, Second Edition

Author : Richard T. Froyen
Publisher : Edward Elgar Publishing
ISBN 13 : 1784717193
Total Pages : 432 pages
Book Rating : 4.7/5 (847 download)

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Book Synopsis Optimal Monetary Policy under Uncertainty, Second Edition by : Richard T. Froyen

Download or read book Optimal Monetary Policy under Uncertainty, Second Edition written by Richard T. Froyen and published by Edward Elgar Publishing. This book was released on 2019 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.

Unemployment Fluctuations and Stabilization Policies

Author : Jordi Gali
Publisher : MIT Press
ISBN 13 : 0262553821
Total Pages : 119 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Unemployment Fluctuations and Stabilization Policies by : Jordi Gali

Download or read book Unemployment Fluctuations and Stabilization Policies written by Jordi Gali and published by MIT Press. This book was released on 2024-12-10 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new approach for introducing unemployment into the New Keynesian framework. The past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as monopolistic competition and nominal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this anomaly. In this book, Jordi Galí, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework. Galí's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place. Galí develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between economic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy.

Inflation, Stagflation, Relative Prices, and Imperfect Information

Author : Alex Cukierman
Publisher : Cambridge University Press
ISBN 13 : 0521256305
Total Pages : 0 pages
Book Rating : 4.5/5 (212 download)

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Book Synopsis Inflation, Stagflation, Relative Prices, and Imperfect Information by : Alex Cukierman

Download or read book Inflation, Stagflation, Relative Prices, and Imperfect Information written by Alex Cukierman and published by Cambridge University Press. This book was released on 1984-11-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Cukierman presents a summary view of the recent imperfect information approach to inflation and its real effects, focusing in particular on two types of informational limitations. The first involves situations in which individuals have asymmetric information about the current general price level and consequently confuse relative and aggregate changes in prices. The second considers models in which individuals cannot distinguish permanent from transitory changes in the economic environment. The book assumes no mathematical training beyond standard calculus and elementary statistics.

Handbook of Monetary Economics

Author : Benjamin M. Friedman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis Handbook of Monetary Economics by : Benjamin M. Friedman

Download or read book Handbook of Monetary Economics written by Benjamin M. Friedman and published by . This book was released on 1990 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Knowledge, Information, and Expectations in Modern Macroeconomics

Author : Philippe Aghion
Publisher : Princeton University Press
ISBN 13 : 0691223939
Total Pages : pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Knowledge, Information, and Expectations in Modern Macroeconomics by : Philippe Aghion

Download or read book Knowledge, Information, and Expectations in Modern Macroeconomics written by Philippe Aghion and published by Princeton University Press. This book was released on 2021-01-12 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics would not be what it is today without Edmund Phelps. This book assembles the field's leading figures to highlight the continuing influence of his ideas from the past four decades. Addressing the most important current debates in macroeconomic theory, it focuses on the rates at which new technologies arise and information about markets is dispersed, information imperfections, and the heterogeneity of beliefs as determinants of an economy's performance. The contributions, which represent a breadth of contemporary theoretical approaches, cover topics including the real effects of monetary disturbances, difficulties in expectations formation, structural factors in unemployment, and sources of technical progress. Based on an October 2001 conference honoring Phelps, this incomparable volume provides the most comprehensive and authoritative account in years of the present state of macroeconomics while also pointing to its future. The fifteen chapters are by the editors and by Daron Acemoglu, Jess Benhabib, Guillermo A. Calvo, Oya Celasun, Michael D. Goldberg, Bruce Greenwald, James J. Heckman, Bart Hobijn, Peter Howitt, Hehui Jin, Charles I. Jones, Michael Kumhof, Mordecai Kurz, David Laibson, Lars Ljungqvist, N. Gregory Mankiw, Dale T. Mortensen, Maurizio Motolese, Stephen Nickell, Luca Nunziata, Wolfgang Ochel, Christopher A. Pissarides, Glenda Quintini, Ricardo Reis, Andrea Repetto, Thomas J. Sargent, Jeremy Tobacman, and Gianluca Violante. Commenting are Olivier J. Blanchard, Jean-Paul Fitoussi, Mark Gertler, Robert E. Hall, Robert E. Lucas, Jr., David H. Papell, Robert A. Pollak, Robert M. Solow, Nancy L. Stokey, and Lars E. O. Svensson. Also included are reflections by Phelps, a preface by Paul A. Samuelson, and the editors' introduction.

Macroeconomics and the Financial System

Author : N. Gregory Mankiw
Publisher : Macmillan
ISBN 13 : 1429253673
Total Pages : 642 pages
Book Rating : 4.4/5 (292 download)

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Book Synopsis Macroeconomics and the Financial System by : N. Gregory Mankiw

Download or read book Macroeconomics and the Financial System written by N. Gregory Mankiw and published by Macmillan. This book was released on 2011 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: Watch this video interview with Greg Mankiw and Larry Ball discussing the future of the intermediate macroeconomics course and their new text. Check out preview content for Macroeconomics and the Financial System here. The financial crisis and subsequent economic downturn of 2008 and 2009 was a dramatic reminder of what economists have long understood: developments in the overall economy and developments in the financial system are inextricably intertwined. Derived and updated from two widely acclaimed textbooks (Greg Mankiw’s Macroeconomics, Seventh Edition and Larry Ball’s Money, Banking, and the Financial System), this groundbreaking text is the first and only intermediate macroeconomics text that provides substantial coverage of the financial system.

Writing Clearly

Author : Mr.Martin Cihak
Publisher : International Monetary Fund
ISBN 13 : 1451871104
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Writing Clearly by : Mr.Martin Cihak

Download or read book Writing Clearly written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2008-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.

EU Law of Economic & Monetary Union

Author : Fabian Amtenbrink
Publisher : Oxford University Press
ISBN 13 : 019251248X
Total Pages : 1649 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis EU Law of Economic & Monetary Union by : Fabian Amtenbrink

Download or read book EU Law of Economic & Monetary Union written by Fabian Amtenbrink and published by Oxford University Press. This book was released on 2020-05-21 with total page 1649 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

Handbook of Monetary Economics

Author : Benjamin M. Friedman
Publisher : Elsevier
ISBN 13 : 0444534547
Total Pages : 971 pages
Book Rating : 4.4/5 (445 download)

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Book Synopsis Handbook of Monetary Economics by : Benjamin M. Friedman

Download or read book Handbook of Monetary Economics written by Benjamin M. Friedman and published by Elsevier. This book was released on 2010-11-16 with total page 971 pages. Available in PDF, EPUB and Kindle. Book excerpt: "What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship." [source : 4e de couv.].

Regional Monetary Policy

Author : Carlos Javier Rodriguez Fuentes
Publisher : Routledge
ISBN 13 : 1134336950
Total Pages : 205 pages
Book Rating : 4.1/5 (343 download)

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Book Synopsis Regional Monetary Policy by : Carlos Javier Rodriguez Fuentes

Download or read book Regional Monetary Policy written by Carlos Javier Rodriguez Fuentes and published by Routledge. This book was released on 2005-11-07 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the final phase of the European Monetary Union underway, concern has been raised over the regional implications of the European Central Bank (ECB) Monetary Policy. Departing from the standard approach utilized by the ECB, this book provides a comprehensive theoretical framework to explore the ways through which money and monetary policy may affect regions. Carlos Rodriguez Fuentes, the rising star of Spanish economics, has produced a work of impressive clarity which analyzes the effects of regional monetary policy - with particular reference to European Monetary Union. Here, he examines the role that the banking system and the liquidity preference of economic agents play in the transmission of central banks monetary policy decisions to regions within a country or countries within a currency union. Rodriguez Fuentes utilizes a unique framework built upon the basic principle of the Post-Keynsian monetary theory which enables the identification of a new way for money and monetary policy to have a regional impact; the behavioural effect. This book, with it’s combination of literary and empirical approach will prove essential reading for all students of economics and politics, as well as readers who interested in the development of the European Union.

Monetary Policy Frameworks in a Global Context

Author : Lavan Mahadeva
Publisher : Routledge
ISBN 13 : 1135126631
Total Pages : 692 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis Monetary Policy Frameworks in a Global Context by : Lavan Mahadeva

Download or read book Monetary Policy Frameworks in a Global Context written by Lavan Mahadeva and published by Routledge. This book was released on 2012-11-12 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This broad-ranging collection assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Renowned experts contribute to this original and comprehensive text which will be of great value to professional economists and students of economics and banking alike. Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal