Imperfect knowledge and monetary policy / Otmar Issing ... [et al.].

Contributor(s): Issing, Otmar Material type: Text

TextLanguage: English Series: The Stone lectures in economicsPublication details: Cambridge, UK ; New York : Cambridge University Press, 2005. Description: xi, 138 p. : ill. ; 23 cmISBN: 0521854865 (hbk.); 0521671078 (pbk.); 9780521671071Subject(s): Monetary policyDDC classification: 332.46 LOC classification: HG230.3 | .I44 2005Online resources: WorldCat details | Ebook Fulltext

Contents:

TOC Lecture 1. Monetary policy in uncharted territory -- 1.1. Introduction -- 1.2. Uncharted territory : unique historical events -- 1.3. Achieving price stability -- 1.4. Avoiding excess volatility in inflation, output, and the interest rate -- 1.5. Pragmatic monetarism : the Bundesbank -- 1.6. A stability-oriented strategy : the ECB -- 1.7. Conclusions -- Lecture 2. Imperfect knowledge, learning, and conservation -- 2.1. Introduction -- 2.2. Time inconsistency, cost-push shocks and Rogoff's conservatism -- 2.3. Empirical output gap uncertainty -- 2.4. Output gap uncertainty, learning, and conservatism -- 2.5. Different degrees of central bank knowledge and information -- 2.6. Conclusions.

Summary: Summary: "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."--BOOK JACKET.

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Holdings
Item type	Current library	Collection	Call number	Copy number	Status	Date due	Barcode	Item holds
E-Book	Dr. S. R. Lasker Library, EWU E-book	Non-fiction	332.46 IMP 2005 (Browse shelf(Opens below))		Not for loan
Text	Dr. S. R. Lasker Library, EWU Reserve Section	Non-fiction	332.46 IMP (Browse shelf(Opens below))	C-1	Not For Loan		19623

Total holds: 0

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

TOC Lecture 1. Monetary policy in uncharted territory --
1.1. Introduction --
1.2. Uncharted territory : unique historical events --
1.3. Achieving price stability --
1.4. Avoiding excess volatility in inflation, output, and the interest rate --
1.5. Pragmatic monetarism : the Bundesbank --
1.6. A stability-oriented strategy : the ECB --
1.7. Conclusions --
Lecture 2. Imperfect knowledge, learning, and conservation --
2.1. Introduction --
2.2. Time inconsistency, cost-push shocks and Rogoff's conservatism --
2.3. Empirical output gap uncertainty --
2.4. Output gap uncertainty, learning, and conservatism --
2.5. Different degrees of central bank knowledge and information --
2.6. Conclusions.

Summary:
"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."--BOOK JACKET.

Economics

Tahur Ahmed

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