Beyond Inflation Targeting
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Beyond Inflation Targeting
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Author : Gerald A. Epstein
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009
Beyond Inflation Targeting written by Gerald A. Epstein and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Inflation targeting (IT) has become the sacred cow of central banking. But its suitability to developing nations remains contested. The contributors to this volume perform the valuable service of sketching out plausible, more development-friendly alternatives. They are to be commended in particular for avoiding a one-size-fits-all approach and paying close attention to the needs of specific countries. Their proposals range from relatively minor tinkering in IT to comprehensive overhaul. A common theme is the central role of the real exchange rate, which the central banks ignore at their economies peril. Dani Rodrik, Harvard University, US As the world economy is devastated by a virulent financial crisis and jobs are lost in scores, central bankers are increasingly questioned as to why they have failed to sustain stability and growth even though they told us all along that conquering inflation would be necessary and sufficient to do so while hoping to get a pat on the back for achieving a degree of price stability unprecedented in recent times. This book provides a lot of food for thought on why. It is a powerful critique of the orthodox obsession with inflation in neglect of the two deepseated problems of the unbridled market economy financial instability and unemployment. It is a must for all policy makers, notably in the developing world, and for the mainstream. Yilmaz Akyuz, formerly of the United Nations Conference on Trade and Development, Geneva, Switzerland This collective volume makes a compelling case for balancing the developmental and stabilization functions of central banks. In particular, the authors emphasize that, as practiced in many successful developing countries, competitive real exchange rates can be good for growth and employment generation, and should thus be a specific focus of central bank actions. The book is a must read for those looking for a more balanced framework for central bank policies. José Antonio Ocampo, Columbia University, US and former Under-Secretary-General of the United Nations for Economic and Social Affairs and Finance Minister of Colombia This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as employment creation, poverty reduction and sustainable development. The book includes thematic chapters, including analyses of class attitudes toward inflation and unemployment and the gender impacts of restrictive monetary policy. Other chapters propose improved monetary frameworks for Argentina, Brazil, India, Mexico, the Philippines, South Africa, Turkey, and Vietnam. Policy frameworks that are explored include employment targeting, and targeting a stable and competitive real exchange rate. The authors also show that to reach a larger number of targets, including higher employment and stable inflation, central banks must use a larger number of instruments, including capital management techniques. This volume offers concrete, socially valuable alternatives that economists, policy makers, students and interested laypeople should consider before adopting one size fits all, often inadequate, policies that have become a virtual policy making fad.
The Inflation Targeting Debate
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Author : Ben S. Bernanke
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
The Inflation Targeting Debate written by Ben S. Bernanke and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
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.
Central Bank Policy
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Author : Perry Warjiyo
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-07-25
Central Bank Policy written by Perry Warjiyo and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-25 with Business & Economics categories.
Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.
Beyond Macroeconomic Stability
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Author : Iyanatul Islam
language : en
Publisher: Springer
Release Date : 2014-02-25
Beyond Macroeconomic Stability written by Iyanatul Islam and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-25 with Business & Economics categories.
This volume goes beyond a narrow conceptualization of macroeconomic stability and explores the link between socio-economic policies, structural transformation and inclusive development. It rests on three thematic pillars: the limits of conventional macroeconomics; the long run agenda of structural transformation and the development of capabilities.
Beyond Traditional Probabilistic Methods In Economics
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Author : Vladik Kreinovich
language : en
Publisher: Springer
Release Date : 2018-11-24
Beyond Traditional Probabilistic Methods In Economics written by Vladik Kreinovich and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-24 with Computers categories.
This book presents recent research on probabilistic methods in economics, from machine learning to statistical analysis. Economics is a very important – and at the same a very difficult discipline. It is not easy to predict how an economy will evolve or to identify the measures needed to make an economy prosper. One of the main reasons for this is the high level of uncertainty: different difficult-to-predict events can influence the future economic behavior. To make good predictions and reasonable recommendations, this uncertainty has to be taken into account. In the past, most related research results were based on using traditional techniques from probability and statistics, such as p-value-based hypothesis testing. These techniques led to numerous successful applications, but in the last decades, several examples have emerged showing that these techniques often lead to unreliable and inaccurate predictions. It is therefore necessary to come up with new techniques for processing the corresponding uncertainty that go beyond the traditional probabilistic techniques. This book focuses on such techniques, their economic applications and the remaining challenges, presenting both related theoretical developments and their practical applications.
The Bank Of Japan The Oecd And Beyond
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Author : Kumiharu Shigehara
language : en
Publisher: Springer Nature
Release Date : 2024-08-27
The Bank Of Japan The Oecd And Beyond written by Kumiharu Shigehara and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-08-27 with Business & Economics categories.
This book provides an insider's account of how macroeconomic policies in the United States, Japan and major European countries were carried out and how the OECD and the author either as its senior official or a Japanese central banker dealt with international trade issues, protectionism, globalisation, regional integration and other related issues since the 1960s. Employing an informal tone, the author offers a critical review of the successes and failures of the economic policies followed by these countries in the international setting which prevailed during this period. This book will interest economists, international businesspersons, journalists and historians.
The Great Inflation
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Author : Michael D. Bordo
language : en
Publisher: University of Chicago Press
Release Date : 2013-06-28
The Great Inflation written by Michael D. Bordo and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-28 with Business & Economics categories.
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.
From Ems To Emu 1979 To 1999 And Beyond
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Author : David Cobham
language : en
Publisher: Springer
Release Date : 2016-07-27
From Ems To Emu 1979 To 1999 And Beyond written by David Cobham and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
How did Europe get to monetary union in 1999 and how will EMU work out? Are the member countries starting in good shape and is the European Central Bank going to be a success? Should the UK enter EMU too, and if so when and how? This book provides a stocktaking of the process of European monetary integration as of early 1999 - at the start of European Monetary Union and twenty years after the creation of the European Monetary System. Based upon the first academic conference on the subject since the start of EMU by the Money, Macro and Finance Research Group and bringing together leading academics, researchers and policy-makers - including members of the European Central Bank - the book assesses recent experiences and evaluates likely future developments.
Thailand Beyond The Crisis
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Author : Peter Warr
language : en
Publisher: Psychology Press
Release Date : 2004-09-09
Thailand Beyond The Crisis written by Peter Warr and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-09 with Currency crises categories.
Thailand Beyond the Crisis includes recent research to give an accurate and up to date picture of the status of Thailand's economic recovery. The Asian economic crisis began in Thailand and ended a decade of sustained economic boom. This book identifies the role of policy errors involving both the Thai government and the IMF that lead to the crash of the fastest growing economy in the world. Warr addresses the consequences of the crisis, including sharply increased poverty incidence and a backlog of non- performing loans which clogged the banking system, delaying recovery. Key content includes: * the Social Consequences of the crisis, and alternatives * public sector reform * implications of a floating exchange rate * education * urbanisation and the environment.
Beyond Varieties Of Capitalism
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Author : Bob Hancké
language : en
Publisher: OUP Oxford
Release Date : 2007-05-17
Beyond Varieties Of Capitalism written by Bob Hancké and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-17 with Business & Economics categories.
Since the early 1990s, Europe's economies have been facing several new challenges: the single market programme, the collapse of the Berlin wall and eastward enlargement, and monetary unification. Building on the influential Varieties of Capitalism (VoC) perspective, first elaboarted in detail in the book Varieties of Capitalism (OUP, 2001), this book critically analyzes these developments in the European political economy and their effects on the continental European economies. Leading political economists from Europe and the US debate how VoC can help understand the political-economic challenges that Europe is facing today and how understanding these new challenges can in turn enrich and enhance the VoC perspective. Thematically, the contributions to this volume are organised in four sections: * how the macro-economics of EMU have influenced different European models of capitalism, * how the Single Market programme was received in the different institutional regimes in European capitalism, * how welfare and labour market reforms are debated and implemented, * how European capitalism travelled east after 1989. Preceding this is a spirited defence of the VoC approach by Peter Hall, and an introduction from the volume editors, considering the approach, and proposing extensions and amendments. This book demonstrates that the VoC approach remains, as the editors put it in their introduction, a rich seam to mine, capable of accommodating new developments, and theoretically flexible enough to produce new and innovative hypotheses and arguments.