Monetary Policy Over Fifty Years
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Monetary Policy Over Fifty Years
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Author : Heinz Herrmann
language : en
Publisher: Routledge
Release Date : 2009-06-02
Monetary Policy Over Fifty Years written by Heinz Herrmann and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-02 with Business & Economics categories.
This book is based on a conference celebrating the 50th anniversary of the Deutsche Bundesbank. Since the 1950s, there have been fundamental changes in the monetary order and financial systems, in our understanding of the effects of monetary policy, the best goals for central banks and the appropriate institutional setting of central banks. Prominent monetary economists and central bankers give their views on the most significant developments during this period and the lessons we should draw from them. The book contains four sections on central issues. The first part discusses the main successes and failures of monetary policy since the 1950s. The second part asks what economists have learned about monetary policy over the past 50 years. It gives an overview on experiences with various monetary strategies, focusing in particular on monetary targeting and its problems, on inflation targeting and why it was successful and the institutional framework for monetary policy. The next section outlines the progress that monetary economists have made since the Bundesbank was founded and discusses the extent to which central banks can rely on "scientific" principles. The final part describes the interaction between monetary policy, fiscal policy and labour markets. The book provides a comprehensive overview of the main challenges faced by central bankers in the past and how and to what extent monetary economics have been helpful in tackling them. It outlines our current knowledge about the effects of monetary policy and the appropriate institutional framework for central banks and raises some open questions for the future. It will be of great interest to monetary economists, central bankers and economic historians.
Monetary Policy Over Fifty Years
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Author : Deutsche Bundesbank
language : en
Publisher:
Release Date : 2009
Monetary Policy Over Fifty Years written by Deutsche Bundesbank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
This book is based on a conference celebrating the 50th anniversary of the Deutsche Bundesbank. Since the 1950s, there have been fundamental changes in the monetary order and financial systems, in our understanding of the effects of monetary policy, the best goals for central banks and the appropriate institutional setting of central banks. Prominent monetary economists and central bankers give their views on the most significant developments during this period and the lessons we should draw from them. The book contains four sections on central issues. The first part discusses the main successes and failures of monetary policy since the 1950s. The second part asks what economists have learned about monetary policy over the past 50 years. It gives an overview on experiences with various monetary strategies, focusing in particular on monetary targeting and its problems, on inflation targeting and why it was successful and the institutional framework for monetary policy. The next section outlines the progress that monetary economists have made since the Bundesbank was founded and discusses the extent to which central banks can rely on "scientific" principles. The final part describes the interaction between monetary policy, fiscal policy and labour markets. The book provides a comprehensive overview of the main challenges faced by central bankers in the past and how and to what extent monetary economics have been helpful in tackling them. It outlines our current knowledge about the effects of monetary policy and the appropriate institutional framework for central banks and raises some open questions for the future. It will be of great interest to monetary economists, central bankers and economic historians.
Understanding Inflation And The Implications For Monetary Policy
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Author : Jeff Fuhrer
language : en
Publisher: MIT Press
Release Date : 2009-09-11
Understanding Inflation And The Implications For Monetary Policy written by Jeff Fuhrer and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-11 with Business & Economics categories.
Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson
The Search For Financial Stability
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Author : Federal Reserve Bank of San Francisco
language : en
Publisher:
Release Date : 1985
The Search For Financial Stability written by Federal Reserve Bank of San Francisco and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Bank failures categories.
The History Of The Bundesbank
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Author : Jakob De Haan
language : en
Publisher: Routledge
Release Date : 2012-09-10
The History Of The Bundesbank written by Jakob De Haan and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-10 with Business & Economics categories.
After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference.
Current Issues In Monetary Economics And Policy
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Author : George G. Kaufman
language : en
Publisher:
Release Date : 1969
Current Issues In Monetary Economics And Policy written by George G. Kaufman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1969 with Business & Economics categories.
Inflation And Activity Two Explorations And Their Monetary Policy Implications
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Author : Mr.Olivier J. Blanchard
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-06
Inflation And Activity Two Explorations And Their Monetary Policy Implications written by Mr.Olivier J. Blanchard and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-06 with Business & Economics categories.
We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
The Rise Of Central Banks
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Author : Leon Wansleben
language : en
Publisher: Harvard University Press
Release Date : 2023-01-10
The Rise Of Central Banks written by Leon Wansleben and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-10 with Business & Economics categories.
A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant. While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks’ increasing clout over economic policy. Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance. By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers’ own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors’ efforts to more progressive goals.
Monetary Policy In Emerging Markets
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Author : Mr.Donal McGettigan
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-03
Monetary Policy In Emerging Markets written by Mr.Donal McGettigan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-03 with Business & Economics categories.
In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference in policy has not been subject to extensive study and this paper attempts to address the gap. Key findings, using a large sample of EMs over the past 50 years, are: (i) EMs have adopted increasingly countercyclical monetary policy over time, although large differences remain among EMs and policies became more procyclical during the recent crisis. (ii) Inflation targeting and better institutions have been key factors behind the move to countercyclicality. (iii) Only deep financial markets allow EMs with flexible exchange rate regimes turn countercyclical. (iv) More countercyclical policy is associated with far less volatile output. The economically meaningful impact of IT on monetary policy countercyclicality and output variability is another reason in its favor, over and above better inflation outcomes.
Primer On Money
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Author : Wright Patman
language : en
Publisher: Cosimo Reports
Release Date : 2018-02
Primer On Money written by Wright Patman and has been published by Cosimo Reports this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02 with categories.
"...We have what is known as the Federal Reserve Bank System. That system is not owned by the Government. Many people think that it is, because it says 'Federal Reserve'. It belongs to the private banks, private corporations. So we have farmed out to the Federal Reserve Banking System that is owned exclusively, wholly, 100 percent by the private banks --we have farmed out to them the privilege of issuing the Government's money. If we were to take this privilege back from them, we could save the amount of money that I have indicated in enormous interest charges." --Wright Patman, Democratic representative from Texas The above quote was from a 1941 speech by U.S. congressman Wright Patman, a fierce critic of the Federal Reserve. A Primer on Money, released in 1964 by the Congressional Subcommittee on domestic finance, explains in Patman's introduction "in simple, everyday language how the US monetary system works and indicates where it needs reform." It describes specifically: - What is money? - How is money created? - The role of the Federal Reserve System - Money supply and Monetary policy - Improvements in the Money System Although this publication is over fifty years old and changes have been made to the Federal Reserve System since then, it is a testament to Patman's insights that this report is still relevant and important to today's discussion about the role of the Federal Reserve in the U.S. economy. This report is essential reading for students of monetary policy, academics, policymakers, journalists, and anyone interested in learning about the basics of money and the Federal Reserve.