Imperfect Knowledge and Monetary Policy
(Sprache: Englisch)
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. How should central banks set monetary...
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Klappentext zu „Imperfect Knowledge and Monetary Policy “
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. How should central banks set monetary policy? In which way should they take uncertainty into account when designing a monetary policy strategy? Should they respond to shocks aggressively or cautiously? These questions are discussed both with reference to the experience of the Bundesbank and of the European Central Bank and in relation to a simple stylized economic model.
Inhaltsverzeichnis zu „Imperfect Knowledge and Monetary Policy “
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.
Autoren-Porträt von Vítor Gaspar, Otmar Issing, Oreste Tristani
Otmar Issing is a member of the Executive Board, European Central Bank. Vitor Gaspar is Special Advisor, Banco de Portugal. Oreste Tristani is Principal Economist, DG Research, European Central Bank. David Vestin is Economist, DG Research, European Central Bank.
Bibliographische Angaben
- Autoren: Vítor Gaspar , Otmar Issing , Oreste Tristani
- 152 Seiten, Maße: 14 x 21,6 cm, Kartoniert (TB), Englisch
- Verlag: Cambridge University Press
- ISBN-10: 0521671078
- ISBN-13: 9780521671071
- Erscheinungsdatum: 08.05.2015
Sprache:
Englisch
Rezension zu „Imperfect Knowledge and Monetary Policy “
'Uncertainty is the one constant facing central bankers. In this fascinating discussion of monetary policy making under uncertainty, Otmar Issing and Vitor Gaspar expose the limitations of much academic thinking on the subject and show how the ECB's monetary strategy represents a pragmatic response to the problems thrown up by our inevitably imperfect knowledge of the economy.' Charles Bean, Chief Economist and Executive Director, Bank of England ' ... the book is commendable in its attempt to explain, through examples, the actual application of monetary policy and how real problems are tackled.' De Economist
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