Monetary Theory and Policy Experience

by Axel Leijonhufvud

Overview

Monetary Theory and Policy Experience offers a broad context for the question of why governments prefer to limit themselves to a specific inflation target. Academic specialists and senior officials of the European Central Bank, the OECK and national central banks look beyond inflation targeting as the goal of monetary policy. Nobel Laureate Robert Mundell, surveys the history and prospects of the sovereignty of the state over money, while Michael Bordo and Lars Jonung use data of fourteen industrialized countries over the past century to show relationships between fiscal and monetary regimes.

Product Details

ISBN-13:	9780333960899
Publisher:	Palgrave Macmillan UK
Publication date:	09/11/2001
Series:	International Economic Association Series
Edition description:	2001
Pages:	363
Product dimensions:	6.10(w) x 9.25(h) x 0.04(d)
Lexile:	1540L (what's this?)

About the Author

CARLUCCIO BIANCHI University of Pavia, Italy LUIGI BONATTI University of Trento, Italy MICHAEL BORDO Rutgers University, New Brunswick, USA JOHN CROW former Chairman, Bank of Canada SYLVESTER EIJFFINGER Tilburg University, Netherlands FRANCESCO FARINA University of Siena, Italy GIORGIO FODOR University of Trento, Italy DALE HENDERSON Federal Reserve Board, Washington DC, USA DANIEL HEYMANN United Nations Economic Commission for Latin America, Santiago, Chile OTMAR ISSING Deutsche Bundesbank, Frankfurt, Germany LARS JONUNG Skholm School of Economics, Sweden JINILL KIM University of Virginia, Charlottesville, USA ROBERT MUNDELL Columbia University, New York USA MUSTAPHA NABLI The World Bank, Washington DC, USA LUIGI PASINETTI University of Sacre Cuoro, Milan, Italy PEDRO POU Central Bank, Buenos Aires, Argentina KUMIHARU SHIGEHARA Organization for Economic Cooperation and Development, Paris, France LUIGI SPAVENTA University of Roma La Sapienza, Italy ROBERTO TAMBORINI University of Trento, Italy NIELS THYGESEN University of Copenhagen, Denmark

Table of Contents

The International Economic Association Acknowledgements Notes on the Contributors List of Abbreviations and Acronyms Introduction; A.Leijonhufvud PART I: CENTRAL BANKING EXPERIENCE Putting Central Banks in Their Place; J.Crow Monetary Theory as a Basis for Monetary Policy: Reflections of a Central Banker; O.Issing Comment; L.Pasinetti Comment; L.Spaventa Monetary Policy and Economic Performance: The Recent Experience of the United States and Japan; K.Shigehara What Have Monetary Economists Done for Central Bankers?; P.Pou PART II: THE 'MODUS OPERANDI' OF MONETARY POLICY Inflation and/or Exchange Rate Targets for Monetary Policy?; N.Thygesen Comment; R.Tamborini The Choice of a Monetary Policy Reaction Function in a Simple Optimizing Model; D.Henderson & J.Kim Comment; L.Bonatti Comment; F.Farina PART III: MONETARY REGIMES The New Political Economy of Central Banking; S.Eijffinger Comment; C.Bianchi Comment; M.Nabli A Return to the Convertability Principle? Monetary and Fiscal Regimes in Historical Perspective: the International Evidence; M.Bordo & L.Jonung Comment; G.Fodor Money and the Sovereignty of the State; R.Mundell Comment; D.Heymann Index of Names Subject Index