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Imperfect knowledge and monetary policy

Author: Otmar Issing
Publisher: Cambridge, UK ; New York : Cambridge University Press, 2005.
Series: Stone lectures in economics.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
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  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Imperfect knowledge and monetary policy.
Cambridge, UK ; New York : Cambridge University Press, 2005
(DLC) 2006296138
(OCoLC)61702433
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Otmar Issing
ISBN: 0511169159 9780511169151 0511168721 9780511168727 9780511492426 0511492421 9780511168277 0511168276
OCLC Number: 70273058
Description: 1 online resource (xi, 138 pages) : illustrations.
Contents: 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.
Series Title: Stone lectures in economics.
Responsibility: Otmar Issing [and others].
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Abstract:

An exploration of the problem of formulating monetary policy in practice.  Read more...

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'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 Read more...

 
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