RT Conference Proceedings DB /z-wcorg/ DS http://worldcat.org ID 30359593 LA English T1 Monetary policy A1 Mankiw, N. Gregory., PB University of Chicago Press PP Chicago YR 1994 SN 0226503089 9780226503080 AB How best to manage monetary policy to achieve such broad objectives as stabilizing employment and prices and fostering economic growth is of great concern to economists and policymakers alike. Central bankers, the arbiters of monetary policy, know that their actions have powerful effects on the economy, but those effects are not fully understood. In Monetary Policy, leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central bank actions. Of the nine papers in this volume, the first three evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. The next three analyze the behavior of prices and inflation with an emphasis on understanding the short-run behavior of prices. The following two chapters examine the monetary transmission mechanism - the channel through which the central bank's actions affect spending on goods and services - with a special focus on the reduction in bank lending that must accompany a reduction in reserves. The final chapter analyzes the causes and effects of the Federal Reserve's shift to an explicitly disinflationary policy, a shift which has been made several times since World War II. This volume makes an important contribution to monetary policy research and will be of special interest to central bankers and academic economists.