Imperfect knowledge and monetary policy / Otmar Issing [and others].

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 academi...

Full description

Bibliographic Details
Main Author: Issing, Otmar, (Author)
Format: Book
Language:English
Published: Cambridge : Cambridge University Press, 2005.
Series:Stone lectures in economics.
Subjects:
Online Access:CONNECT
LEADER 03222nam a22004098i 4500
001 ocm00000001camebacr9780511492426
003 UkCbUP
005 20160429103557.0
006 m|||||o||d||||||||
007 cr||||||||||||
008 090302s2005||||enk o ||1 0|eng|d
020 |a 9780511492426 (ebook) 
020 |z 9780521854863 (hardback) 
020 |z 9780521671071 (paperback) 
040 |a UkCbUP  |b eng  |e rda  |c UkCbUP 
050 0 4 |a HG230.3  |b .I77 2005 
082 0 4 |a 332.46  |2 22 
099 |a Electronic book 
100 1 |a Issing, Otmar,  |e author. 
245 1 0 |a Imperfect knowledge and monetary policy /  |c Otmar Issing [and others]. 
246 3 |a Imperfect Knowledge & Monetary Policy 
264 1 |a Cambridge :  |b Cambridge University Press,  |c 2005. 
300 |a 1 online resource (xi, 138 pages) :  |b digital, PDF file(s). 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
490 1 |a The Stone lectures in economics 
500 |a Title from publisher's bibliographic system (viewed on 05 Oct 2015). 
505 0 0 |g Lecture 1.  |t Monetary policy in uncharted territory --  |g 1.1.  |t Introduction --  |g 1.2.  |t Uncharted territory : unique historical events --  |g 1.3.  |t Achieving price stability --  |g 1.4.  |t Avoiding excess volatility in inflation, output, and the interest rate --  |g 1.5.  |t Pragmatic monetarism : the Bundesbank --  |g 1.6.  |t A stability-oriented strategy : the ECB --  |g 1.7.  |t Conclusions --  |g Lecture 2.  |t Imperfect knowledge, learning, and conservation --  |g 2.1.  |t Introduction --  |g 2.2.  |t Time inconsistency, cost-push shocks and Rogoff's conservatism --  |g 2.3.  |t Empirical output gap uncertainty --  |g 2.4.  |t Output gap uncertainty, learning, and conservatism --  |g 2.5.  |t Different degrees of central bank knowledge and information --  |g 2.6.  |t Conclusions. 
520 |a 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 monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and strengthens the case for conservatism. 
650 0 |a Monetary policy. 
730 0 |a Cambridge EBA Collection 
776 0 8 |i Print version:   |z 9780521854863 
830 0 |a Stone lectures in economics. 
856 4 0 |u https://ezproxy.mtsu.edu/login?url=https://doi.org/10.1017/CBO9780511492426  |z CONNECT 
907 |a .b39003498  |b 03-18-19  |c 03-18-19 
998 |a wi  |b 03-18-19  |c m  |d z   |e -  |f eng  |g enk  |h 0  |i 1