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...
Cambridge University Press,
|Series:||Stone lectures in economics.
- Lecture 1.
- Monetary policy in uncharted territory
- Uncharted territory : unique historical events
- Achieving price stability
- Avoiding excess volatility in inflation, output, and the interest rate
- Pragmatic monetarism : the Bundesbank
- A stability-oriented strategy : the ECB
- Lecture 2.
- Imperfect knowledge, learning, and conservation
- Time inconsistency, cost-push shocks and Rogoff's conservatism
- Empirical output gap uncertainty
- Output gap uncertainty, learning, and conservatism
- Different degrees of central bank knowledge and information