Download or read book UK Monetary Policy 1972 97 written by Edward Nelson and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

Download or read book Review of the Monetary Policy Framework written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2013-03-20 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the performance of the UK's flexible inflation targeting framework against the internationally-accepted monetary policy objective of price stability, a pre-requisite to longer-term growth and macroeconomic stability. Chapters cover the historical and international context, monetary policy frameworks and monetary policy instruments. The paper gives the Monetary Policy Committee's revised remit at Budget 2013. The Government has retained a flexible inflation target framework. The inflation target of 2 per cent, as measured by the 12-month increase in the Consumer Prices Index, is re-affirmed. The remit has been updated to clarify the trade-offs that are involved in setting monetary policy to meet a forward-looking inflation target, and in forming and communicating its judgements the MPC should promote understanding of these trade-offs. The remit continues to require an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by more than 1 percentage point in either direction. The open letter from the Governor should now be sent alongside the minutes of the MPC meeting that followed the publication of the CPI data. The remit requests that the MPC provides in its August 2013 inflation report an assessment of the merits of using intermediate thresholds - policy commitments conditional on future economic developments. The remit also reflects the Government's intention that the frameworks for monetary policy and macro-prudential policy, operated by the MPC and FPC of the Bank of England respectively, should be coordinated.

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

Download or read book Central Banking Monetary Theory and Practice written by Paul Mizen and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commenting on the quality of the contributors when opening the conference on which these books are based, the former Governor of the Bank of England, Sir Edward George, said "I cannot remember ever before having had such a galaxy of academic economist and central banking superstars gathered together under one roof!"' Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include: central bank independence credibility and transparency the inflation forecast and the loss function monetary policy experiences in the US and the UK the implications of Goodhart's Law the benefits of single versus multiple currencies money, near monies and credit. Each chapter of the volume relates to subjects that have been research projects in Charles Goodhart's wide-ranging portfolio, and all are interconnected. Through these, the book offers a summary of current thinking and insights into monetary controversies. Covering recent thinking on monetary theory, central banking, financial regulation and international finance, academic and professional economists alike will find this book an invaluable source of information. The companion volume examines monetary history, exchange rates and financial markets.

Download or read book The Making of Monetary Policy in the UK 1975 2000 written by David Cobham and published by John Wiley & Sons. This book was released on 2003-02-14 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the quarter of a century with which this book is concerned, the UK has had an extraordinarily diverse experience of monetary policy and monetary regimes. Monetary policy has been transformed, from attempts to control broad money from the supply side with the use of indirect controls on banks' lending, to an almost exclusive focus on interest rates in a context of inflation targeting. The exchange rate has at times been fixed, at other times almost perfectly flexible, and at other times again more or less managed. Meanwhile the real economy has experienced large variations in growth, together with what most observers have seen as a sharp rise and then a gradual decline in the NAIRU; inflation has varied between 25% and 2%. This is a book about the making of monetary policy in the UK, about how and why the monetary regimes changed over the period, and how and why the monetary authorities took the decisions they did about monetary growth, interest rates and the exchange rate. It includes separate chapters on monetary targeting, on policy in the second half of the 1980s, on the UK's brief membership of the ERM, on inflation targeting between 1993 and 1997, and on inflation targeting with instrument independence since 1997. It also contains a detailed analysis of the factors that influenced interest rate decisions and monetary policy with particular reference to the exchange rate, and an investigation of the nature and reasons for interest rate smoothing in the UK. "David Cobham has written an excellent history of British monetary policy over the final quarter of the 20th Century. His judgement of the political and economic context is sound and sensible. It is well written with clear and helpful tables and charts. Besides the careful historical reporting, Cobham adds some valuable extra research of his own, notably on the interaction between monetary policy and the exchange rate (Chapter 9) and on the reasons for interest rate 'smoothing' (Chapter 10)." Charles Goodhart, Norman Sosnow Professor of Banking and Finance at the London School of Economics "...an essential guide covering everything the reader could ever want to know about the UK's turbulent monetary history over the last quarter century" Charles Bean, Chief Economist, Bank of England

Download or read book The UK Economy in the Long Expansion and its Aftermath written by Jagjit Chadha and published by Cambridge University Press. This book was released on 2016-07-28 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the policy-making lessons that can be learned from the period of economic expansion that preceded the financial crisis.

Download or read book Regional Monetary Policy written by Carlos J. Rodríguez Fuentes and published by Psychology Press. This book was released on 2006 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rising star of Spanish economics, Carlos Rodriguez Fuentes, has produced a work of impressive clarity which analyses the effects of regional monetary policy - with particular reference to European Monetary Union.

Download or read book The Political Economy of Britain in Crisis written by Christopher Kirkland and published by Springer. This book was released on 2017-07-05 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores two recent crises in British political economy: the crisis of 1976–9, for which the trade unions were impugned, and the 2007 economic crisis, for which bankers were (at least initially) blamed. The author argues that the “crisis resolution” of the former – principally the Thatcherite reforms of the 1980s – led to the emergence of the banking crisis. Further, Kirkland demonstrates how narratives of blame have emerged and were used in both instances to promote specific agendas. Narrations of blame and crises were used to curb the trade union powers in the 1980s, whilst the 2007 crisis was quickly reframed as one of excessive government spending, which in turn has led to policies of austerity.

Download or read book The Taylor Rule and the Transformation of Monetary Policy written by Robert Leeson and published by Hoover Press. This book was released on 2013-09-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.

Download or read book Foreign Exchange Intervention as a Monetary Policy Instrument written by Felix Hüfner and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.

Download or read book Aspects of Modern Monetary and Macroeconomic Policies written by P. Arestis and published by Springer. This book was released on 2007-06-07 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems relating to this new monetary and macroeconomic policy.

Download or read book UK Monetary Policy from Devaluation to Thatcher 1967 82 written by Duncan Needham and published by Springer. This book was released on 2014-05-09 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book charts the course of monetary policy in the UK from 1967 to 1982. It shows how events such as the 1967 devaluation, the collapse of Bretton Woods, the stagflation of the 1970s, and the IMF loan of 1976 all shaped policy. It shows that the 'monetarist' experiment of the 1980s was based on a fundamental misreading of 1970s monetary policy.

Download or read book Twenty Years of Inflation Targeting written by David Cobham and published by Cambridge University Press. This book was released on 2010-09-16 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.

Download or read book Macroeconomic and Monetary Policy Issues in Indonesia written by Akhand Akhtar Hossain and published by Routledge. This book was released on 2013-08-15 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the acquisition of its sovereignty from the Netherlands in 1949, Indonesia experienced serious economic and political problems during the 1950s and 1960s, before entering a three-decade-long period of rapid economic growth. Hard-hit by the financial crisis of the late 1990s, Indonesia undertook a wide range of economic and financial reforms. These reforms served to prepare it well for the 2007-08 global financial crisis, through which Indonesia passed relatively unscathed. Drawing on empirical research, this book presents a comprehensive empirical study on the key macroeconomic relations and monetary policy issues in Indonesia. The book analyses monetary, fiscal and exchange-rate policies, looking at their interactions and impacts on the economy. It demonstrates how important macroeconomic management for monetary and financial stability is to sustained national economic growth and development. Data from the 1970s is compared and contrasted with 1950s data to analyse macroeconomic policies and issues in an historical context. Statistical and econometric techniques are juxtaposed with general empirical results to supplement informative discussion of macroeconomic and monetary developments. This book is a useful contribution to studies on macroeconomics and international development, as well as Southeast Asian studies.

Download or read book Monetary Transmission in Diverse Economies written by Lavan Mahadeva and published by Cambridge University Press. This book was released on 2002-10-17 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transmission mechanism of monetary policy explains how monetary policy works - which variables respond to interest rate changes, when, why, how, how much and how predictably. It is vital that central banks and their observers, worldwide, understand the transmission mechanism so that they know what monetary policy can do and what it should do to stabilize inflation and output. The volume sets out different aspects of the transmission mechanism. Some chapters scrutinize the relevance of practical issues such as asymmetries, recent structural changes and estimation errors using data on the USA, the Euro area and developing countries. Other chapters focus on modelling crucial aspects such as productivity, the exchange rate and the monetary sector. These issues are counterpointed by contributions that analyse monetary policy in Japan and the UK.

Download or read book A Monetary History of the United States 1867 1960 written by Milton Friedman and published by Princeton University Press. This book was released on 2008-09-02 with total page 889 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Magisterial. . . . The direct and indirect influence of the Monetary History would be difficult to overstate.”—Ben S. Bernanke, Nobel Prize–winning economist and former chair of the U.S. Federal Reserve From Nobel Prize–winning economist Milton Friedman and his celebrated colleague Anna Jacobson Schwartz, one of the most important economics books of the twentieth century—the landmark work that rewrote the story of the Great Depression and the understanding of monetary policy Milton Friedman and Anna Jacobson Schwartz’s A Monetary History of the United States, 1867–1960 is one of the most influential economics books of the twentieth century. A landmark achievement, it marshaled massive historical data and sharp analytics to argue that monetary policy—steady control of the money supply—matters profoundly in the management of the nation’s economy, especially in navigating serious economic fluctuations. One of the book’s most important chapters, “The Great Contraction, 1929–33” addressed the central economic event of the twentieth century, the Great Depression. Friedman and Schwartz argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and countering banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy—an idea that has come to shape the actions of central banks worldwide.