Monetary Policy
Goals, Institutions, Strategies, and Instruments
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Product details:
- Publisher OUP Oxford
- Date of Publication 4 October 2001
- ISBN 9780199248568
- Binding Paperback
- No. of pages478 pages
- Size 235x157x25 mm
- Weight 673 g
- Language English
- Illustrations 72 figures; 5 boxes 0
Categories
Short description:
This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Focusing specifically on the European Central Bank, it offers one of the first comprehensive guides to understanding the targets, strategy, and instruments of the ECB.
MoreLong description:
This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Unusually for a volume in the field, it focuses on actual monetary policy---targets, institutions, strategies, and instruments---but traditional and contemporary theoretical approaches to monetary policy form the basis for each chapter. Concentrating specifically on the European Central Bank, Monetary Policy offers one of the first comprehensive guides to understanding the targets, strategy, and instruments of the ECB.
In the past, many books have presented mere descriptions of the institutional framework without providing a theoretical framework, while others have dealt mainly with theoretical aspects, thus neglecting the policy implications of their analysis. By combining a theoretical with a policy-oriented approach, Peter Bofinger succeeds in closing this gap in the monetary policy literature. As a result, his book will appeal to a broad readership, including investment bankers and other professional investors, central bankers, and scholars working in the field.
A comprehensive user's guide to monetary policy ... a noble endeavour to improve understanding of the "dark art", to gather all the strands together so that this book is one that both practitioners and non-practitioners alike can benefit from. While central bankers will find it a valuable resource, academics will find it a useful work of reference and it should become a requisite handbook for students of central banking ... It is his [Bofinger's] blend of analysis of institutional practice within a theoretical framework that makes his book so useful.
Table of Contents:
What is Money?
The Demand for Money
The Money Supply Process---Trailhead of the Transmission Process
Monetary Policy Transmission
The Ultimate Goal and the Final Targets of Monetary Policy
The Institutional Framework for Monetary Policy I: "Rules versus Discretion"
The Institutional Framework of Monetary Policy II: The Design of the Central Bank Legislation
Strategies ("Simple Rules") for a Stability-Oriented Monetary Policy
The Conduct of Monetary Policy by the World's major Central Banks
The Instruments of Monetary Policy
Seigniorage and Inflation Tax
Important Building Blocks of Open Economy Macroeconomics
Monetary Policy Strategies in an Open Economy
