Monetary policy: goals, institutions, strategies, and instruments
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English German |
| Published: |
Oxford [u.a.]
Oxford Univ. Press
2001
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Item Description: | Hier auch später erschienene, unveränderte Nachdrucke |
| Physical Description: | XXI, 454 S. graph. Darst. |
| ISBN: | 9780199248568 0199248567 0199240574 |
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MARC
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Record in the Search Index
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| adam_text | 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 lor each chapter. Concentrating specifically on the European Central
Bank, Monetary Policy offers one of the first comprehensive guides to under¬
standing 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 and students in
the field.
Contents
List of figures
List of tables
List of boxes
List of abbreviations
Introduction
Part I. Theoretical Fundaments of Monetary Policy
1.
What is money?
1.1.
Introduction
1.2.
A microeconomic approach to the definition of money
1.3.
Defining money by its functions
1.4.
Defining money by its statistical properties
1.5.
The importance of a correct definition of money
Appendix
1.1.
Definitions of money in the euro area,
the United States, Japan, and the UK
Appendix
1.2.
The concept of (net) financial assets
(flow of funds analysis)
2.
The demand for money
2.1.
Introduction
2.2.
The quantity theory of money and the Cambridge approach
2.3.
The interest rate as a determinant of the money demand
2.4.
The money demand function of
Cagan
2.5.
Wealth as a determinant of the demand for money
2.6.
Empirical demand functions for money
Appendix
2.1.
Cointegration
3.
The money supply process: starting point of
the transmission process
3.1.
Introduction
3.2.
Creation and control of the monetary base by the central bank
3.3.
Consolidated balance sheet of the banking system and
the supply of the money stock
3.4.
The mechanistic
multiplier
process
48
3.5.
A price-theoretic model of the money supply
53
Appendix
3.1.
A Took analysis for shocks
65
4.
Monetary policy transmission
71
4.1.
Introduction
71
4.2.
Limited knowledge about the transmission process
73
4.3.
The quantity theory channel
74
4.4.
Interest rate channels
80
4.5.
Expectations channels (the Phillips curve )
95
4.6.
Summary
115
Appendix
4.1.
The original Poole model
116
Appendix
4.2.
The concept of the price gap
121
Part II. Domestic Aspects of Monetary Policy
5.
The ultimate goal and the fmal targets of monetary policy
127
5.1.
Introduction
127
5.2.
The long-term view: only price stability matters
131
5.3.
Inflation and output growth in the short run
148
5.4.
Operational issues of a stability-oriented monetary policy
153
5.5.
Summary
160
Appendix
5.1.
Different variants of the nominal GDP targeting
161
Appendix
5.2.
Calculating the welfare losses of
sub-optimal money holdings
162
6.
The institutional framework for monetary policy I:
rules versus discretion
6.1.
Overview
6.2.
Rules versus discretion in monetary policy
6.3.
The main arguments for limiting the discretion of central bankers
6.4.
Rules that are imposed on central banks from outside
6.5.
Summary of the traditional debate
6.6.
Time inconsistency : a new argument in support of rules?
Appendix
6.1.
The debate between the Banking School and
the Currency School
7.
The institutional framework of monetary policy II:
the design of the central bank legislation
7.1.
Overview
7.2.
Independence of monetary policy
7.3.
Accountability of central banks
220
7.4.
Liability of incompetent central bankers
228
Appendix
7.1.
The functions of central banks and the technology
of the payments systems
234
8.
Strategies ( simple rules ) for a stability-oriented
monetary policy
240
8.1.
The function of simple rules
240
8.2.
Simple rules , intermediate targets, and indicators of
monetary policy
245
8.3.
Monetary targeting
248
8.4.
Inflation targeting
257
8.5.
The Taylor rule: a rule for an operating target
268
8.6.
A nominal GDP rule
274
Appendix
8.1.
The yield structure as an indicator of the stance of
monetary policy
282
9.
The conduct of monetary policy by the world s major
central banks
293
9.1.
A comparison of the performance of central banks
293
9.2.
The monetary policy framework of the Deutsche Bundesbank
295
9.3.
The monetary policy framework of the European Central Bank
300
9.4.
The monetary policy framework of the Federal Reserve System
307
9.5.
The monetary policy framework of the Bank of Japan
311
9.6.
The monetary policy framework of the Bank of England
317
10.
The instruments of monetary policy
321
10.1.
Basic requirements
321
10.2.
Monetary base targeting v. interest rate targeting
323
10.3.
Significance of individual monetary policy instruments
336
10.4.
Money market management by the European Central Bank
348
10.5.
Money market management by the Federal Reserve System
358
10.6.
Money market management by the Bank of England
361
10.7.
Money market management by the Bank of Japan
364
10.8.
The New Political Economy and monetary
policy instruments
365
11.
Seigniorage and inflation tax
369
11.1.
Introduction
369
11.2.
Monetary seigniorage and fiscal seigniorage
370
11.3.
Macroeconomic stability and seigniorage financing
372
11.4.
Optimal seigniorage
382
χ
Contents
Part III. Monetary Policy in an Open Economy
12.
Important building blocks of open-economy macroeconomics
387
12.1.
Introduction
387
12.2.
The exchange rate as an operating target of monetary policy
388
12.3.
The exchange rate as an intermediate target of
monetary policy
391
12.4.
The control of the price level in an open economy
403
13.
Monetary policy strategies in an open economy
410
13.1.
Introduction
410
13.2.
Large-currency areas
411
13.3.
Small open economies with targeted exchange rates
412
References
429
Index of names
447
Index of subjects
450
|
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| spelling | Bofinger, Peter 1954- Verfasser (DE-588)115684948 aut Monetary policy goals, institutions, strategies, and instruments Peter Bofinger 1. publ. Oxford [u.a.] Oxford Univ. Press 2001 XXI, 454 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Hier auch später erschienene, unveränderte Nachdrucke European Central Bank Monetaire politiek gtt Monetary policy Monetary policy -- Europe Monetary policy -- United States Geldpolitik (DE-588)4019902-2 gnd rswk-swf Europa USA Geldpolitik (DE-588)4019902-2 s DE-604 Erscheint auch als Online-Ausgabe 978-0-19-166484-7 Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009458340&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009458340&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Bofinger, Peter 1954- Monetary policy goals, institutions, strategies, and instruments European Central Bank Monetaire politiek gtt Monetary policy Monetary policy -- Europe Monetary policy -- United States Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)4019902-2 |
| title | Monetary policy goals, institutions, strategies, and instruments |
| title_auth | Monetary policy goals, institutions, strategies, and instruments |
| title_exact_search | Monetary policy goals, institutions, strategies, and instruments |
| title_full | Monetary policy goals, institutions, strategies, and instruments Peter Bofinger |
| title_fullStr | Monetary policy goals, institutions, strategies, and instruments Peter Bofinger |
| title_full_unstemmed | Monetary policy goals, institutions, strategies, and instruments Peter Bofinger |
| title_short | Monetary policy |
| title_sort | monetary policy goals institutions strategies and instruments |
| title_sub | goals, institutions, strategies, and instruments |
| topic | European Central Bank Monetaire politiek gtt Monetary policy Monetary policy -- Europe Monetary policy -- United States Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | European Central Bank Monetaire politiek Monetary policy Monetary policy -- Europe Monetary policy -- United States Geldpolitik Europa USA |
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