Imperfect knowledge and monetary policy:
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...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Cambridge
Cambridge University Press
2005
|
| Series: | The Stone lectures in economics
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| Subjects: | |
| Online Access: | BSB01 UBG01 Volltext |
| Summary: | 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 |
| Item Description: | Title from publisher's bibliographic system (viewed on 05 Oct 2015) |
| Physical Description: | 1 online resource (xi, 138 pages) |
| ISBN: | 9780511492426 |
| DOI: | 10.1017/CBO9780511492426 |
Staff View
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| 505 | 8 | 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 | ||
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Record in the Search Index
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| any_adam_object | |
| author | Issing, Otmar |
| author_facet | Issing, Otmar |
| author_role | aut |
| author_sort | Issing, Otmar |
| author_variant | o i oi |
| building | Verbundindex |
| bvnumber | BV043920142 |
| classification_rvk | QC 320 |
| collection | ZDB-20-CBO |
| contents | Monetary policy in uncharted territory Introduction 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 Conclusions 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 |
| ctrlnum | (ZDB-20-CBO)CR9780511492426 (OCoLC)967418067 (DE-599)BVBBV043920142 |
| dewey-full | 332.46 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.46 |
| dewey-search | 332.46 |
| dewey-sort | 3332.46 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1017/CBO9780511492426 |
| format | Electronic eBook |
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| indexdate | 2024-07-10T07:38:35Z |
| institution | BVB |
| isbn | 9780511492426 |
| language | English |
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| record_format | marc |
| series2 | The Stone lectures in economics |
| spelling | Issing, Otmar Verfasser aut Imperfect knowledge and monetary policy Otmar Issing [and others] Imperfect Knowledge & Monetary Policy Cambridge Cambridge University Press 2005 1 online resource (xi, 138 pages) txt rdacontent c rdamedia cr rdacarrier The Stone lectures in economics Title from publisher's bibliographic system (viewed on 05 Oct 2015) Lecture 1 Monetary policy in uncharted territory 1.1 Introduction 1.2 Uncharted territory : unique historical events 1.3 Achieving price stability 1.4 Avoiding excess volatility in inflation, output, and the interest rate 1.5 Pragmatic monetarism : the Bundesbank 1.6 A stability-oriented strategy : the ECB 1.7 Conclusions Lecture 2 Imperfect knowledge, learning, and conservation 2.1 Introduction 2.2 Time inconsistency, cost-push shocks and Rogoff's conservatism 2.3 Empirical output gap uncertainty 2.4 Output gap uncertainty, learning, and conservatism 2.5 Different degrees of central bank knowledge and information 2.6 Conclusions 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 Monetary policy Notenbank (DE-588)4042669-5 gnd rswk-swf Stabilitätspolitik (DE-588)4077791-1 gnd rswk-swf Unvollkommene Information (DE-588)4140474-9 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf Unsicherheit (DE-588)4186957-6 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf 1\p (DE-588)4143413-4 Aufsatzsammlung gnd-content Notenbank (DE-588)4042669-5 s Geldpolitik (DE-588)4019902-2 s Stabilitätspolitik (DE-588)4077791-1 s Unvollkommene Information (DE-588)4140474-9 s Entscheidung bei Unsicherheit (DE-588)4070864-0 s 2\p DE-604 Geldtheorie (DE-588)4121333-6 s 3\p DE-604 Unsicherheit (DE-588)4186957-6 s 4\p DE-604 Erscheint auch als Druckausgabe 978-0-521-67107-1 Erscheint auch als Druckausgabe 978-0-521-85486-3 https://doi.org/10.1017/CBO9780511492426 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Issing, Otmar Imperfect knowledge and monetary policy Monetary policy in uncharted territory Introduction 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 Conclusions 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 Monetary policy Notenbank (DE-588)4042669-5 gnd Stabilitätspolitik (DE-588)4077791-1 gnd Unvollkommene Information (DE-588)4140474-9 gnd Geldpolitik (DE-588)4019902-2 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Unsicherheit (DE-588)4186957-6 gnd Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)4042669-5 (DE-588)4077791-1 (DE-588)4140474-9 (DE-588)4019902-2 (DE-588)4070864-0 (DE-588)4186957-6 (DE-588)4121333-6 (DE-588)4143413-4 |
| title | Imperfect knowledge and monetary policy |
| title_alt | Imperfect Knowledge & Monetary Policy Monetary policy in uncharted territory Introduction 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 Conclusions 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 |
| title_auth | Imperfect knowledge and monetary policy |
| title_exact_search | Imperfect knowledge and monetary policy |
| title_full | Imperfect knowledge and monetary policy Otmar Issing [and others] |
| title_fullStr | Imperfect knowledge and monetary policy Otmar Issing [and others] |
| title_full_unstemmed | Imperfect knowledge and monetary policy Otmar Issing [and others] |
| title_short | Imperfect knowledge and monetary policy |
| title_sort | imperfect knowledge and monetary policy |
| topic | Monetary policy Notenbank (DE-588)4042669-5 gnd Stabilitätspolitik (DE-588)4077791-1 gnd Unvollkommene Information (DE-588)4140474-9 gnd Geldpolitik (DE-588)4019902-2 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Unsicherheit (DE-588)4186957-6 gnd Geldtheorie (DE-588)4121333-6 gnd |
| topic_facet | Monetary policy Notenbank Stabilitätspolitik Unvollkommene Information Geldpolitik Entscheidung bei Unsicherheit Unsicherheit Geldtheorie Aufsatzsammlung |
| url | https://doi.org/10.1017/CBO9780511492426 |
| work_keys_str_mv | AT issingotmar imperfectknowledgeandmonetarypolicy AT issingotmar imperfectknowledgemonetarypolicy |