Learning from the World’s Best Central Bankers: Principles and Policies for Subduing Inflation
BURTON G. MALKIEL Chemical Bank Chairman's Professor of Economics Princeton University Central bankers have often believed that they are the Rodney Dangerfields of public officials-they seldom receive respect from the public or from elected officials. Particularly in the days of high infla tio...
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| Hauptverfasser: | , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
Springer US
1998
|
| Ausgabe: | 1st ed. 1998 |
| Schlagworte: | |
| Online-Zugang: | BTU01 Volltext |
| Zusammenfassung: | BURTON G. MALKIEL Chemical Bank Chairman's Professor of Economics Princeton University Central bankers have often believed that they are the Rodney Dangerfields of public officials-they seldom receive respect from the public or from elected officials. Particularly in the days of high infla tion and substantial unemployment, they were held responsible for everything that ailed the world's economies. And monetarists often suggested that nations would be far better off if central bankers were replaced by robots who would do nothing more than ensure that the money supply was increased at a fixed percent each year. Our views have changed considerably over the past two decades. The main reason is that, thanks in substantial part to the efforts of central bankers, inflation has generally been contained. With the re duction in inflation and the recent relative stability of price levels in most developed nations, risk premiums have tended to decline sharply. Moreover, unemployment rates, at least in the Western Hemisphere, have decreased substantially. Finally, even many economists who con sider themselves monetarists now tend to be less certain of the stabil ity of the link between the money supply and economic activity. Thus, there is greater appreciation of the critical role of judgment in the conduct of monetary policy and a general belief that the judgments central bankers have made have generally been sound |
| Beschreibung: | 1 Online-Ressource (XXIII, 242 p) |
| ISBN: | 9781461549598 |
| DOI: | 10.1007/978-1-4615-4959-8 |
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| 520 | |a BURTON G. MALKIEL Chemical Bank Chairman's Professor of Economics Princeton University Central bankers have often believed that they are the Rodney Dangerfields of public officials-they seldom receive respect from the public or from elected officials. Particularly in the days of high infla tion and substantial unemployment, they were held responsible for everything that ailed the world's economies. And monetarists often suggested that nations would be far better off if central bankers were replaced by robots who would do nothing more than ensure that the money supply was increased at a fixed percent each year. Our views have changed considerably over the past two decades. The main reason is that, thanks in substantial part to the efforts of central bankers, inflation has generally been contained. With the re duction in inflation and the recent relative stability of price levels in most developed nations, risk premiums have tended to decline sharply. Moreover, unemployment rates, at least in the Western Hemisphere, have decreased substantially. Finally, even many economists who con sider themselves monetarists now tend to be less certain of the stabil ity of the link between the money supply and economic activity. Thus, there is greater appreciation of the critical role of judgment in the conduct of monetary policy and a general belief that the judgments central bankers have made have generally been sound | ||
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| spelling | von Furstenberg, George M. Verfasser aut Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation by George M. von Furstenberg, Michael K. Ulan 1st ed. 1998 New York, NY Springer US 1998 1 Online-Ressource (XXIII, 242 p) txt rdacontent c rdamedia cr rdacarrier BURTON G. MALKIEL Chemical Bank Chairman's Professor of Economics Princeton University Central bankers have often believed that they are the Rodney Dangerfields of public officials-they seldom receive respect from the public or from elected officials. Particularly in the days of high infla tion and substantial unemployment, they were held responsible for everything that ailed the world's economies. And monetarists often suggested that nations would be far better off if central bankers were replaced by robots who would do nothing more than ensure that the money supply was increased at a fixed percent each year. Our views have changed considerably over the past two decades. The main reason is that, thanks in substantial part to the efforts of central bankers, inflation has generally been contained. With the re duction in inflation and the recent relative stability of price levels in most developed nations, risk premiums have tended to decline sharply. Moreover, unemployment rates, at least in the Western Hemisphere, have decreased substantially. Finally, even many economists who con sider themselves monetarists now tend to be less certain of the stabil ity of the link between the money supply and economic activity. Thus, there is greater appreciation of the critical role of judgment in the conduct of monetary policy and a general belief that the judgments central bankers have made have generally been sound Finance, general Macroeconomics/Monetary Economics//Financial Economics Public Economics International Economics Finance Macroeconomics Public finance International economics Inflationsbekämpfung (DE-588)4161661-3 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Notenbank (DE-588)4042669-5 gnd rswk-swf Internationaler Vergleich (DE-588)4120509-1 gnd rswk-swf Notenbank (DE-588)4042669-5 s Geldpolitik (DE-588)4019902-2 s Inflationsbekämpfung (DE-588)4161661-3 s Internationaler Vergleich (DE-588)4120509-1 s DE-604 Ulan, Michael K. aut Erscheint auch als Druck-Ausgabe 9780792383048 Erscheint auch als Druck-Ausgabe 9780792383031 Erscheint auch als Druck-Ausgabe 9781461549604 https://doi.org/10.1007/978-1-4615-4959-8 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | von Furstenberg, George M. Ulan, Michael K. Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation Finance, general Macroeconomics/Monetary Economics//Financial Economics Public Economics International Economics Finance Macroeconomics Public finance International economics Inflationsbekämpfung (DE-588)4161661-3 gnd Geldpolitik (DE-588)4019902-2 gnd Notenbank (DE-588)4042669-5 gnd Internationaler Vergleich (DE-588)4120509-1 gnd |
| subject_GND | (DE-588)4161661-3 (DE-588)4019902-2 (DE-588)4042669-5 (DE-588)4120509-1 |
| title | Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation |
| title_auth | Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation |
| title_exact_search | Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation |
| title_exact_search_txtP | Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation |
| title_full | Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation by George M. von Furstenberg, Michael K. Ulan |
| title_fullStr | Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation by George M. von Furstenberg, Michael K. Ulan |
| title_full_unstemmed | Learning from the World’s Best Central Bankers Principles and Policies for Subduing Inflation by George M. von Furstenberg, Michael K. Ulan |
| title_short | Learning from the World’s Best Central Bankers |
| title_sort | learning from the world s best central bankers principles and policies for subduing inflation |
| title_sub | Principles and Policies for Subduing Inflation |
| topic | Finance, general Macroeconomics/Monetary Economics//Financial Economics Public Economics International Economics Finance Macroeconomics Public finance International economics Inflationsbekämpfung (DE-588)4161661-3 gnd Geldpolitik (DE-588)4019902-2 gnd Notenbank (DE-588)4042669-5 gnd Internationaler Vergleich (DE-588)4120509-1 gnd |
| topic_facet | Finance, general Macroeconomics/Monetary Economics//Financial Economics Public Economics International Economics Finance Macroeconomics Public finance International economics Inflationsbekämpfung Geldpolitik Notenbank Internationaler Vergleich |
| url | https://doi.org/10.1007/978-1-4615-4959-8 |
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