Imperfect knowledge and monetary policy / Otmar Issing ... [and others].

Format:

Book

Contributor:

Issing, Otmar.

Series:

Stone lectures in economics

The Stone lectures in economics

Language:

English

Subjects (All):

Monetary policy.

Physical Description:

xi, 138 pages : illustrations ; 23 cm.

Place of Publication:

Cambridge, UK ; New York : Cambridge University Press, 2005.

Summary:

The Stone Lectures in Economics is an annual series of presentations by the world's leading academic economists, jointly organized by the National Institute of Economic and Social Research and Cambridge University Press. Sir Richard Stone (1913-1991) was awarded the Nobel Prize in Economics in 1984 for his work on the development of systems of national accounts. Much of this work was published jointly by the Department of Applied Economics in Cambridge and the National Institute of Economic and Social Research. The first volume published contained his estimates of consumer spending and, equally importantly, a statistical analysis of consumer behavior. In his Preface Sir Richard acknowledged the financial support of the National Institute and its role in his work: "The detailed investigation of consumers' expenditure ... was begun at the National Institute of Economic and Social Research in 1941." It is with this in mind that the National Institute and Cambridge University Press are proud to name this lecture series after Sir Richard Stone.

Contents:

Outline of the two lectures 7

Lecture 1 Monetary policy in uncharted territory 12

1.2 Uncharted territory: unique historical events 15

1.3 Achieving price stability 23

1.4 Avoiding excess volatility in inflation, output, and the interest rate 38

1.5 Pragmatic monetarism: the Bundesbank 47

1.6 A stability-oriented strategy: the ECB 61

Lecture 2 Imperfect knowledge, learning, and conservatism 77

2.2 Time inconsistency, cost-push shocks and Rogoff's conservatism 83

2.3 Empirical output gap uncertainty 96

2.4 Output gap uncertainty, learning, and conservatism 100

2.5 Different degrees of central bank knowledge and information 108.

Notes:

Includes bibliographical references (pages 122-135) and index.

ISBN:

0521854865

0521671078

OCLC:

61702433

Publisher Number:

9780521854863 (hbk.)

9780521671071 (pbk.)