Ebook: A Framework for Monetary Stability: Papers and Proceedings of an International Conference organised by De Nederlandsche Bank and the CentER for Economic Research at Amsterdam
- Tags: Macroeconomics/Monetary Economics, International Economics, Economic Policy, Finance/Investment/Banking
- Series: Financial and Monetary Policy Studies 27
- Year: 1994
- Publisher: Springer Netherlands
- Edition: 1
- Language: English
- pdf
This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guitián (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guiti?n (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guiti?n (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
Content:
Front Matter....Pages i-xii
Front Matter....Pages 1-1
Opening Speech....Pages 3-4
A Framework for Monetary Stability — A Policy Maker’s Perspective....Pages 5-15
Formal Targets for Inflation Reduction: The Canadian Experience....Pages 17-29
The Costs and Benefits of Disinflation....Pages 31-42
Comment on Charles Freedman: Formal Targets for Inflation Reduction: The Canadian Experience....Pages 43-47
Comment on Stanley Fischer: The Costs and Benefits of Disinflation....Pages 49-53
Commitment through Delegation, Political Influence and Central Bank Independence....Pages 55-74
Central Bank Autonomy: Policy Issues....Pages 75-95
Comment on Alex Cukierman: Commitment through Delegation, Political Influence and Central Bank Independence....Pages 97-102
Comment on Onno de Beaufort Wijnholds and Lex Hoogduin: Central Bank Autonomy: Policy Issues....Pages 103-107
Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 109-133
Monetary Policy Strategy in the EMU....Pages 135-148
Comment on Benjamin Friedman: Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 149-152
Comment on Otmar Issing: Monetary Policy Strategy in the EMU....Pages 153-156
Dinner Speech: To Cut or Not to Cut Interest Rates: Some Remarks on the ERM....Pages 157-161
Front Matter....Pages 163-163
Rules versus Discretion in Monetary Policy....Pages 165-184
The Role of Monetary Policy in IMF Programs....Pages 185-209
Comment on Andrew D. Crockett: Rules versus Discretion in Monetary Policy....Pages 211-215
Comment on Manuel Guiti?n: The Role of Monetary Policy in IMF Programs....Pages 217-220
Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 221-238
Front Matter....Pages 163-163
Monetary Policy and Exchange Rates: The French Experience....Pages 239-255
Comment on Marcello De Cecco and Francesco Giavazzi: Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 257-262
Comment on Andr? Icard: Monetary Policy and Exchange Rates: The French Experience....Pages 263-268
Can Russia Control Inflation?....Pages 269-281
Stabilization and Monetary Reform in Latin America....Pages 283-298
Comment on Richard Layard: Can Russia Control Inflation....Pages 299-303
Comment on Rudiger Dornbusch: Stabilization and Monetary Reform in Latin America....Pages 305-307
A Framework for Monetary Stability — General Report....Pages 309-330
Back Matter....Pages 331-340
This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guiti?n (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
Content:
Front Matter....Pages i-xii
Front Matter....Pages 1-1
Opening Speech....Pages 3-4
A Framework for Monetary Stability — A Policy Maker’s Perspective....Pages 5-15
Formal Targets for Inflation Reduction: The Canadian Experience....Pages 17-29
The Costs and Benefits of Disinflation....Pages 31-42
Comment on Charles Freedman: Formal Targets for Inflation Reduction: The Canadian Experience....Pages 43-47
Comment on Stanley Fischer: The Costs and Benefits of Disinflation....Pages 49-53
Commitment through Delegation, Political Influence and Central Bank Independence....Pages 55-74
Central Bank Autonomy: Policy Issues....Pages 75-95
Comment on Alex Cukierman: Commitment through Delegation, Political Influence and Central Bank Independence....Pages 97-102
Comment on Onno de Beaufort Wijnholds and Lex Hoogduin: Central Bank Autonomy: Policy Issues....Pages 103-107
Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 109-133
Monetary Policy Strategy in the EMU....Pages 135-148
Comment on Benjamin Friedman: Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 149-152
Comment on Otmar Issing: Monetary Policy Strategy in the EMU....Pages 153-156
Dinner Speech: To Cut or Not to Cut Interest Rates: Some Remarks on the ERM....Pages 157-161
Front Matter....Pages 163-163
Rules versus Discretion in Monetary Policy....Pages 165-184
The Role of Monetary Policy in IMF Programs....Pages 185-209
Comment on Andrew D. Crockett: Rules versus Discretion in Monetary Policy....Pages 211-215
Comment on Manuel Guiti?n: The Role of Monetary Policy in IMF Programs....Pages 217-220
Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 221-238
Front Matter....Pages 163-163
Monetary Policy and Exchange Rates: The French Experience....Pages 239-255
Comment on Marcello De Cecco and Francesco Giavazzi: Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 257-262
Comment on Andr? Icard: Monetary Policy and Exchange Rates: The French Experience....Pages 263-268
Can Russia Control Inflation?....Pages 269-281
Stabilization and Monetary Reform in Latin America....Pages 283-298
Comment on Richard Layard: Can Russia Control Inflation....Pages 299-303
Comment on Rudiger Dornbusch: Stabilization and Monetary Reform in Latin America....Pages 305-307
A Framework for Monetary Stability — General Report....Pages 309-330
Back Matter....Pages 331-340
....
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guitián (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guiti?n (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guiti?n (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
Content:
Front Matter....Pages i-xii
Front Matter....Pages 1-1
Opening Speech....Pages 3-4
A Framework for Monetary Stability — A Policy Maker’s Perspective....Pages 5-15
Formal Targets for Inflation Reduction: The Canadian Experience....Pages 17-29
The Costs and Benefits of Disinflation....Pages 31-42
Comment on Charles Freedman: Formal Targets for Inflation Reduction: The Canadian Experience....Pages 43-47
Comment on Stanley Fischer: The Costs and Benefits of Disinflation....Pages 49-53
Commitment through Delegation, Political Influence and Central Bank Independence....Pages 55-74
Central Bank Autonomy: Policy Issues....Pages 75-95
Comment on Alex Cukierman: Commitment through Delegation, Political Influence and Central Bank Independence....Pages 97-102
Comment on Onno de Beaufort Wijnholds and Lex Hoogduin: Central Bank Autonomy: Policy Issues....Pages 103-107
Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 109-133
Monetary Policy Strategy in the EMU....Pages 135-148
Comment on Benjamin Friedman: Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 149-152
Comment on Otmar Issing: Monetary Policy Strategy in the EMU....Pages 153-156
Dinner Speech: To Cut or Not to Cut Interest Rates: Some Remarks on the ERM....Pages 157-161
Front Matter....Pages 163-163
Rules versus Discretion in Monetary Policy....Pages 165-184
The Role of Monetary Policy in IMF Programs....Pages 185-209
Comment on Andrew D. Crockett: Rules versus Discretion in Monetary Policy....Pages 211-215
Comment on Manuel Guiti?n: The Role of Monetary Policy in IMF Programs....Pages 217-220
Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 221-238
Front Matter....Pages 163-163
Monetary Policy and Exchange Rates: The French Experience....Pages 239-255
Comment on Marcello De Cecco and Francesco Giavazzi: Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 257-262
Comment on Andr? Icard: Monetary Policy and Exchange Rates: The French Experience....Pages 263-268
Can Russia Control Inflation?....Pages 269-281
Stabilization and Monetary Reform in Latin America....Pages 283-298
Comment on Richard Layard: Can Russia Control Inflation....Pages 299-303
Comment on Rudiger Dornbusch: Stabilization and Monetary Reform in Latin America....Pages 305-307
A Framework for Monetary Stability — General Report....Pages 309-330
Back Matter....Pages 331-340
This book focuses on various important aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.
A Framework for Monetary Stability begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore, twelve contributions discuss and analyse theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America as well as in other countries. Contributors are reputed policymakers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guiti?n (IMF) and A. Icard (Banque de France). Also, prominent academics like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The book ends with a general report by S. Eijffinger (CentER). The collection of papers and proceedings will be of outstanding interest to anyone who is professionally involved with monetary policy and central banking.
Content:
Front Matter....Pages i-xii
Front Matter....Pages 1-1
Opening Speech....Pages 3-4
A Framework for Monetary Stability — A Policy Maker’s Perspective....Pages 5-15
Formal Targets for Inflation Reduction: The Canadian Experience....Pages 17-29
The Costs and Benefits of Disinflation....Pages 31-42
Comment on Charles Freedman: Formal Targets for Inflation Reduction: The Canadian Experience....Pages 43-47
Comment on Stanley Fischer: The Costs and Benefits of Disinflation....Pages 49-53
Commitment through Delegation, Political Influence and Central Bank Independence....Pages 55-74
Central Bank Autonomy: Policy Issues....Pages 75-95
Comment on Alex Cukierman: Commitment through Delegation, Political Influence and Central Bank Independence....Pages 97-102
Comment on Onno de Beaufort Wijnholds and Lex Hoogduin: Central Bank Autonomy: Policy Issues....Pages 103-107
Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 109-133
Monetary Policy Strategy in the EMU....Pages 135-148
Comment on Benjamin Friedman: Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 149-152
Comment on Otmar Issing: Monetary Policy Strategy in the EMU....Pages 153-156
Dinner Speech: To Cut or Not to Cut Interest Rates: Some Remarks on the ERM....Pages 157-161
Front Matter....Pages 163-163
Rules versus Discretion in Monetary Policy....Pages 165-184
The Role of Monetary Policy in IMF Programs....Pages 185-209
Comment on Andrew D. Crockett: Rules versus Discretion in Monetary Policy....Pages 211-215
Comment on Manuel Guiti?n: The Role of Monetary Policy in IMF Programs....Pages 217-220
Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 221-238
Front Matter....Pages 163-163
Monetary Policy and Exchange Rates: The French Experience....Pages 239-255
Comment on Marcello De Cecco and Francesco Giavazzi: Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 257-262
Comment on Andr? Icard: Monetary Policy and Exchange Rates: The French Experience....Pages 263-268
Can Russia Control Inflation?....Pages 269-281
Stabilization and Monetary Reform in Latin America....Pages 283-298
Comment on Richard Layard: Can Russia Control Inflation....Pages 299-303
Comment on Rudiger Dornbusch: Stabilization and Monetary Reform in Latin America....Pages 305-307
A Framework for Monetary Stability — General Report....Pages 309-330
Back Matter....Pages 331-340
....
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