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Imperfect knowledge and monetary policy /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Imperfect knowledge and monetary policy // Otmar Issing [and others].
remainder title:	Imperfect Knowledge & Monetary Policy
Author:	Issing, Otmar,
Description:	1 online resource (xi, 138 pages) :digital, PDF file(s). :
Notes:	Title from publisher's bibliographic system (viewed on 05 Oct 2015).
Subject:	Monetary policy. -
Online resource:	https://doi.org/10.1017/CBO9780511492426
ISBN:	9780511492426 (ebook)

Imperfect knowledge and monetary policy /
Issing, Otmar,

Imperfect knowledge and monetary policy /Imperfect Knowledge & Monetary PolicyOtmar Issing [and others]. - 1 online resource (xi, 138 pages) :digital, PDF file(s). - The Stone lectures in economics. - Stone lectures in economics..

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Monetary policy in uncharted territory --Lecture 1.

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.

ISBN: 9780511492426 (ebook)Subjects--Topical Terms:

556378
Monetary policy.

LC Class. No.: HG230.3 / .I77 2005

Dewey Class. No.: 332.46

Imperfect knowledge and monetary policy /
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245 1 0 $a Imperfect knowledge and monetary policy / $c Otmar Issing [and others].
246 3 $a Imperfect Knowledge & Monetary Policy
264 1 $a Cambridge : $b Cambridge University Press, $c 2005.
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490 1 $a The Stone lectures in economics
500 $a Title from publisher's bibliographic system (viewed on 05 Oct 2015).
505 0 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.
650 0 $a Monetary policy. $3 556378
776 0 8 $i Print version: $z 9780521854863
830 0 $a Stone lectures in economics. $3 1441724
856 4 0 $u https://doi.org/10.1017/CBO9780511492426