Cargando…
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 a...
| Clasificación: | Libro Electrónico |
|---|---|
| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Cambridge, UK ; New York :
Cambridge University Press,
2005.
|
| Colección: | Stone lectures in economics.
|
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | "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."--Jacket |
|---|---|
| Descripción Física: | 1 online resource (xi, 138 pages) : illustrations |
| Bibliografía: | Includes bibliographical references (pages 122-135) and index. |
| ISBN: | 0511169159 9780511169151 0511168721 9780511168727 9780511492426 0511492421 9780511168277 0511168276 9786610436927 6610436924 0521854865 9780521854863 0521671078 9780521671071 |