By Wim F. Duisenberg (auth.), J. Onno De Beaufort Wijnholds, Sylvester C. W. Eijffinger, Lex H. Hoogduin (eds.)
This e-book specializes in a number of vital facets of financial coverage comparable to the ultimate goal of financial coverage, the placement of the vital financial institution, the layout and implementation of financial coverage, the connection among financial coverage and alternate fee regimes, and the implications of monetary reforms in imperative and japanese Europe and in Latin the USA.
A Framework for financial Stability starts with introductions through President W. Duisenberg (DNB) and vice president D. Mullins, Jr. (Federal Reserve Board). additionally, twelve contributions talk about and examine theoretical, empirical and institutional problems with financial coverage and valuable banking in Europe and the USA in addition to in different international locations. individuals are reputed policymakers akin to 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). additionally, famous teachers 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 e-book ends with a common document by way of S. Eijffinger (CentER). the gathering of papers and complaints should be of remarkable curiosity to an individual who's professionally concerned with financial coverage and relevant banking.
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Extra resources for 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
The difference is whether the central bank intends to remove the effects of past disturbances on the price level. For instance, a central bank with a price level target would after a supply shock aim for a period of deflation, whereas a zero inflation central bank would aim to disinflate. 34 The welfare benefits of long-term nominal contracting have not yet been analyzed in any serious way. The importance of being able to contract in nominal terms for 100 years, as was done in the nineteenth century, is probably very small.
No central bank has succeeded in producing long-run price stability in the postwar period, and it is not clear that the goal justifies the likely costs. These costs could be mitigated by reducing the costs of price level uncertainty, for instance through the introduction of indexed bonds, in ways that increase the costs of inflation for the government. NOTES 1. Worldwide inflation was accelerating during the 1960's, but the same statement applies to the comparison between 1993 and 1960-68. 2. For example, Dornbusch and Fischer (1994), Chapter 17, Fischer and Modigliani (1978), Fischer (1981), Howitt (1990), and Selody (1990).
Crawford (1993a) and Crawford (1993b). 30. Summers (1991), Lebow, Roberts and Stockton (1992). 31. The differential fell to 55 basis points at one point in the fall of 1992 but subsequently rose to more than 100 basis points again. 32. The constitutional referendum in the fall of 1992 played an important role in this regard. 33. See Barro and Gordon (1983), and Persson and Tabellini (1993). Having an explicit mandate in legislation could also be helpful in this regard. , MIT Press. G. ), Monetary Policy, Chicago, University of Chicago Press.