Monetary Policy, a Market Price Approach

Idioma: inglés

Editorial: Praeger, 1996

1567200591 / 9781567200591

Librería: AHA-BUCH GmbH, Einbeck, AlemaniaAHA-BUCH GmbH

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Descripción del artículo del vendedor

nach der Bestellung gedruckt Neuware - Printed after ordering - This is the first comprehensive presentation of how monetary policymakers can use market prices to produce price stability. Drs. Johnson and Keleher show why other, conventional methods have failed and why market prices are superior guides for setting monetary policy. Their book presents the rationale, history, and philosophy underlying their approach; offers three forms of empirical research evidence to support it; and then presents special methods to use market prices as policy setting guides. Important and challenging reading for monetary policymakers and economists, bankers, financial analysts, and professional investors, as well as their colleagues in the academic community with similar interests.Substantial changes involving revolutions in telecommunications and information processing, financial deregulation, and the global integration of financial markets have altered the environment in which central banks operate. This altered environment has undermined various conventional approaches to monetary policy. This book presents an alternative market price approach to monetary policy. The approach is easily adapted to the above-cited change: it adopts a price stabilization policy goal and uses key market prices from the commodity, foreign exchange, and bond markets as guides to policy. Commodity prices, foreign exchange rates, and bond yields represent proxies for the exchange rate between domestic money and (1) commodities, (2) foreign monies, and (3) future money (bonds), respectively. These market prices are assessed in conjunction with one another to yield policy guidance to the monetary authority. This book describes how this approach is carried out in practice. Empirical evidence support the approach from three perspectives. First, empirical support exists for each of the individual market price indicators examined in isolation. Second, market price indicators provided accurate signals for monetary policymakers during the post-Bretton Wood era. Had this market price approach been used by policymakers, the performance of the macroeconomy during this period likely would have been improved. Third, at least one historical episode demonstrates that when the approach was employed, economic performance was impressive, and price stability was, in fact, achieved. …

N° de ref. del artículo 9781567200591

Título
Monetary Policy, a Market Price Approach
Autor
Robert E. Keleher
Editorial
Praeger
Año de publicación
1996
Estado
Neu
Encuadernación
Buch
Idioma
inglés
ISBN 10
1567200591
ISBN 13
9781567200591
Peso del artículo
661 gramos
Dimensiones
240x161x22 mm

AHA-BUCH GmbH

Einbeck, Alemania

Vendedor de 5 estrellas

Vendedor de IberLibro desde 14 de agosto de 2006

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Einbeck, Alemania 37574