By Wim F. Duisenberg (auth.), J. Onno De Beaufort Wijnholds, Sylvester C. W. Eijffinger, Lex H. Hoogduin (eds.)

ISBN-10: 0792331737

ISBN-13: 9780792331735

ISBN-10: 9401108501

ISBN-13: 9789401108508

This ebook specializes in a variety of vital features of financial coverage reminiscent of the ultimate goal of financial coverage, the location of the relevant financial institution, the layout and implementation of financial coverage, the connection among financial coverage and trade cost regimes, and the implications of monetary reforms in significant and japanese Europe and in Latin the USA.
A Framework for financial Stability starts off with introductions by means of President W. Duisenberg (DNB) and vice president D. Mullins, Jr. (Federal Reserve Board). in addition, twelve contributions talk about and examine theoretical, empirical and institutional problems with financial coverage and vital banking in Europe and the United States in addition to in different nations. participants are reputed policymakers corresponding 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, popular 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 file through S. Eijffinger (CentER). the gathering of papers and court cases may be of remarkable curiosity to somebody who's professionally concerned with financial coverage and relevant banking.

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Additional info 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

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The costs of disinflation and the question of how to keep inflation low are taken up in section 2. In section 3 I discuss the potential for indexation and other institutional changes to reduce the costs of inflation. 1. THE OPTIMAL INFLATION RATE The standard account of the costs of inflation 2 starts by assuming that all institutions in the economy are perfectly adjusted for the existence of inflation, equivalently that the economy is indexed to the maximum possible extent. The costs of inflation are then the shoe-leather costs, measured by the area under the demand curve for non-interest bearing money, and the menu costs of changing prices.

There are two aspects to this scepticism. Would the simple autoregressive lag continue to capture expectations of inflation or would some weight be placed on the target itself? Are there previously ignored non-linearities, such as floors on wage changes, that begin to operate as the economy approaches price stability but which are not relevant at moderate rates of inflation? 28. The Reserve Bank of New Zealand has also issued semi-annual reports on its targets, which have served to focus the attention of the public on the targets periodically.

Summers and Steven B. Webb (1993). "Central Bank Independence, Growth, Investment, and Real Rates", mimeo, World Bank (February). Debelle, Guy (1993). ", mimeo, MIT (September). Dornbusch, Rudiger and Stanley Fischer (1994), Macroeconomics, sixth edition, New York, McGraw-Hill. Eijffinger, Sylvester and Eric Schaling (1993), "Central Bank Independence: Theory and Evidence", CentER Discussion Papers number 9325 (May), Center for Economic Research, Tilburg. Faig, Miguel (1985), "Optimal Taxation of Money Balances", unpublished, Stanford University.

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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 by Wim F. Duisenberg (auth.), J. Onno De Beaufort Wijnholds, Sylvester C. W. Eijffinger, Lex H. Hoogduin (eds.)


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