Extent: | Online-Ressource (xv, 254 p) ill |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Includes bibliographical references and index Cover; A Macroeconomic Regime for the 21st Century: Towards a new economic order; Copyright; Contents; List of figures; List of tables; List of boxes; Preface; 1. Introduction: To Utopia and back; Plan of the book; A bird's eye view of history; Part I: The new macroeconomic consensus and its problems; 2. The demise of economic management; The idea of economic management; The high-employment goal; Fiscal activism; Pegged exchange rates; Inflationary bias; Verdict; 3. The monetarist experiment and its legacy; The idea of monetary control; The dash to monetarism; The retreat from monetarism Monetarism's weaknessesAlternative transmission mechanisms; Other counter-inflation targets; Verdict: the lessons from monetarism; 4. The 1990s synthesis; Principles of the 1990s synthesis; The revival of free-market economics; The onward march of globalisation; The influence of rational expectations; A reprieve for demand management; Output stabilisation as a subsidiary objective; The Phillips curve and the NAIRU; The attachment to exchange-rate floating; The 'New Macroeconomic Consensus' model; Annex 4.1: Mechanics of the Phillips curve; 5. Problems under the 1990s synthesis The 'one-club' methodologyAsset-price instability and financial-market fragility; Exchange-rate instability; Inflexible fiscal targets; The separation of monetary and fiscal policy; Weak central bank accountability; Exogenous threats; The China syndrome; 6. The global financial crisis; The crash of 2007-8; Lessons from the financial crisis; Part II: The elements of a more durable regime; 7. Monetary policy; Objectives and targets of monetary policy; Instruments of monetary policy; The interface between monetary policy and financial regulation; Macro-prudential instruments for central banks 8. Fiscal policyObjectives and rules of fiscal policy; An active stabilisation role for fiscal policy; Reforming the fiscal policy institutions; A sustainable approach to pensions financing; Annex 8.1: Saving, investment and the balance of payments: accounting links; Annex 8.2: Saving, investment and the balance of payments: a loanable funds analysis; 9. Exchange rate policy; The case for exchange-rate stabilisation; The sources of exchange-rate instability; The path to currency stability; Reforming the international monetary system; Choosing and pursuing exchange-rate targets 10. Review and assessmentThe case for reform; A more durable regime; Assignment of targets and instruments; A North Atlantic monetary union; Towards a new economic order; Notes; References; Index Electronic reproduction; Available via World Wide Web |
ISBN: | 978-0-415-59897-2 ; 1-283-10438-5 ; 978-0-415-59898-9 ; 978-1-283-10438-8 ; 978-1-136-82370-1 ; 0-203-83063-6 ; 978-0-203-83063-5 ; 1-283-10102-5 |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012675223