Monetary policy : goals, institutions, strategies, and instruments

Peter Bofinger ; in Collaboration with Julian Reischle and Andrea Schächter

This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Unusually for a volume in the field, it focuses on actual monetary policy - targets, institutions, strategies, and instruments - but traditional and contemporary theoretical approaches to monetary policy form the basis for each chapter. Concentrating specifically on the European Central Bank, "Monetary Policy" offers one of the first comprehensive guides to understanding thetargets, strategy, and instruments of the ECB.In the past, many books have presented mere descriptions of the insti

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Year of publication:	2001
Authors:	Bofinger, Peter
Other Persons:	Reischle, Julian (contributor) ; Schächter, Andrea (contributor)
Publisher:	Oxford : Oxford University Press
Subject:	Geldpolitik \| Monetary policy \| Geldtheorie \| Monetary theory \| Theorie \| Theory \| Deutschland \| Germany \| EU-Staaten \| EU countries \| USA \| United States \| Welt \| World \| Europäische Zentralbank
Description of contents:	Table of Contents [external.dandelon.com]

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Extent:	1 Online-Ressource (xxi, 454 Seiten)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Cover; Contents; List of figures; List of tables; List of boxes; List of abbreviations; Introduction; Part I. Theoretical Fundaments of Monetary Policy; 1. What is money?; 1.1. Introduction; 1.2. A microeconomic approach to the definition of money; 1.3. Defining money by its functions; 1.4. Defining money by its statistical properties; 1.5. The importance of a 'correct' definition of money; Appendix 1.1. Definitions of money in the euro area, the United States, Japan, and the UK; Appendix 1.2. The concept of (net) financial assets (flow of funds analysis); 2. The demand for money 2.1. Introduction2.2. The quantity theory of money and the Cambridge approach; 2.3. The interest rate as a determinant of the money demand; 2.4. The money demand function of Cagan; 2.5. Wealth as a determinant of the demand for money; 2.6. Empirical demand functions for money; Appendix 2.1. Cointegration; 3. The money supply process: starting point of the transmission process; 3.1. Introduction; 3.2. Creation and control of the monetary base by the central bank; 3.3. Consolidated balance sheet of the banking system and the supply of the money stock; 3.4. The mechanistic multiplier process 3.5. A price-theoretic model of the money supplyAppendix 3.1. A 'Poole analysis' for shocks; 4. Monetary policy transmission; 4.1. Introduction; 4.2. Limited knowledge about the transmission process; 4.3. The quantity theory channel; 4.4. Interest rate channels; 4.5. Expectations channels (the 'Phillips curve'); 4.6. Summary; Appendix 4.1. The original Poole model; Appendix 4.2. The concept of the 'price gap'; Part II. Domestic Aspects of Monetary Policy; 5. The ultimate goal and the final targets of monetary policy; 5.1. Introduction; 5.2. The long-term view: only price stability matters 5.3. Inflation and output growth in the short run5.4. Operational issues of a 'stability-oriented monetary policy'; 5.5. Summary; Appendix 5.1. Different variants of the nominal GDP targeting; Appendix 5.2. Calculating the welfare losses of sub-optimal money holdings; 6. The institutional framework for monetary policy I: 'rules versus discretion'; 6.1. Overview; 6.2. Rules versus discretion in monetary policy; 6.3. The main arguments for limiting the discretion of central bankers; 6.4. Rules that are imposed on central banks from outside; 6.5. Summary of the traditional debate 6.6. 'Time inconsistency': a new argument in support of rules?Appendix 6.1. The debate between the Banking School and the Currency School; 7. The institutional framework of monetary policy II: the design of the central bank legislation; 7.1. Overview; 7.2. Independence of monetary policy; 7.3. Accountability of central banks; 7.4. Liability of incompetent central bankers; Appendix 7.1. The functions of central banks and the technology of the payments systems; 8. Strategies ('simple rules') for a stability-oriented monetary policy; 8.1. The function of simple rules 8.2. 'Simple rules', intermediate targets, and indicators of monetary policy Electronic reproduction; Available via World Wide Web
ISBN:	978-0-19-924057-9 ; 978-0-19-166484-7 ; 978-0-19-924057-9
Classification:	Wirtschaftstheorie: Allgemeines ; Geld, Inflation, Kapitalmarkt ; Währung
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012676792