Central Banking in Theory and PracticeMIT Press, 7. 1. 1999 - Počet stran: 108 Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board—one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral." |
Další vydání - Zobrazit všechny
Běžně se vyskytující výrazy a sousloví
academic Alan Greenspan American Economic Review argued bank’s Barro and Gordon believe Bernanke Blinder Brainard central bank independence central banking circles choice of monetary cointegration Congress credibility decisionmaking disinflation dynamic inconsistency dynamic programming econometric models economists estimate example exchange rate Fed’s federal funds rate Federal Reserve Board financial markets FOMC decisions forecasts governor incentive independent central banks inflationary bias Kydland lags in monetary Lionel Robbins literature long rates long-term interest rates loss function low inflation Lucas critique monetary aggregates monetary authorities monetary instrument monetary policy decisions neutral real interest nominal GDP nominal interest rate parameter Phillips curve policy instrument policymakers political politicians practical central bankers preemptive strike problem rational expectations reach for short-term real interest rate real rate reason Reserve Bank Rogoff rules versus discretion short-run short-term interest rates simple steady-state IS curve strategy suggested target Theil theorists Tinbergen Tinbergen-Theil framework today’s uncertainty variables zero