Monetary Policy, a Market Price Approach
Language: English
Published by Quorum Books, 1996
- Hardcover
- New
Seller: moluna, Greven, Germanymoluna
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Condition: New
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Add to basketItem description from seller
Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. This is the first comprehensive presentation of how monetary policymakers can use market prices to produce price stability. The approach is easily adapted to the above-cited change: it adopts a price stabilization policy goal and uses key market prices from.
Seller Inventory # 448117348
- Title
- Monetary Policy, a Market Price Approach
- Author
- Johnson, Manuel H.|Keleher, Robert E.
- Publisher
- Quorum Books
- Publication year
- 1996
- Condition
- New
- Binding
- Gebunden
- Language
- English
- ISBN 10
- 1567200591
- ISBN 13
- 9781567200591
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.
"Synopsis" may belong to another edition of this title.
About the Author
ROBERT E. KELEHER is Chief Economist of Johnson Smick International. Prior to joining the firm he was Vice-Chairman Johnson's special assistant and monetary adviser at the Federal Reserve Board, and also served as Senior Macroeconomist at the Council of Economic Advisors. He has also been Research Officer and Senior Financial Economist at the Federal Reserve Bank of Atlanta and an economist at First Tennessee National Corporation, a major regional bank holding company. He is coauthor of one book and the author of more than 40 articles in academic journals and other publications.
"About the title" may belong to another edition of this title.
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