Current Issues in Monetary Economics

✍ Scribed by Helmut Wagner (auth.), Prof. Dr. Helmut Wagner (eds.)

• Publisher: Physica-Verlag Heidelberg
• Year: 1998
• Tongue: English
• Leaves: 342
• Series: Contributions to Economics
• Edition: 1
• Category: Library

✦ Synopsis

Helmut Wagner University of Hagen, Feithstr. 140, D - 58084 Hagen In the last few years decisive methodological and thematic focal points which are important for practical economic policy have been developed in the theory of monetary and exchange rate policy. This book is concerned with these developments, their assessment and the open questions which have still not been solved. It is divided into four parts. The first part deals with central bank design, the second with strategies of monetary policies and their implementation. Part III is concerned with theoretical aspects of exchange rate policy and monetary union, and part IV with selected issues of monetary and exchange rate policy in developing and transition countries. In the following pages I will provide an 1 overview of the individual articles With the exception of the article by Nobel . Laureate James Tobin, the contributions contained in this book were all introduced and discussed at an academic symposium I organized in Castrop­ Rauxel on 8 and 9 September 1997. James Tobin agreed spontaneously to my suggestion that he should write a comprehensive article especially for this publication. A short summary of the comments or supplementary papers and of the general discussions will be given in the last section of this book, titled "Conclusion and Supplements". There I will also provide some supplements respecting the issues which were the subject of the greatest amount of debate at the symposium.

✦ Table of Contents

Front Matter....Pages I-VI
Introduction....Pages 1-12
Monetary Policy: Recent Theory and Practice....Pages 13-21
Front Matter....Pages 23-23
Mechanism Design for Central Banks — Results and Unsolved Issues....Pages 27-51
Comment....Pages 53-59
Central Bank Autonomy and Political Decision Process....Pages 63-76
For a Monetary Policy that is Independent, yet Subject to Rules....Pages 77-88
Front Matter....Pages 89-89
Monetary Policy Strategies: From Rules to Central Bank Contracts under Contingent Target Agreements....Pages 93-108
Comment....Pages 109-118
Central Bank Policy Rules: Conceptual Issues and Practical Considerations....Pages 121-140
Implementation Problems of Monetary Policy Strategy....Pages 141-161
Comment (on Stephen Cecchetti and Gabriel Fagan )....Pages 163-172
Front Matter....Pages 173-173
Controversies on Exchange Rate Systems....Pages 177-241
Comment....Pages 243-247
The Indeterminacy of the Euro Conversion Rates. Why It Matters and How It Can Be Solved....Pages 251-272
Comment....Pages 273-283
Front Matter....Pages 285-285
Issues in Monetary and Exchange Rate Policy of Developing Countries....Pages 289-306
Towards a General Theory of a Currency Board System....Pages 309-326
Comment....Pages 327-340
Conclusion and Supplements....Pages 341-351
Back Matter....Pages 353-356

✦ Subjects

Macroeconomics/Monetary Economics