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The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno
Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
The Development of International Monetary Policy traces the development of international monetary policy from mercantilism to quantitative easing. It has been structured to present some of the pressing issues in international monetary relations involving currency valuation, inflation, exchange rates, and regional monetary policy. Additionally, it presents international monetary law as a basis for understanding the concept of monetary sovereignty and the limits of state autonomy in an interdependent world of legal arrangements. The book revisits some controversial arguments about stagflation and expansionary monetary policy, and it uses current time series data and empirical evidence to show why theories about the trade-off between inflation and unemployment are not extinct. Part of the concluding argument indicates that it is imperative for the international community to have a structure for monetary dispute resolutions involving autonomous states. Notably, the author further concludes that fiat money will continue to be a dominant unit of account, more so than crypto-currencies, into the distant future. An accessible and practical read, this is book is a valuable resource for postgraduates, academics and researchers of international trade, finance and economics.
Book Synopsis The Development of International Monetary Policy by : Christopher E.S. Warburton
Download or read book The Development of International Monetary Policy written by Christopher E.S. Warburton and published by Routledge. This book was released on 2017-08-15 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Development of International Monetary Policy traces the development of international monetary policy from mercantilism to quantitative easing. It has been structured to present some of the pressing issues in international monetary relations involving currency valuation, inflation, exchange rates, and regional monetary policy. Additionally, it presents international monetary law as a basis for understanding the concept of monetary sovereignty and the limits of state autonomy in an interdependent world of legal arrangements. The book revisits some controversial arguments about stagflation and expansionary monetary policy, and it uses current time series data and empirical evidence to show why theories about the trade-off between inflation and unemployment are not extinct. Part of the concluding argument indicates that it is imperative for the international community to have a structure for monetary dispute resolutions involving autonomous states. Notably, the author further concludes that fiat money will continue to be a dominant unit of account, more so than crypto-currencies, into the distant future. An accessible and practical read, this is book is a valuable resource for postgraduates, academics and researchers of international trade, finance and economics.
Annotation Provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.
Book Synopsis Resetting the International Monetary (Non)System by : José Antonio Ocampo
Download or read book Resetting the International Monetary (Non)System written by José Antonio Ocampo and published by Oxford University Press. This book was released on 2017 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.
Book Synopsis The Evolution of the International Monetary System by : Robert Triffin
Download or read book The Evolution of the International Monetary System written by Robert Triffin and published by . This book was released on 1964 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Book Synopsis The Evolution of the International Monetary System, 1945-85 by : Brian Tew
Download or read book The Evolution of the International Monetary System, 1945-85 written by Brian Tew and published by Random House (UK). This book was released on 1985 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
According to a recent World Bank study, the Asian crisis led to a significant rise in poverty and sharp declines in middle-class living standards in the countries most affected. Real public spending on health and education fell, with poor households experiencing the largest declines in access to these services. The impact of decreased investment in human capital will have consequences for individuals and whole societies for years to come. Because these external shocks occurred very shortly after these countries had liberalized their capital markets, they have engendered a growing distrust of globalization in many parts of the world. We owe it to the people of the developing countries, as well as to ourselves, to consider how institutional or policy changes could moderate such setbacks in the future. For all these reasons, this conference seemed a good time to pause and consider the implications of recent events, institutional changes, and new research for the evolution of the international monetary system. Representing frontline countries and frontline institutions, many of the conference participants had struggled firsthand with the dilemmas posed by the recent crises. Thus, they brought unique perspectives on the issues and offered thoughtful observations and useful ideas that could improve the workings of the international monetary system. It is our hope that this publication of their views will stimulate further discussion, research and, more than partial implementation.
Book Synopsis Rethinking the International Monetary System by : Jane Sneddon Little
Download or read book Rethinking the International Monetary System written by Jane Sneddon Little and published by University Press of the Pacific. This book was released on 1999 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to a recent World Bank study, the Asian crisis led to a significant rise in poverty and sharp declines in middle-class living standards in the countries most affected. Real public spending on health and education fell, with poor households experiencing the largest declines in access to these services. The impact of decreased investment in human capital will have consequences for individuals and whole societies for years to come. Because these external shocks occurred very shortly after these countries had liberalized their capital markets, they have engendered a growing distrust of globalization in many parts of the world. We owe it to the people of the developing countries, as well as to ourselves, to consider how institutional or policy changes could moderate such setbacks in the future. For all these reasons, this conference seemed a good time to pause and consider the implications of recent events, institutional changes, and new research for the evolution of the international monetary system. Representing frontline countries and frontline institutions, many of the conference participants had struggled firsthand with the dilemmas posed by the recent crises. Thus, they brought unique perspectives on the issues and offered thoughtful observations and useful ideas that could improve the workings of the international monetary system. It is our hope that this publication of their views will stimulate further discussion, research and, more than partial implementation.
Book Synopsis The Evolution of the International Monetary System by : Robert Triffin
Download or read book The Evolution of the International Monetary System written by Robert Triffin and published by Princeton, N. J.,. International Finance Section, Department of Economics, Princeton University. This book was released on 1964 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt:
An argument that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. In this book, the economist John Taylor argues that the apparent correlation of monetary policy decisions among different countries—largely the result of countries' concerns about the exchange rate—causes monetary policy to deviate from effective policies that stabilize inflation and the economy. He argues that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. Taylor shows that monetary polices in recent years have been deployed either defensively, as central banks counteract forces from abroad that affect the exchange rate, or offensively, as central banks attempt to move the exchange rate to gain a competitive advantage. Focusing on the years from 2005 to 2017, he develops an empirical framework to examine two monetary policy instruments: the policy interest rate (the more conventional of the two) and the size of the balance sheet. He finds that an international contagion in central bank decisions about the policy interest rate has accentuated the deviation from standard interest rate rules that have worked in the past. He finds a similar contagion in decisions about the size of the balance sheet. By considering a counterfactual policy in the estimated model, Taylor is able to estimate by how much the policy of recent years has increased exchange rate volatility. After several rounds of monetary actions and reactions aimed at exchange rates, Taylor finds, the international monetary system is left with roughly the same interest rate configuration, but much larger balance sheets to unwind.
Book Synopsis Reform of the International Monetary System by : John B. Taylor
Download or read book Reform of the International Monetary System written by John B. Taylor and published by MIT Press. This book was released on 2019-04-09 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: An argument that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. In this book, the economist John Taylor argues that the apparent correlation of monetary policy decisions among different countries—largely the result of countries' concerns about the exchange rate—causes monetary policy to deviate from effective policies that stabilize inflation and the economy. He argues that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. Taylor shows that monetary polices in recent years have been deployed either defensively, as central banks counteract forces from abroad that affect the exchange rate, or offensively, as central banks attempt to move the exchange rate to gain a competitive advantage. Focusing on the years from 2005 to 2017, he develops an empirical framework to examine two monetary policy instruments: the policy interest rate (the more conventional of the two) and the size of the balance sheet. He finds that an international contagion in central bank decisions about the policy interest rate has accentuated the deviation from standard interest rate rules that have worked in the past. He finds a similar contagion in decisions about the size of the balance sheet. By considering a counterfactual policy in the estimated model, Taylor is able to estimate by how much the policy of recent years has increased exchange rate volatility. After several rounds of monetary actions and reactions aimed at exchange rates, Taylor finds, the international monetary system is left with roughly the same interest rate configuration, but much larger balance sheets to unwind.
Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy.
Book Synopsis Rules for International Monetary Stability by : Michael Bordo
Download or read book Rules for International Monetary Stability written by Michael Bordo and published by Hoover Press. This book was released on 2017-04-01 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy.
