Interest and Prices: Foundations of a Theory of Monetary PolicyWith the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? |
From inside the book
Results 1-5 of 81
... defined in terms of this instrument — it seems best to think of it as still taking the same institutional form that it does today , namely , balances in an account with the central bank . 21. This presumes a world in which no payments ...
... defined in terms of the liabilities of the central bank.25 A financial contract that promises to deliver a certain ... define the thing to which these other claims are accepted as equivalent. This explains why the nominal interest yield ...
... defined ? Which sort of price index is most appropriately used in the inflation measure ? Relative to what concept of potential output should the output gap measure be defined ? And how strongly is it desirable to respond to variations ...
... defined. If instead one takes account of the sort of frictions that evidently still exist in an economy like that of the United States at present, then the models imply an equilibrium path for the money supply along with other ...
... defined, econometrically stable money-demand rela- tion, if one wishes to analyze the consequences of interest-rate rules such as the Taylor rule. But, it might be asked, is it clear that desirable policy rules should belong to this ...
Other editions - View all
Interest and Prices: Foundations of a Theory of Monetary Policy Michael Woodford No preview available - 2003 |