Monetary policy rule in theory and practice : facing the internal vs external stability dilemma

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Title:

Monetary policy rule in theory and practice : facing the internal vs external stability dilemma

Author:

Barbaroux, Nicolas, 1979-, author.

ISBN:

9780415501804

Personal Author:

Barbaroux, Nicolas, 1979-, author.

Publication Information:

London : Routledge, 2013.

Physical Description:

xv, 227 pages : illustrations ; 25 cm.

Series:

Routledge international studies in money and banking ; 78

Routledge international studies in money and banking ; 78.

Contents:

Machine generated contents note: pt. I Monetary policy in theory -- 1.Modern views on monetary policymaking -- Modern monetary policymaking -- Knut Wicksell (1851-1926): a monetary policy rule forerunner -- The Woodford core model 36 Conclusion -- 2.Orthodox views on monetary policymaking -- The gold standard as a `commitment' mechanism -- The unofficial story of the gold standard system -- Conclusion -- pt. II Monetary policy in practice -- 3.The French heterodoxy in monetary policymaking -- Outlook on the French situation -- French monetary policymaking between the wars -- French monetary policy: why France was a bad player in the `gold standard game' -- Conclusion -- 4.The Swedish Wicksellian experiment: a pioneered price level target -- Sweden: a step by step exit from the gold standard -- The 1931 monetary stabilization programme -- Conclusion -- pt. III The 2008 financial crisis: implications for monetary policy rule making -- 5.Monetary policy facing a financial crisis --

Contents note continued: Introduction -- Causes of the financial crisis: an overview -- The financial crisis and the policy responses -- Conclusion -- 6.Lessons learned -- Introduction -- Lessons from the financial crisis -- Towards a new monetary policy design -- Conclusion -- Conclusion.

Subject Term:

Monetary policy.

Copies:

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Library	Material Type	Item Barcode	Shelf Number	Copy	Status
Searching... 1:IIEMSA	1:GEN-BOOK	33168025594181	339.53 B229M 2013	1	Searching... Unknown

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Summary

This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies.

A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes' argument from his 1923 'Tract on Monetary Reforms', to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.