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Stability with Growth: Macroeconomics, Liberalization and Development

Joseph Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This book discusses the current debates on macroeconomics, capital market liberalization, and development, and develops a new framework within which one can assess alternative policies. The authors ... More


Stabilization, Liberalization, and Growth

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0014
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter concludes the book by reviewing some of the key links between stabilization, liberalization, and growth. The first section reviews why instability is bad for the growth of the economy. ... More


The End of a Mirage: More Money Increases Inflation but Not Employment

Brigitte Granville

in Remembering Inflation

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691145402
eISBN:
9781400846443
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691145402.003.0001
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter describes the learning trajectory that led economists and policymakers to regard controlling inflation as a priority and to pursue this goal of greater price stability more effectively. ... More


The Fluctuating Rationale of Monetary Union

James Forder and Peter Oppenheimer

in Elitism, Populism, and European Politics

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198280354
eISBN:
9780191599422
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198280351.003.0012
Subject:
Political Science, Comparative Politics

The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and ... More


Three Perspectives on Policy

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Despite progress in economic science, important disagreements remain about the conduct of macroeconomic policy. This chapter identifies three broad policy positions (‘conservative’ or ‘neoclassical’, ... More


Where Do Rules Come From? The Creation of the European Central Bank

Kathleen R. Mcnamara

in The Institutionalization of Europe

Published in print:
2001
Published Online:
April 2004
ISBN:
9780199247967
eISBN:
9780191601088
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019924796X.003.0008
Subject:
Political Science, European Union

An analysis is presented of the creation and development of rules governing the organizational form and the policy content of the European Central Bank (ECB). The establishment of the ECB and the ... More


What Drives Prices in Egypt?: An Analysis in Light of International Experience

Hanaa Kheir-El-Din (ed.)

Published in print:
2009
Published Online:
September 2011
ISBN:
9789774163036
eISBN:
9781617970344
Item type:
book
Publisher:
American University in Cairo Press
DOI:
10.5743/cairo/9789774163036.001.0001
Subject:
Political Science, Political Economy

Since 2004, economic reforms in Egypt have led to robust expansion, a healthy external position, and enhanced investor confidence. But despite these positive macroeconomic developments, inflation has ... More


Accountability, Credibility, Transparency, and Stabilization Policy in the Eurosystem

Alex Cukierman

in The Impact of EMU on Europe and the Developing Countries

Published in print:
2001
Published Online:
October 2011
ISBN:
9780199245314
eISBN:
9780191697449
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199245314.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the relationship between accountability and credibility and discusses factors that might affect this trade-off. It also examines how transparency-enhancing measures interact ... More


The Interwar Gold Standard in Operation

Barry Eichengreen

in Golden Fetters: The Gold Standard and the Great Depression, 1919-1939

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195101133
eISBN:
9780199869626
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195101138.003.0007
Subject:
Economics and Finance, Economic History

This is the first of three chapters that consider the operation of the reconstructed gold standard system following World War I; it documents the decline in its credibility and in international ... More


Competition, Selection and Market Discipline

G. B. Richardson

in Information and Investment: A Study in the Working of the Competitive Economy

Published in print:
1997
Published Online:
November 2003
ISBN:
9780198292432
eISBN:
9780191596810
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292430.003.0007
Subject:
Economics and Finance, Microeconomics

Competition is required to provide incentives and efficient selection. This chapter considers how the performance of these disciplinary and evolutionary functions is affected by the circumstances, ... More


Central Banking before the Great Recession

Francesco Papadia and Tuomas Vӓlimӓki

in Central Banking in Turbulent Times

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198806196
eISBN:
9780191844058
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198806196.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter describes the historical process as well as the analytical and empirical factors that, at the end of the twentieth century, led to the dominance, in advanced economies, of a central bank ... More


Inflation Targeting in the United States?

Marvin Goodfriend

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0009
Subject:
Economics and Finance, Financial Economics

In what sense can monetary policy as currently practiced by the U.S. Federal Reserve be characterized as inflation targeting? And what, if any, features of an inflation-targeting policy regime should ... More


External Shocks and Price Stability under the Linked Rate

Yue Chim Richard Wong

in Diversity and Occasional Anarchy: On Deep Economic and Social Contradictions in Hong Kong

Published in print:
2013
Published Online:
January 2014
ISBN:
9789888139446
eISBN:
9789888180349
Item type:
chapter
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789888139446.003.0004
Subject:
Society and Culture, Asian Studies

The Hong Kong dollar was fixed against the pound sterling until June 1972. Since 1983, it has been fixed against the US dollar. The linked exchange rate connects Hong Kong with the international ... More


Great Moderation and Inflation Targeting in the World1

Hanaa Kheir-El-Din

in What Drives Prices in Egypt?: An Analysis in Light of International Experience

Published in print:
2009
Published Online:
September 2011
ISBN:
9789774163036
eISBN:
9781617970344
Item type:
chapter
Publisher:
American University in Cairo Press
DOI:
10.5743/cairo/9789774163036.003.0002
Subject:
Political Science, Political Economy

Inflation levels and volatilities have declined and output growth rates are more stable in all major world regions. Economic growth has been nothing but vigorous in the past decade. Price stability ... More


Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods

Andreas Beyer, Vitor Gaspar, Christina Gerberding, and Otmar Issing

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter explains the monetary targeting framework followed by the German Bundesbank from 1974 to 1998, and relates the Bundesbank’s success in maintaining price stability and in anchoring ... More


Basic Monetary Policy Objectives

Stephen H. Axilrod

in The Federal Reserve: What Everyone Needs to Know

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199934485
eISBN:
9780199345786
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199934485.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the Fed's monetary policy objectives. It addresses the following questions: What are the Fed's basic objectives? How does the Fed take account of it long-run economic goals? ... More


Monetary Policy and Asset Price Volatility: Should We Refill the Bernanke-Gertler Prescription?

Kenneth N. Kuttner

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0007
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter comments on the paper “Monetary Policy and Asset Price Volatility,” by Ben Bernanke and Mark Gertler. In their paper, Bernanke and Gertler examine the volatility of asset price bubbles ... More


E Pluribus Unum

Juliet Johnson

in Priests of Prosperity: How Central Bankers Transformed the Postcommunist World

Published in print:
2016
Published Online:
August 2016
ISBN:
9781501700224
eISBN:
9781501703751
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501700224.003.0001
Subject:
Political Science, Political Economy

This chapter explains why and how central bankers in the advanced industrial democracies formed a cohesive community advocating price stability and political independence in the 1990s. This community ... More


The BOJ Worldview and its Historical Development

Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo

in Taming Japan's Deflation: The Debate over Unconventional Monetary Policy

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501728174
eISBN:
9781501728181
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501728174.003.0004
Subject:
Political Science, Political Economy

This chapter looks at the evolution of specific ideas about monetary policy within the Bank of Japan (BOJ) organization, including the formative experiences that shaped the worldview of the BOJ. The ... More


Monetary Policy and Asset Price Volatility

Ben Bernanke and Mark Gertler

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0006
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines the volatility of asset price bubbles and its implications for monetary policy. It first considers how asset prices interact with the real economy before expanding the financial ... More


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