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Home > Catalogue > Imperfect Knowledge and Monetary Policy
Imperfect Knowledge and Monetary Policy

Details

  • 1 table
  • Page extent: 152 pages
  • Size: 216 x 138 mm
  • Weight: 0.33 kg

Library of Congress

  • Dewey number: 332.46
  • Dewey version: 22
  • LC Classification: n/a
  • LC Subject headings:
    • Monetary policy

Library of Congress Record

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 (ISBN-13: 9780521854863 | ISBN-10: 0521854865)

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Index




academic literature, 3–7

   bounded rationality, 6

   rational expectations, 26

adaptive learning, 6, 118

Atkeson and Ohanian, 46

Barro and Gordon, 92

Bayesian decision theory, 5

Blinder, Alan, 5, 92

bounded rationality, 6

Brainard, 20, 41

Bretton Woods, 49

Bundesbank, 9, 18, 30, 31, 34, 47–61, 74–5

   criticism of monetary policy 60–1

   European Monetary Union 60–74

   monetary targeting, 49, 49–61

   stability culture, 61

Canova, 46

central bank, 47, 69

   analytical tools, 7, 8

   communications policy, 36–8

   credibility, 24, 40, 55, 62, 75

   importance of experience, 8

   inflation targeting, 46

   as players, 3

   output gap stabilization, 82

   policy making, 9, 12–14, 16, 28, 33, 74–5

   public announcements, 29–32

   transparency, 31

   types of uncertainty, 2

certainty equivalence, 4

Clarida, Gali and Gertler, 40, 81–2, 89, 93, 109

conservativism, 5, 20, 108

consumer price index inflation, 48

   German, 53

constant gain learning, 105, 107

cost-push shocks, 80, 83–4

   positive, 87

Cukierman, 120

D-Mark, 52, 60

efficiency frontier, 81, 82, 89, 109–13

EMU Monitor, 66

Europe, 35

European Central Bank (ECB), 9, 16, 19, 30, 36, 47

   EMU, 61–75

   evaluation, 72

   Governing Council, 63, 72

   monetary targeting, 62–3

   price stability, 31

   strategy, 38, 65–6

     criticism of, 65–6

   statute, 61

European Monetary Policy, 16–17

   structural change, 18

European Monetary System, 60

European Monetary Union, 60–74

   Stage Three, 64, 69–70

Evans and Honkapohja, 107

Exchange Rate Mechanism (ERM) crisis, 1992–93 19

Federal Reserve, 35, 47, 96

Friedman, Milton, 10–11, 29, 39, 41, 50, 77–9, 80, 81, 113, 120

financial innovation, 57

gap measures, 66–8

Gaspar and Smets, 28

Gaspar, Smets and Vestin, 28

GDR, 52–4

German unification, 16, 52

Giannoni and Woodford, 44

Goodhart’s law, 59

Greenspan, Alan, 32

Harmonised Index of Consumer Prices (HICP), 63, 72, 74

historical events

   uniqueness of, 15

Hodrick-Prescott (HP) filter, 82, 83, 85, 86, 96, 97, 99, 100, 108–9, 112, 113

horizon problem, 44–7

imperfect knowledge, 1–3, 101, 110, 111

inflation, 115

   expectations, 26, 73

     Germany, 55

   model-based forecasts, 37

   targeting, 30–2, 37, 75

   “unavoidable” 55

   volatility, 83, 88, 101

   zero, 33

inflationary shocks

   aggressive policy response, 32

information

   soft, 21–2

Japan, 35

Kant, Emmanuel, 21

Knight, 1

Kydland and Prescott, 24, 92

lagged responses, 78

Larson, 4

learning dynamics, 2

Lucas, 16, 120

M3 51, 53, 54, 56, 62, 69–70

   during German unification, 58

   Euro area, 72

McCallum, 5–6

macroeconomic models, 85

mathematical models, 12

micro-founded models, 85, 86

“model uncertainty”, 4, 5, 98

money, theory of, 30

money market funds, 58

monetary policy, 63

   scientific approach to, 15

monetary targeting, 37

   ECB, 62–3, 65

Monitoring the ECB, 65

Nelson and Nikolov, 96, 98

Neurath, 14

New Classical Synthesis, 67, 79, 83, 98

New-Keynesian, 79

New-Keynesian Phillips curve, 40, 84, 114

Orphanides, Athanasios, 77

Orphanides and van Norden, 96

Orphanides and Williams, 27–8, 68, 96, 107

output gap, 85, 88, 96, 106

   definition, 98–9

   volatility of, 101–4, 115

Phillips-curve based models, 46, 80, 88

portfolio rebalancing, 70

potential output shocks, to, 86, 120

   negative, 87

price stability objective, 8, 23–4, 24, 25, 63, 72, 88, 115

private sector, 92–3, 94, 95, 100, 102, 103, 106, 109, 116

rational expectations (RE), 82, 90, 91, 92, 93

recursive least squares (RLS), 82, 92, 93, 101, 102, 106–7, 109–12

regime shift, 15–18, 63

robust control approach, 6

Rogoff, 10, 80, 82, 85, 86, 104, 108, 115

Ross and Ubide, 68, 98

Rünstler, 96, 98

Schlesinger, Helmut, 48

SDGE, 99

Smets and Wouters, 42, 99

stabilization policies, 11

stagflation, 27

stochastic simulation, 77

Stone, Richard, iv, 7, 34, 78

Svensson and Woodford, 44

Swiss National Bank, 30

“target rules”, 43–4

Taylor, 35, 81, 89, 96, 109–12

VARs, 39

Vickers, 37

Woodford, 25, 39, 84, 8

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