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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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Hardback

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

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Contents




List of figures and table page ix
Acknowledgments xi
 
Introduction 1
  Outline of the two lectures 7
 
Lecture 1: Monetary policy in uncharted territory 12
1.1 Introduction 12
1.2 Uncharted territory: unique historical events 15
1.3 Achieving price stability 23
1.4 Avoiding excess volatility in inflation, output, and the interest rate 38
1.5 Pragmatic monetarism: the Bundesbank 47
1.6 A stability-oriented strategy: the ECB 61
1.7 Conclusions 74
 
Lecture 2: Imperfect knowledge, learning, and conservatism 77
2.1 Introduction 77
2.2 Time inconsistency, cost-push shocks and Rogoff ’s conservatism 83
  Empirical output gap uncertainty 96
2.4 Output gap uncertainty, learning, and conservatism 100
2.5 Different degrees of central bank knowledge and information 108
2.6 Conclusions 114
 
Notes 117
References 122
Index 136

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