Download A Framework for Monetary Stability: Papers and Proceedings by Wim F. Duisenberg (auth.), J. Onno De Beaufort Wijnholds, PDF

By Wim F. Duisenberg (auth.), J. Onno De Beaufort Wijnholds, Sylvester C. W. Eijffinger, Lex H. Hoogduin (eds.)

ISBN-10: 0792331737

ISBN-13: 9780792331735

This e-book makes a speciality of a number of vital points of financial coverage corresponding to the ultimate goal of economic coverage, the location of the crucial financial institution, the layout and implementation of economic coverage, the connection among financial coverage and alternate cost regimes, and the results of monetary reforms in imperative and jap Europe and in Latin the United States.
A Framework for financial Stability starts with introductions through President W. Duisenberg (DNB) and vice president D. Mullins, Jr. (Federal Reserve Board). in addition, twelve contributions speak about and examine theoretical, empirical and institutional problems with financial coverage and principal banking in Europe and the USA in addition to in different nations. members are reputed policymakers akin to C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guitián (IMF) and A. Icard (Banque de France). additionally, fashionable lecturers like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The publication ends with a common document by means of S. Eijffinger (CentER). the gathering of papers and lawsuits can be of exceptional curiosity to a person who's professionally concerned with financial coverage and important banking.

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Additional resources for A Framework for Monetary Stability: Papers and Proceedings of an International Conference organised by De Nederlandsche Bank and the CentER for Economic Research at Amsterdam

Sample text

For instance, the view that low inflation encourages long-term nominal contracting5 must be based on the assumption that price level uncertainty is lower at low inflation rates. It is, but uncertainty about future price levels can differ greatly even for a given average rate of inflation. A central bank that credibly proclaims a zero inflation target is increasing certainty about the price level in the short-run; a central bank that has a credible long-term price level target is increasing certainty about the price level in the long run.

5% in mid-1994, and 2 % at the end of 1995. The formulation of a direct target for inflation was chosen in the absence of a viable intermediate target for monetary policy. The targets were announced in a joint statement by the Central Bank and the Government to demonstrate that they enjoyed wide support and to give them credibility. The record on inflation in Canada has been that it (the year on year increase in the CPI) fell rapidly in 1991 from around 7% to around 2%, where it has remained throughout 1992 and for the first half of 1993.

A comparison of inflationary developments in Canada and New Zealand, which used inflation-reduction targets, and those in other countries without such targets will provide interesting material for future researchers about the role of formally-announced targets in affecting expectations and helping to achieve price stabili ty. However, it will be necessary to await the inflation results over a whole business cycle before drawing firmer conclusions about the role of the targets on the basis of the experience of these countries.

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