Monetary Policy Rule in Theory and Practice Facing the Internal vs External Stability Dilemma Routledge International Studies in Money and Banking Series
Auteur : Barbaroux Nicolas
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.
Introduction 1. Modern Views on Monetary Policymaking 2. The Monetary Policy Orthodoxy 3. The French Heterodoxy 4. The Swedish Wicksellian Experiment 5. Monetary Policy facing Financial Crisis 6. Monetary Policy and Financial Crisis
Nicolas Barbaroux is Doctor in Economics at the University of St Etienne, France
Date de parution : 04-2013
15.6x23.4 cm
Date de parution : 03-2015
15.6x23.4 cm
Thèmes de Monetary Policy Rule in Theory and Practice :
Mots-clés :
central; banks; external; stability; inflation; target; policymaking; targeted; price; levels; Monetary Policy Rule; DSGE Framework; TAF; Credit Spread Increases; Monetary Policymaking; Pure Credit Economy; Gold Standard Regime; Inflation Targeting; Open Market Operations; External Stability; Gold Standard System; Monetary Policy Design; Gold Standard Era; Interbank Money Market; Taylor Type Rule; Fed's Monetary Policy; Discount Rate; Gdp Component; Swedish Central Bank; ECB Official; ECB Monetary Policy; Scandinavian Monetary Union; ECB Policy; Credit Spread; Monetary Policy Framework