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Inflation and Deflation in East Asia
In light of the deflationary trends following the 2008/2009 financial crisis, as well as the return of inflation triggered by the COVID-19 pandemic and the war in Ukraine, this book offers insights into price stability issues in various East Asian countries. Leading scholars from the fields of economics and law as well as central bank practitioners present case studies on Japan, Korea, Singapore, and Taiwan. The contributors address topics such as quantitative monetary easing, the role of global and domestic shocks on inflation dynamics, and other monetary policy issues. In doing so, the book goes into detail about the individual forces and effects of deflation and inflation and compares the Asian experience with that of the Eurozone.
Strategies for Monetary Policy
As the Federal Reserve System conducts its latest review of the strategies, tools, and communication practices it deploys to pursue its dual-mandate goals of maximum employment and price stability, Strategies for Monetary Policy—drawn from the 2019 Monetary Policy Conference at the Hoover Institution—emerges as an especially timely volume. The book's expert contributors examine key policy issues, offering their perspectives on US monetary policy tools and instruments and the interaction between Fed policies and financial markets. The contributors review central bank inflation-targeting policies, how various monetary strategies actually work in practice, and the use of nominal GDP targeti...
How Monetary Policy Got Behind the Curve—and How to Get Back
With the inflation rate in the United States and many other countries on the rise for over a year and nearing double digits, the Hoover Institution hosted its 2022 conference on monetary policy. Policy makers, market participants, and academic researchers gathered to discuss the situation. Many agreed that low interest rates and high money growth were inappropriate given the high inflation rate and evidence that the United States has recovered from the deep recession induced by the pandemic and its policy response in 2020. The thoughtful papers and the thorough discussions in this volume of conference proceedings illustrate the debate about the reasons for this mismatch, as well as how to ge...
Getting Monetary Policy Back on Track
In May 2023, the world's top economic policymakers and academics convened at the Hoover Institution for the annual Monetary Policy Conference. They met at a tumultuous time: the previous year, inflation had surged, and some believed the Federal Reserve was slow to react. What was behind this surge, and why did the Fed fail to forecast inflation, or perceive it when it happened? Participants considered whether the sluggish response made the situation worse, and how to get inflation back under control. This volume presents the full proceedings from this conference—the presentations, responses, and discussions. In it, participants debate the meaning of getting monetary policy "back on track,"...
Money As Indicator for the Natural Rate of Interest
The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be computed from actual data. The co-movement is of a considerable magnitude and independent of monetary policy. An optimizing central bank that does not observe the natural interest rate can take advantage of this co-movement by incorporating the transformed money demand, in addition to the observed output gap and inflation, into a simple but optimal interest rate rule. Combining the transformed money demand and the observed output gap provides the best information about the natural interest rate.
Monetary Policy Rules
This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Frontiers in Evolutionary Economics
No detailed description available for "Frontiers in Evolutionary Economics".
The Roots of Blitzkrieg
Following Germany's defeat in World War I, the Germans signed the Versailles Treaty, theoretically agreeing to limit their war powers. The Allies envisioned the future German army as a lightly armed border guard and international security force. The Germans had other plans.
