Misconceptions Regarding Rules vs. Discretion for Monetary Policy. Book Reviews
Misconceptions Regarding Rules vs. Discretion for Monetary Policy. by The Cato Journal Book Summary
Shortly after the most recent of the famous annual symposiums at Jackson Hole, sponsored by the Federal Reserve Bank of Kansas City, one of my colleagues asked me if I had seen the New York Times and Wall Street Journal articles on the conference. They seemed newsworthy, he suggested, because of their reports that Alan Greenspan had come out clearly in opposition to the adoption of any monetary policy rule for the Fed. (1) I replied that I would certainly look at the articles, adding that Greenspan had explicitly expressed his opposition to rule-based policymaking on at least one previous occasion, probably more. (2) Upon reading the two articles, I found that both quoted from the following statement of Greenspan's: "Some critics have argued that [the Fed's] approach to policy is too undisciplined--judgmental, seemingly discretionary, and difficult to explain. The Federal Reserve should, some conclude, attempt to be more formal in its operations by tying its actions solely to the prescriptions of a formal policy rule. That any approach along these lines would lead to an improvement in economic performance, however, is highly doubtful" (Greenspan 2003: 4). Comments and panel discussions by Vincent Reinhart, Janet Yellen, Stanley Fischer, and Martin Feldstein mostly lent support to Greenspan's remarks in this regard, although there are a few reservations implicit in some of their passages. At about the same time, I received in the mail a copy of Michael Woodford's new book on monetary theory and policy, Interest and Prices (Woodford 2003). This 785-page treatise is almost certainly the most ambitious treatment of the topic to appear since Don Patinkin's Money, Interest, and Prices (1956), and is an immensely sophisticated work that seems destined to become a classic in economic analysis. The point relevant to the matter at hand is that Woodford's first chapter (of 58 pages!) is entitled "The Return of Monetary Rules" and includes a section called "The Importance of Policy Commitment." Thus, there seems to be a major difference of opinion between academic analysts and central bankers, at least in the case of the Fed, concerning the desirability of monetary policy rules. Since the Shadow Open Market Committee regularly consults the indications from two such rules, the well-known Taylor Rule and another one that is of my design (McCallum 1988), this matter cries out for attention.
Book Name | Misconceptions Regarding Rules vs. Discretion for Monetary Policy. |
Genre | Politics & Current Events |
Author | The Cato Journal |
Published | 01 January 2004, Thursday |
Language | English |
E-Book Size | 233.11 KB |
Misconceptions Regarding Rules vs. Discretion for Monetary Policy. (The Cato Journal) Book Reviews 2024
We transfer money over €4 billion every month. We enable individual and business accounts to save 4 million Euros on bank transfer fees. Want to send free money abroad or transfer money abroad for free? Free international money transfer!
Did you know that you can earn 25 USD from our site just by registering? Get $25 for free by joining Payoneer!
Download Link | Book Format |
misconceptions-regarding-rules-vs-discre-ebook.pdf | |
misconceptions-regarding-rules-vs-discre-ebook.epub | EPUB |
misconceptions-regarding-rules-vs-discre-ebook.kindle | KINDLE |
Misconceptions Regarding Rules vs. Discretion for Monetary Policy. E-book (PDF, PUB, KINDLE) Download
Misconceptions Regarding Rules vs. Discretion for Monetary Policy. ebook misconceptions-regarding-rules-vs-discre (233.11 KB) download new links will be update!
Misconceptions Regarding Rules vs. Discretion for Monetary Policy. Similar Books
Book Name | Score | Reviews | Price |
10-Minute Social Psychology | 3.5/5 | 390 | Free |
Double Down | 4/5 | 243 | $14.99 |
America the Beautiful | 4.5/5 | 332 | $9.99 |
Manifesto of the Communist Party | 4/5 | 151 | Free |
A Very Stable Genius | 4/5 | 610 | $14.99 |
Enhance sleep, vision, cognition, flexibility, energy, long-range health and more. Performance Lab CORE Formulas support all aspects of human performance, across all walks of life. Boosts work performance and productivity with nootropics for focus, multitasking under stress, creative problem-solving and more.
Book Name | Score | Reviews | Price |
P. T. Bauer on the Population Question. | 0/5 | 0 | $5.99 |
Government Housing Policy and the Financial Crisis. | 0/5 | 0 | $5.99 |
A Market Alternative to Child Adoption and Foster Care. | 0/5 | 0 | $5.99 |
The Columbian Exchange and the Reversal of Fortune. | 0/5 | 0 | $5.99 |
F. A. Hayek and the Common Law. | 0/5 | 0 | $5.99 |
Summary of Misconceptions Regarding Rules vs. Discretion for Monetary Policy. by The Cato Journal
The Misconceptions Regarding Rules vs. Discretion for Monetary Policy. book written by The Cato Journal was published on 01 January 2004, Thursday in the Politics & Current Events category. A total of 18 readers of the book gave the book 0 points out of 5.
Book Name | Author | Price |
Illiberal Democracy and the Struggle on the Right | Marc F. Plattner | Free |
Polarization versus Democracy | Milan Svolik | Free |
Anarchism and Other Essays | Emma Goldman | Free |
Native Life in South Africa | Solomon Tshekisho Plaatje | Free |
The True Causes of Greek Anti-Semitism | Iakovos Alhadeff | Free |
Coinbase is the world's most trusted place to buy and sell cryptocurrency. Open an account today, and if you buy or sell $100 or more of crypto, you'll receive $10 worth of free Bitcoin!
Book Name | Author | Price |
It Was All a Lie | Stuart Stevens | $10.99 |
Red-Handed | Peter Schweizer | $20.99 |
The War on Conservatives | Mark Dice | $9.99 |
Rise to Globalism | Stephen E. Ambrose & Douglas G. Brinkley | $10.99 |
Stop Falling for the Okeydoke | Stephen A. Tillett | $5.99 |
Jasper is the generative AI platform for business that helps your team create content tailored for your brand 10X faster, wherever you work online.
Please wait! Misconceptions Regarding Rules vs. Discretion for Monetary Policy. book comments loading...
The Cato Journal - Misconceptions Regarding Rules vs. Discretion for Monetary Policy. Discussions & Comments
Have you read this book yet? What do you think about Misconceptions Regarding Rules vs. Discretion for Monetary Policy. by The Cato Journal book? Ask the bookpedia.co community a question about Misconceptions Regarding Rules vs. Discretion for Monetary Policy.!