Monetary theory and monetary policy : new tracks for the 1990s

목차 (Table of Contents)

• CONTENTS
• Preface = xi
• List of Participants = xiii
• Notes on the Contributors = xv
• Introduction = xxii
• 1 Tracks towards a Common Monetary Policy in Europe / Norbert Kloten = 1
• 1.1 Introduction = 1
• 1.2 The New Committee = 2
• 1.3 The Main Questions = 3
• 1.4 The Strategy of an IMF and a European Parallel Currency = 4
• 1.5 A Conceptually-Based Approach = 9
• 1.6 The Status of Monetary Policy in the Transitional Stages = 11
• 1.7 A Rigid Schedule for the Integration Programme or a Tentative Approach? = 12
• 1.8 Conclusions = 14
• Discussant / Manfred Borchert = 18
• 2 Monetarism, Microfoundations and the Theory of Monetary Policy / David Laidler = 21
• 2.1 Introduction = 21
• 2.2 Monetary Policy in the Economics of the Neoclassical Synthesis and Monetarism = 22
• 2.3 Microfoundations and the New Monetary Economics = 26
• 2.4 Money as a Public Good = 32
• 2.5 Concluding Comments = 37
• 3 Monetarism in a World without 'Money' / Thomas Mayer = 43
• 3.1 The Contributions of Monetarism = 44
• 3.2 Is Money Still a Useful Measure? = 44
• 3.3 The Behaviour of Velocity in the USA = 48
• 3.4 Velocity in a Sample of Countries = 50
• 3.5 Money Demand Functions = 55
• 3.6 Implications for Monetarism = 56
• 3.7 An Evaluation = 58
• 3.8 Induced Financial Evolution = 61
• 3.9 A Science-Fiction World = 62
• 3.10 An Overdraft World = 63
• 3.11 More Perfect Asset Markets = 65
• 3.12 Conclusion = 66
• Discussant / Joseph Bisignano = 71
• 4 The Evolution of the Banking System and the Theory of Monetary Policy / Victoria Chick = 79
• 4.1 Introduction = 79
• 4.2 Stages of Banking Development = 80
• 4.3 Institutional Change and the Theory and Practice of Monetary Policy = 84
• 4.4 Conclusion = 91
• Discussant / G. M. Ambrosi = 93
• 5 Financial Theory and Central Bank Policies / Marvin Goodfriend = 100
• 5.1 Introduction = 100
• 5.2 Interest Rate Smoothing = 101
• 5.3 Financial Theory and Bank Structure = 104
• 5.4 Emergency Credit Assistance = 108
• 5.5 The Lender of the Last Resort = 111
• 5.6 Summary = 114
• Discussant / Manfred J. M. Neumann = 119
• 6 The Demand for Money in Japan, the United Kingdom, West Germany and the USA: An Empirical Study of the Evidence since 1973 / Herbert Buscher ; Stephen F. Frowen = 123
• 6.1 Introduction = 123
• 6.2 The Partial Adjustment Approach to the Demand for Money = 125
• 6.3 The Forecasting Performances of Different Money Demand Estimates = 142
• 6.4 Co-integration and Error-Correction Modelling = 146
• 6.5 Summary and Conclusions = 156
• Discussant / J$$\ddot u$$rgen Siebke = 165
• 7 Money Supply, Interest Rate and Exchange Rate Targets: Conflicting Issues in an Open Economy / R$$\ddot u$$diger Pohl = 171
• 7.1 Introduction = 171
• 7.2 The Model = 172
• 7.3 Ineffective Endogenous Monetary Policy = 174
• 7.4 Endogenous Real Exchange Rate = 177
• 7.5 Monetary Strategies = 178
• 7.6 Conclusion and Outlook = 184
• Discussant / M. J. Artis = 186
• 8 Credit as Intermediate Target of Monetary Policy? / Wolfgang Filc = 188
• 8.1 Issues and Questions = 188
• 8.2 Bank Credit as an (Additional?) Financial Target or Indicator? = 191
• 8.3 Some Empirical Relationships = 198
• 8.4 Concluding Remarks = 212
• Discussant / Dietmar Kath = 217
• 9 Monetary Theory and Policy in a Global Context with a Large International Debt / Paul Davidson = 225
• 9.1 Neoclassical Monetary Theory for Closed and, Open Economies = 225
• 9.2 The Keynesian - Post Keynesian Alternative View = 229
• 9.3 Why the Preference for Export-Led Growth? = 232
• 9.4 What About the International Debt Crisis? = 237
• 9.5 The Orthodox Neoclassical Solution = 240
• 9.6 Are Deficit Nations Living Beyond Their Means? = 242
• 9.7 A Modest Proposal for Avoiding Future Debt Crises = 244
• 9.8 Avoiding Default of the Existing Debt = 245
• 9.9 Conclusion = 254
• Discussant / DeAnne Julius = 259
• 10 Uncovered Interest Parity Condition between the United States and Europe under Different Exchange Rate Regimes / Gebhard Kirchg$$\ddot a$$ssner ; J$$\ddot u$$rgen Wolters = 264
• 10.1 Introduction = 264
• 10.2 Theoretical Considerations = 265
• 10.3 Econometric Methodology = 268
• 10.4 The Data = 271
• 10.5 Empirical Results = 274
• 10.6 Concluding Remarks = 290
• Discussant / George Hadjimatheou = 298
• 11 Monetary Policy Co-ordination in an Asymmetrical World: Future Prospects for the USA and Europe / Elias Karakitsos = 303
• 11.1 Introduction = 303
• 11.2 Co-operative and Non-Co-operative Optimal Policies under Rational Expectations = 306
• 11.3 The Model = 310
• 11.4 The Framework of Co-operation and Non-Co-operation = 312
• 11.5 The Welfare Gains/Losses under Non-Co-operation and Co-operation = 316
• 11.6 Conclusion = 320
• Discussant / Hans-Eckart Scharrer = 323
• 12 Concepts and Implications of International Monetary Co-ordination / Manfred Willms = 327
• 12.1 Introduction = 327
• 12.2 Experiences with the Floating Exchange-Rate System = 328
• 12.3 Proposals for International Monetary Co-ordination = 331
• 12.4 Evaluation of Monetary Policy Co-ordination = 337
• 12.5 Perspectives for the 1990s = 344
• 13 Address by the President of the LZB in Berlin / Dieter Hiss = 350
• 14 Comments on Monetary Theory and Monetary Policy: New Tracks for the 1990s / Peter Zdrahal = 352
• 14.1 The Globalisation of Financial Markets = 353
• 14.2 Turnover in Financial Markets = 353
• Name Index = 357
• Subject Index = 360