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Money, Inflation and the Constitutional Position of Central Bank (Hardcover)
Loot Price: R295
Discovery Miles 2 950
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Money, Inflation and the Constitutional Position of Central Bank (Hardcover)
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Loot Price R295
Discovery Miles 2 950
Expected to ship within 9 - 15 working days
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There are at least three requirements for an economy to maintain
stable prices. Policy markers and opinion formers must understand
that inflation brings no medium or long-term economic benefit; the
causes of inflation -- monetary growth -must be also be understood;
and there needs to be a stable and credible institutional structure
that will deliver a sound monetary policy. This book brings
together two classic IEA papers by Nobel Prize winner Milton
Friedman with a new work by Charles Goodhart who is a Bank of
England Advisor and former member of the Monetary Policy Committee.
In doing so, 'Money, Inflation and the Constitutional Position of
the Central Bank' provides a thorough yet accessible text
appropriate for anybody who wants to understand inflation and how
it should be controlled. Friedman's paper, 'Unemployment Versus
Inflation?' is a lucid explanation of why higher inflation does not
lead to lower unemployment, and his 'The Counter-Revolution in
Monetary Theory', the first Wincott lecture, explains why excess
monetary growth is the only cause of sustained inflation.
Goodhart's paper 'The Constitutional Position of the Central Bank'
was the 32nd Wincott Memorial Lecture. It explains how the
Institutional arrangements for central banks should be developed to
deliver stable prices and, importantly, to influence inflation
expectations. Professor Geoffrey Wood sets the historical
perspective in his introduction and also links the work of Goodhart
and Friedman to the current thinking of the new Governor of the
Bank of England, Mervyn King.
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