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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
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Imperfect Knowledge and Monetary Policy (Hardcover, New)
Loot Price: R3,038
Discovery Miles 30 380
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Imperfect Knowledge and Monetary Policy (Hardcover, New)
Series: The Stone Lectures in Economics
Expected to ship within 12 - 19 working days
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Based on lectures given as part of The Stone Lectures in Economics,
this book discusses the problem of formulating monetary policy in
practice, under the uncertain circumstances which characterize the
real world. The first lecture highlights the limitations of
decision rules suggested by the academic literature and recommends
an approach involving, first, a firm reliance on the few
fundamental and robust results of monetary economics and, secondly,
a pragmatic attitude to policy implementation, taking into
consideration lessons from central banking experience. The second
lecture revisits Milton Friedman's questions about the effects of
active stabilization policies on business cycle fluctuations. It
explores the implications of a simple model where the policy maker
has imperfect knowledge about potential output and the private
sector forms expectations according to adaptive learning. This
lecture shows that imperfect knowledge limits the scope for active
stabilization policy and strengthens the case for conservatism.
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