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The problems associated with chronically high inflation and hyper
inflation continue to preoccupy policy makers and economists. In
Great Inflations of the 20th Century, Pierre Siklos has gathered
together major papers by a distinguished group of scholars who use
historical episodes to understand and explain a key issue.Beginning
with general surveys of historical experiences of hyperinflation
and cases of chronic inflation, this volume continues with papers
on the conditions which are conducive to generating high inflation.
The link between monetary policy and inflation is examined through
empirical studies of inflationary episodes in Germany, Hungary and
Bolivia. The final part looks at how policy makers can seek to end
high inflation with the smallest possible economic cost. Bringing
together in one accessible volume a series of acclaimed
contributions to the field, Great Inflations of the 20th Century
will be a key reference resource for interested scholars and policy
makers concerned with the myriad of issues surrounding the
beginning and end of high or chronic inflation.
In a single volume, this book treats the theoretical, empirical,
and case studies approaches to the implementation of monetary
reforms and discusses specific countries' experiences with these
approaches. The analyses are not restricted to central bank or
exchange rate reforms, but consider all the principal tools of
monetary reforms in this volume. The first section surveys and
examines the types of monetary reforms. The second and third
sections examine the pros and cons of exchange rate management and
central bank independence. The final section of the book presents
case studies on monetary and central bank experiences in Germany,
the United States, Canada and Hungary.
The process of transition from a centrally planned economy to one
driven primarily by market forces has been a source of controversy
and debate. Although the pace and approach has varied we are now
beginning to understand some of the essential ingredients necessary
for a successful transition.These changes have produced a
tremendous quantity of literature which can make it difficult to
grasp the most important issues. This book focuses on the key
questions and problems facing the monetary and financial sectors of
transitional economies, specifically in Hungary, Poland and the
Czech Republic. It examines many of the reforms, why these proved
necessary, and their impact in the early stages of transition. The
authors focus on four main themes: the removal of state
intervention and its effect on liquidity and the availability of
credit the failure of credit markets and the implications for
corporate finance<
the role of property rights and the importance of bankruptcy in a
well-functioning market economy effects of the separation of the
central bank from commercial lending functions, and its
consequences for the overall operation of monetary policy in a
transitional economy. Money and Finance in the Transition to a
Market Economy will be essential reading for those wishing to learn
more about the financial and monetary implications of the
transition to a market economy in the Central and Eastern European
countries. It will be welcomed by graduates, academics, researchers
and policymakers alike.
This collection of seminal papers examines how economies behave
under deflationary conditions. The volumes cover both theoretical
and empirical aspects of this important subject. The editor
presents articles exploring whether, and under what conditions,
deflation can lead to beneficial economic outcomes, and also
articles emphasizing that deflation should be avoided at all costs.
Further sections examine specialized topics of the economics of
deflation; including wage rigidities, the liquidity trap, and the
zero lower bound of interest rates. A selection of important case
studies of economies in deflation completes this comprehensive
collection.
Changes in the field of central banking over the past two decades
have been nothing short of dramatic. They include the importance of
central bank autonomy, the desirability of low and stable
inflation, and the vital role played by how central banks
communicate their views and intentions to the markets and the
public more generally. There remains considerable diversity
nevertheless in the institutional framework affecting central
banks, the manner in which the stance of monetary policy is
determined and assessed, and the forces that dictate the conduct of
monetary policy more generally. The global financial crisis, which
began in the United States in 2007, only serves to highlight
further the importance of central bank policies. The aim of this
volume is to take stock of where we are in the realm of the
practice of central banking and considers some of the implications
arising from the ongoing crisis.
This book was originally published in 2004. Fears of deflation
seemed nothing more than a relic of the Great Depression. However,
beginning in the 1990s, persistently falling consumer prices have
emerged in Japan, China and elsewhere. Deflation is also a distinct
possibility in some of the major European area economies,
especially Germany, and emerged as a concern of the US Federal
Reserve in 2003. Deflation may be worse than inflation not only
because the real burden of debt rises but also because firms would
confront rising real wages in a world where nominal wage rigidity
prevails. This volume explores some key themes regarding deflation
including: (i) how economic agents and policy makers have responded
to deflation, (ii) the links between monetary policy, goods price
movements, and asset price movements, (iii) the impact of deflation
under different monetary policy and exchange rate regimes, and (iv)
stock market reactions to deflation.
In a single volume, this book treats the theoretical, empirical,
and case studies approaches to the implementation of monetary
reforms and discusses specific countries' experiences with these
approaches. The analyses are not restricted to central bank or
exchange rate reforms, but consider all the principal tools of
monetary reforms in this volume. The first section surveys and
examines the types of monetary reforms. The second and third
sections examine the pros and cons of exchange rate management and
central bank independence. The final section of the book presents
case studies on monetary and central bank experiences in Germany,
the United States, Canada and Hungary.
Central banks have emerged as the key players in national and
international policy making. This book explores their evolution
since World War II in 20 industrial countries. The study considers
the mix of economic, political, and institutional forces that have
affected central bank behavior and its relationship with
government. The analysis reconciles vastly different views about
the role of central banks in the making of economic policies. One
finding is that monetary policy is an evolutionary process.
Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political, and institutional forces that have affected central bank behavior and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
Central banks play an important role in the course of national
economies and the global economy. Their leaders are regularly feted
or vilified, their policy pronouncements highly anticipated and
routinely scrutinized. This is all the more so since the global
financial crisis. The past fifteen years in monetary policy is
essentially the story of two mistakes and one triumph, argues
Pierre L. Siklos, a professor of economics at Wilfrid Laurier
University. One mistake was that central bankers underestimated the
connection between finance and the real economy. The other was a
failure to realize how inter-connected the world's financial system
had become. The triumph, in turn, was the recognition that price
stability is a desirable objective. As a result of the financial
crisis, central banks stepped into the breach to provide services
other institutions were unwilling or unable to carry out. In doing
so, the responsibilities for governing monetary policy and
financial system stability became more elastic without due
consideration for the appropriateness of the division of
responsibilities. Central banks no longer influence just prices
they also change financial system quantities. This leads to rising
policy uncertainty. And low economic growth, an insufficiently
unsubstantiated expansion of central bank responsibilities, and
worries over future financial instability are sources of concern
that contribute to a loss of confidence in the monetary authorities
around the globe. Because no coherent new framework for central
bank policy has since emerged, central banking is not broken, but
it is in need of repair. Central Banks into the Breach provides an
overarching analysis of the current and vulnerable state of central
banks and offers potential solutions to stabilize the uncertain
future of central banking.
Changes in the field of central banking over the past two decades
have been nothing short of dramatic. Moreover, they have spanned
the globe. They include the importance of central bank autonomy,
the desirability of low and stable inflation, and the vital role
played by how central banks communicate their views and intentions
to the markets and the public more generally. There remains
considerable diversity nevertheless in the institutional framework
affecting central banks, the manner in which the stance of monetary
policy is determined and assessed, and the forces that dictate the
conduct of monetary policy more generally. The global financial
crisis, which began in the United States in 2007, only serves to
highlight further the importance of central bank policies. The aim
of this volume is to take stock of where we are in the realm of the
practice of central banking and considers some of the implications
arising from the ongoing crisis.
This book was originally published in 2004. Fears of deflation
seemed nothing more than a relic of the Great Depression. However,
beginning in the 1990s, persistently falling consumer prices have
emerged in Japan, China and elsewhere. Deflation is also a distinct
possibility in some of the major European area economies,
especially Germany, and emerged as a concern of the US Federal
Reserve in 2003. Deflation may be worse than inflation not only
because the real burden of debt rises but also because firms would
confront rising real wages in a world where nominal wage rigidity
prevails. This volume explores some key themes regarding deflation
including: (i) how economic agents and policy makers have responded
to deflation, (ii) the links between monetary policy, goods price
movements, and asset price movements, (iii) the impact of deflation
under different monetary policy and exchange rate regimes, and (iv)
stock market reactions to deflation.
The economic influence of central banks has received ever more
attention given their centrality during the financial crises that
led to the Great Recession, strains in the European Union, and the
challenges to the Euro. The Oxford Handbook of the Economics of
Central Banking reflects the state of the art in the theory and
practice and covers a wide range of topics that will provide
insight to students, scholars, and practitioners. As an up to date
reference of the current and potential challenges faced by central
banks in the conduct of monetary policy and in the search for the
maintenance of financial system stability, this Oxford Handbook
covers a wide range of essential issues. The first section provides
insights into central bank governance, the differing degrees of
central bank independence, and the internal dynamics of their
decision making. The next section focuses on questions of whether
central banks can ameliorate fiscal burdens, various strategies to
affect monetary policy, and how the global financial crisis
affected the relationship between the traditional focus on
inflation targeting and unconventional policy instruments such as
quantitative easing (QE), foreign exchange market interventions,
negative interest rates, and forward guidance. The next two
sections turn to central bank communications and management of
expectations and then mechanisms of policy transmission. The fifth
part explores the challenges of recent developments in the economy
and debates about the roles central banks should play, focusing on
micro- and macro-prudential arguments. The implications of recent
developments for policy modeling are covered in the last section.
The breadth and depth enhances understanding of the challenges and
opportunities facing central banks.
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