Money and Asset Prices in Boom and Bust

Tim Congdon

ISBN 10: 0255365705 / ISBN 13: 9780255365703

Editore: IEA, 2005

May have limited writing in cover pages. Pages are unmarked. ~ ThriftBooks: Read More, Spend Less. Codice articolo G0255365705I4N00

Riassunto:

By considering recent and historical events such as the Great Depression, episodes of boom and bust in the UK, and the malaise in Japan in the 1990s and the early 21st century, monetary economist Tim Congdon is able to show how monetary policy affects both financial markets and the real economy. In all these episodes, fluctuations in money supply growth led to booms or busts in financial markets and were associated with turbulence in the price level and in output and employment. The crucial linkages between monetary policy and financial markets, argues the author, involve broad money, not narrow money. Non-bank financial institutions, such as pension funds and insurance companies, play a critical role in transmitting fluctuations in money growth to asset prices. This monograph is an important contribution to the crucial debate on the role of monetary aggregates in setting monetary policy. Congdon's argument, that ignoring monetary aggregates can lead to profound instability in the real economy, is compelling.

Dati bibliografici

Titolo: Money and Asset Prices in Boom and Bust
Casa editrice: IEA
Data di pubblicazione: 2005
Legatura: Hardcover
Condizione: Very Good
Condizione sovraccoperta: No Jacket