Reform of the International Monetary System: Why and How?

Lingua: inglese

Editore: MIT Press Ltd, 2019

0262536757 / 9780262536752

Serie: Libro 1 di 3 - Karl Brunner Distinguished Lecture

Da: World of Books Inc, Montgomery, IL, U.S.A.World of Books Inc

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An argument that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. In this book, the economist John Taylor argues that the apparent correlation of monetary policy decisions among different countries-largely the result of countries' concerns about the exchange rate-causes monetary policy to deviate from effective policies that stabilize inflation and the economy. He argues that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. Taylor shows that monetary polices in recent years have been deployed either defensively, as central banks counteract forces from abroad that affect the exchange rate, or offensively, as central banks attempt to move the exchange rate to gain a competitive advantage. Focusing on the years from 2005 to 2017, he develops an empirical framework to examine two monetary policy instruments: the policy interest rate (the more conventional of the two) and the size of the balance sheet. He finds that an international contagion in central bank decisions about the policy interest rate has accentuated the deviation from standard interest rate rules that have worked in the past. He finds a similar contagion in decisions about the size of the balance sheet. By considering a counterfactual policy in the estimated model, Taylor is able to estimate by how much the policy of recent years has increased exchange rate volatility. After several rounds of monetary actions and reactions aimed at exchange rates, Taylor finds, the international monetary system is left with roughly the same interest rate configuration, but much larger balance sheets to unwind.…

Codice articolo CIN0262536757VG

Titolo
Reform of the International Monetary System: Why and How?
Autore
John B Taylor
Editore
MIT Press Ltd
Anno di pubblicazione
2019
Condizione
Very Good
Rilegatura
Paperback
Lingua
inglese
ISBN 10
0262536757
ISBN 13
9780262536752
Serie
Libro 1 di 3: Karl Brunner Distinguished Lecture

World of Books Inc

Montgomery, IL, U.S.A.

Venditore con 4 stelle

Venditore AbeBooks dal 23 marzo 2026

Tariffe di spedizione nazionale per U.S.A.

ArticoloDa 4 a 12 giorni lavorativiDa 3 a 6 giorni lavorativi
Primo articoloEUR 0,00EUR 9,73
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