Monetary Policy: Goals, Institutions, Strategies, and Instruments

Paperback | October 15, 2001

byPeter Bofinger

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This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Unusually for a volume in the field, it focuses on actual monetary policy---targets, institutions, strategies, and instruments---but traditional and contemporary theoretical approachesto monetary policy form the basis for each chapter. Concentrating specifically on the European Central Bank, Monetary Policy offers one of the first comprehensive guides to understanding the targets, strategy, and instruments of the ECB.In the past, many books have presented mere descriptions of the institutional framework without providing a theoretical framework, while others have dealt mainly with theoretical aspects, thus neglecting the policy implications of their analysis. By combining a theoretical with a policy-orientedapproach, Peter Bofinger succeeds in closing this gap in the monetary policy literature. As a result, his book will appeal to a broad readership, including investment bankers and other professional investors, central bankers, and scholars working in the field.

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From the Publisher

This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Unusually for a volume in the field, it focuses on actual monetary policy---targets, institutions, strategies, and instruments---but traditional and contemporary theoretical approachesto monetary policy form the basis for each ch...

Peter Bofinger is Full Professor and Chair in Monetary and International Economics at the University of Wuerzburg. He is also Consultant for the European Commission, the European Parliament, the Government of Kazakstan, and the Central Bank of Uzbekistan.

other books by Peter Bofinger

Format:PaperbackDimensions:480 pages, 9.21 × 6.14 × 0.98 inPublished:October 15, 2001Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199248567

ISBN - 13:9780199248568

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Table of Contents

I. Theoretical Fundamentals of Monetary Policy1. What is Money?2. The Demand for Money3. The Money Supply Process---Trailhead of the Transmission Process4. Monetary Policy TransmissionII. Domestic Aspects of Monetary Policy5. The Ultimate Goal and the Final Targets of Monetary Policy6. The Institutional Framework for Monetary Policy I: "Rules versus Discretion"7. The Institutional Framework of Monetary Policy II: The Design of the Central Bank Legislation8. Strategies ("Simple Rules") for a Stability-Oriented Monetary Policy9. The Conduct of Monetary Policy by the World's major Central Banks10. The Instruments of Monetary Policy11. Seigniorage and Inflation TaxIII. Monetary Policy in an Open Economy12. Important Building Blocks of Open Economy Macroeconomics13. Monetary Policy Strategies in an Open Economy

Editorial Reviews

`This book is one that both practitioners and non-practitioners alike can benefit from. . . . a valuable contribution to the literature on the subject. It is [Bofinger's] blend of analysis of institutional practice within a theoretical framework that makes his book so useful.'CentralBankNet.com