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Monetary Policy in a Converging Europe covers the most important monetary issues in the transition towards an Economic and Monetary Union in Europe, containing contributions from renowned experts in relevant research and policy areas. Among other things, the contributions discuss the scope for inflation targeting, monetary interdependencies within the `core' ERM countries, money demand within the European Union, the difference between the monetary transmission mechanisms in the various European countries, and the preferred exchange rate policy in Stage Two of EMU. The book provides an excellent overview of current issues for anyone interested in monetary policy in a converging Europe.
This book is a masterpiece. It combines a clear historical analysis of issues and causes of past international instability with a contemporary discussion of how to avoid future occurrences. It is a very informative book that caters to the need of the savvy and the uninformed. It reviews in a rigorous manner the core obstacles to achieving a durable global financial stability. The presentation is clear, simple and well organised. . . Saccomanni demonstrated a great understanding of monetary and financial matters. The book could not have been better timed given the deepening recession caused by the global financial meltdown. I am very delighted to recommend it. Chika B. Onwuekwe, Journal of In...
For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.
intense competition on banks and other financial institutions, as a period of oligopoly ends: more rather than less innovation is needed to help share undi versifiable risks, with more attention to correlations between different risks. Charles Goodhart of the London School of Economics (LSE), while ques tioning the idea that volatility has increased, concludes that structural changes have made regulation more problematic and calls for improved information availability on derivatives transactions. In a thirteen country case study of the bond market turbulence of 1994, Bo rio and McCauley of the BIS pin the primary causes of the market decline on the market's own dynamics rather than on variat...
This volume, in a sense, aims at reflecting the qualities of the honoree and it does so in two respects. On the one hand, it covers a great variety of subdisciplines of economics. On the other hand, the book ranges from theoretical and mathematical economics to hands-on applied analyses of economic-policy issues. All essays are driven by the aspiration to better understand the economy and to draw relevant conclusions for economic policy. The book is divided into five parts dealing with the German economy, European economic issues, global markets, international trade theory and policy, and natural resources and the environment.
The papers collected in this volume are those presented at the eighteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Dublin in May 1994. The Society is supported by a large number of central banks and com mercial banks, by other financial and business institutions and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank and treasury officials responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume.