All central banks manage the supply of money and credit in their countries, increasing and decreasing them as needed to provide what economies need to keep growing. The way central banks typically handle that job involves short-term interest rates. But when inflation is low, central banks can't use their usual methods to get money and credit into an economy that needs it. Several essays in this volume describe the work of economists who have investigated problems that central banks might have when inflation gets low. Other essays investigate related questions such as whether an economy suffers when it moves from high inflation to low inflation, what the costs of inflation are to economic welfare, and whether a little bit of inflation can actually be good for economic growth.
All central banks manage the supply of money and credit in their countries, increasing and decreasing them as needed to provide what economies need to keep growing. The way central banks typically handle that job involves short-term interest rates. But when inflation is low, central banks can't use their usual methods to get money and credit into an economy that needs it. Several essays in this volume describe the work of economists who have investigated problems that central banks might have when inflation gets low. Other essays investigate related questions such as whether an economy suffers when it moves from high inflation to low inflation, what the costs of inflation are to economic welfare, and whether a little bit of inflation can actually be good for economic growth.
There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.
There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.
The transmission mechanism of monetary policy explains how monetary policy works - which variables respond to interest rate changes, when, why, how, how much and how predictably. It is vital that central banks and their observers, worldwide, understand the transmission mechanism so that they know what monetary policy can do and what it should do to stabilize inflation and output. The volume sets out different aspects of the transmission mechanism. Some chapters scrutinize the relevance of practical issues such as asymmetries, recent structural changes and estimation errors using data on the USA, the Euro area and developing countries. Other chapters focus on modelling crucial aspects such as productivity, the exchange rate and the monetary sector. These issues are counterpointed by contributions that analyse monetary policy in Japan and the UK.
The transmission mechanism of monetary policy explains how monetary policy works - which variables respond to interest rate changes, when, why, how, how much and how predictably. It is vital that central banks and their observers, worldwide, understand the transmission mechanism so that they know what monetary policy can do and what it should do to stabilize inflation and output. The volume sets out different aspects of the transmission mechanism. Some chapters scrutinize the relevance of practical issues such as asymmetries, recent structural changes and estimation errors using data on the USA, the Euro area and developing countries. Other chapters focus on modelling crucial aspects such as productivity, the exchange rate and the monetary sector. These issues are counterpointed by contributions that analyse monetary policy in Japan and the UK.
Pakistan's economic performance over the past 65 years has confounded its critics – when the country has performed much better than expected, especially in the early years – and disappointed those who had high expectations, given its initial start and economic potential. The central question that the contributors to this volume seek to answer is how to reverse the current prolonged period of low growth and high inflation that Pakistan has experienced, and to suggest and implement measures that would decisively move the economy onto a more sustainable growth path. The book draws on the wide experience of the authors at the highest level of policy-making to put forward realistic and concrete policies keeping in mind what works and does not work in the current socio-economic-political milieu. It also moves beyond the income measurement of poverty toward a more comprehensive analysis of what the best way is to target poverty in Pakistan.
This book provides an introduction to principal macroeconomic phenomena: inflation, unemployment, national income, interest rates and exchange rates. It describes how each phenomenon is measured, what
What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering
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What happened before the primordial fire of the Big Bang: a theory about the ultimate origin of the universe.In the beginning was the Big Bang: an unimaginably hot fire almost fourteen billion years ago in which the first elements were forged. The physical theory of the hot nascent universe―the Big Bang―was one of the most consequential developments in twentieth-century science. And yet it leaves many questions unanswered: Why is the universe so big? Why is it so old? What is the origin of structure in the cosmos? In An Infinity of Worlds, physicist Will Kinney explains a more recent theory that may hold the answers to these questions and even explain the ultimate origins of the universe: cosmic inflation, before the primordial fire of the Big Bang. Kinney argues that cosmic inflation is a transformational idea in cosmology, changing our picture of the basic structure of the cosmos and raising unavoidable questions about what we mean by a scientific theory. He explains that inflation
Do we need to reconsider scientific methodology in light of modern physics? Has the traditional scientific method become outdated, does it need to be defended against dangerous incursions, or has it always been different from what the canonical view suggests? To what extent should we accept non-empirical strategies for scientific theory assessment? Many core aspects of contemporary fundamental physics are far from empirically well-confirmed. There is controversy on the epistemic status of the corresponding theories, in particular cosmic inflation, the multiverse, and string theory. This collection of essays is based on the high profile workshop 'Why Trust a Theory?' and provides interdisciplinary perspectives on empirical testing in fundamental physics from leading physicists, philosophers and historians of science. Integrating different contemporary and historical positions, it will be of interest to philosophers of science and physicists, as well as anyone interested in the foundatio
