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Explores the new economics of monetary union and carefully discusses the effects of shocks and policies on output and prices. For researchers and members of financial institutions. ... Read more

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No description available ... Read more

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This digital document is a journal article from Economic Modelling, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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Forward exchange rate unbiasedness is rejected for international exchange markets. The two-country monetary model is extended to include an additional forward contract and a numerical solution method is proposed. Simulation exercises suggest that high uncertainty in monetary policy produces greater bias in the estimated slope coefficient in the regression of the change in the logarithm of the spot exchange rate on the forward premium. The model also suggests that the nature of the transmission between monetary shocks might explain the forward bias. Empirical evidence for the US-UK exchange rate according to our theoretical results is provided. ... Read more

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This digital document is an article from National Institute Economic Review, published by National Institute of Economic and Social Research on November 1, 1990. The length of the article is 5471 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: US views on 1992. (United States views on the 1992 European Free Trade Agreement)
Author: Stephe Woolcock
Publication: National Institute Economic Review (Refereed)
Date: November 1, 1990
Publisher: National Institute of Economic and Social Research
Issue: n134Page: p86(7)

Distributed by Thomson Gale ... Read more

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This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions.

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Many economic dynamic models omit monetary issues by assuming that transactions on the economys real side can be carried out without money. This book answers some challenging questions in monetary growth theory within a compact theoretical framework. ... Read more

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The EU is heading towards a monetary union which has both benefits and risks for the Community but will also affect countries outside of Europe. Crucial transition problems, economic adjustment in financial markets and labor markets as well as theoretical and empirical issues of monetary integration are analyzed. The book also focuses on interest rate effects, the role of volatility of money supply growth and exchange rate instability. Issues of monetary and fiscal policy and the political economy of monetary integration are evaluated. ... Read more

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A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America. ... Read more

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This book provides the first comprehensive and authoritative account of the events leading up to the UK seeking a massive loan from the IMF in 1976 which almost precipitated a financial crisis on a par with those of the 1930's and early post War period. Sir Douglas Wass, who was permanent Secretary to the Treasury at the time, provides a unique first hand account of the events that took place as the crisis unfolded and the decision-making process. Bringing unrivalled experience and knowledge of Whitehall to the narrative, he draws on recently released documents such as official Treasury minutes, memoranda, official statements and reports, IMF documents and blends them with his own assessment of this key period of policy making to provide a fascinating, blow-by-blow account of how the Treasury reacted when faced with a series of inter-locking crises. Decline to Fall will be a must read for anyone interested in the formulation of policy and the workings of government. ... Read more

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This book studies the interactions between monetary and fiscal policies in the Euro area. The policy makers are the union central bank, the German government, the French government and other governments. The policy targets are price stability in the union, full employment in Germany, full employment in France, etc. The policy instruments are union money supply, German government purchases, French government purchases, etc. As a rule, the spillovers of fiscal policy are negative. The policy makers follow either cold-turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Policy expectations are adaptive or rational. This book carefully discusses the case for central bank independence and fiscal cooperation.

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Stephen Axilrod is the ultimate Federal Reserve insider. He worked at the Fed's Board of Governors for over thirty years and after that in private markets and as a consultant on monetary policy. With Inside the Fed, he offers his unique perspective on the inner workings of the Federal Reserve System during the last fifty years—writing about personalities as much as policy—based on his knowledge and observations of every Fed chairman since 1951.

Axilrod's discussion focuses on how the personalities of the various chairmen affected their capacity for leadership. He describes, for example, Arthur Burns's response to political pressure from the Nixon White House and Paul Volcker's radical shift to an anti-inflationary policy at the end of the 1970s—a transition in which Axilrod himself played a crucial role. As for the Greenspan years, Axilrod points to the unintended effects of the Fed's newfound "garrulousness" (the plethora of announcements and hints about policy intentions)—one of which was the Fed's loss of credibility in the aftermath of the chairman's 1996 comment about "irrational exuberance." And Axilrod incisively outlines the problems—including the subprime mess—inherited from Greenspan by the current chairman, Ben Bernanke. Great leadership in monetary policy, Axilrod says, is determined not by pure economic sophistication but by the ability to push through political and social barriers to achieve a paradigm shift in policy—and by the courage and bureaucratic moxie to pull it off. ... Read more

Customer Reviews (4)

The Real Deal
Both insightful and captivating.Axilrod manages to convey the extent to which the effectiveness of various Fed chairmem and indeed the Fed itself depends the ability to understand the psychology of the moment both within policy making circles and the country at large and to act at precisely the right time. Too late or too early results in failure.Brings the deadly science to life and removes a lot of the mystery surrounding this most misunderstood institution.

Required reading for faculty, students and Washington appointees
Beautifully written, packed with insights you won't find anywhere else.Axilrod's unique experience as the consummate Fed insider shines a light on the human side of policymaking and leadership.He even breathes life into the arcane mechanics of monetary policy, far beyond what's available in any textbook yet easily understandable for a discerning reader. A gem!

Should be renamed - Outside the Fed!
Don't be fooled by the title on this book.This book does not give you the real story on the Fed.This book doesn't mention one note that the Fed is actually a private corporate bank owned by none other than the Rothschild's and other European banking interests.This book is a diversion on the real truth, whether or not the author knows the truth himself is unknown but don't waste your money on this cloak and dagger piece of a trash.

An Insider's View of Monetary Policymaking
Steve Axilrod's book is a rare avis. Written as an insider on the playing field of Federal Reserve monetary policymaking from William McChesney Martin through Paul Volcker, when he was intimately involved in monetary analysis. Axilrod also opines on monetary policy matters subsequent to his departure conducted by Messrs. Greenspan and Bernanke. It is beautifully written, full of insider stuff, and always decent and polite--the latter characteristics being a hallmark (at least in the old days) of top Fed staff.

I served at the Fed at a high level during most of the Arthur Burns years, and can attest to the authenticity of Axilrod's observations for that time period. As a member of the Board Members' staffing responsible for other areas, I was not allowed to enter the inner sanctum where monetary policy was made. This I was assured by other staffers was a blessing, because FOMC meetings were notoriously boring. That's not to say that regular Board meetings were uproariously amusing, only that FOMC policy discussions were deemed worse.

Although it does not come through in Axilrod's discussion of monetary policymaking under Arthur Burns, there were higher-ups in the Economics Division who were tearing their hair over what Burns and the FOMC were doing in 1974-75.In one singular event, I received a Sunday morning phone call at home from a very high level economist asking me if I could intervene with the Chairman to get him to change the course of monetary policy! I guess the thought was that I was (a) trustworthy; (b) able to influence the notoriously cantankerous Dr. Burns; and (c) that Axilrod for whatever reasons was of no use. For better or worse, I was not in a position to intervene.

The results of Burns' monetary policy in that period, which was marked by the emergence of the OPEC cartel, were catastrophic. The nation entered a severe recession that certainly played a part in the fact that Gerald Ford was not elected President in 1976. While Axilrod doesn't say so in so many words, it appears that a principal contributing factor to the recession was the Fed's highly restrictive monetary policy, characterized by a steep plunge in M1 at a time when petroleum product prices were skyrocketing. (If you look carefully, you can see the path of M1 in the chart included as an appendix in the book.) This created a double-whammy for the economy, and it seems other people on Fed staff saw it coming but couldn't get the Chairman to alter course.

But, as Axilrod notes, the Fed's focus on the monetary aggregates was just beginning (and mainly forced by Chairman Wright Patman of the House Banking Committee) and it took a long time for the aggregates to become central to policymaking (that awaited Paul Volcker's arrival). In fact, as Chairman Burns testified repeatedly before Congress in those years, his preference was to assess a wide variety of economic indicia, and basically operate by the seat of the pants from one FOMC meeting to the next, without quite admitting it so bluntly to the congressional committees.

Today, as Axilrod notes, the monetary aggregates, long ago faded away as useful policy indicia, are replaced in the Bernanke era by--you guessed it--making it up as you go along.

This book may be inside baseball to a greater degree than any normal reader would care to follow, but for anyone interested in how a key part--monetary policymaking--of American government works, Steve Axilrod has provided an authoritative history that is unquestionably irreplaceable. ... Read more

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In this text the author tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy and tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins lectures the book deals, in a non-technical manner, with a variety of issues in monetary policy including the goals of monetary policy, the choice of monetary instrument, the rule-versus-discretion debate, suggested remedies for the alleged problem "inflationary bias", central bank credability, arguments for and against central bank independence and the interplay between the central bank and financial markets. The author examines each issue from the point of view of both academic economist and practicing policymaker and calls attention to the differences and similarities of perspective along the way. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral". ... Read more

Customer Reviews (4)

Easy read
Easy read, gives some insight to one of the former FED staffers.Proves that there is no magic to our money, just gut reaction and formulas.No one really know's what to do

the Master Economist at his Finest
Mr R. S. Ritterman (San Mateo, CA) beat me to it... I had logged on to describe just how clear and understandable (not to mention brilliant and profound) this book is. Case in point: instead of simply telling us in words how central bankers evaluate their objectives before making policy decisions, Mr Blinder uses beautifully contructed clever-clogs math to make his point concise. Greenspan gets all the credit, but I assure you it was Blinder who was the real brains behind the operation. I thought about deducting one star because they didn't get the fed funds rate right - by his own admission - in 1990, but I couldn't bring myself to do it.

Students of philosophy will be talking about this gem for hundreds of years.

Verdict: Add to Cart!

Well Done
After having taken Macroeconomic Theory, Alan Blinder's book was extremelyclear and understandable. His comments about Central Banking behavior makewonderful sense as he takes into account both academic and real worldtheaters.He was especially clairvoyant in his reasoning about why aCentral Bank needs to establish credibility. A definite recommendation forthose interested in the Federal Reserve and what they do.

Sensible
Nothing fancy, but a good testimony from a real central banker about how real central banking has been carried out in recent US history.It is much less glamorous than all the theories, models and arguments would have it. Logical, sensible and even-tempered, like a central banker.A small bookeasily read in an evening that brings a lot down to earth.Only four starsbecause nothing this reasonable deserves five. ... Read more

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This digital document is a journal article from Economic Modelling, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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This paper investigates how the regime shifts in the term structure of interest rates are related to changes in monetary policy. For this purpose, this paper introduces regime shifts into a cointegrated VAR model of the term structure. We argue that the short-run dynamics of the cointegrated model are likely to shift across regimes while the equilibrium relation implied by the expectations hypothesis of the term structure is robust to regime shifts. We find significant shifts in risk premia and interest rate volatility. These regime shifts reflect changing inflation expectations and shifts in the stance of monetary policy, respectively. ... Read more

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In 1989 the post-Communist countries of Eastern Europe opened their economies by establishing more open exchange rate policies and exchange controls and eliminating prohibitive tariffs and quotas. Now trying to join the integrated world economy, they are facing the challenge of finding strategic alliances and attracting foreign capital. This book analyzes economic policy in Eastern Europe with a focus on the financial arrangement of currency boards. It examines the main challenges facing East European countries, their economic policy strategies, the main challenges to the economies that adopted currency boards, and whether currency boards were a solution. ... Read more

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The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyze the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists. ... Read more

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Focusing on how the President and the Senate influence monetary policy by appointing Federal Reserve Board members, this book answers three questions about the appointment process and its effects. First, do politicians influence monetary policy via Federal Reserve appointments?Second, who influences the process--only the President or the President and the Senate?Third, how is the structure of the Federal Reserve appointment process explained?The study extends the analysis of the Federal Reserve Board to the European Central bank. ... Read more

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Radical change seems to be the only panacea for inefficient economies. This work takes a look at the financial system and its function in socialist central planning economies. It provides an explanation of the partial reforms in socialist economies from the 1950s to 1988. With Yugoslavia as the example, the work discusses financial and monetary reforms and adjustments in socialist economies. An explanation of monetary reform includes the changes in the role of financial intermediation and monetary policy goals, target and instruments, and methodological questions. General conclusions about recent monetary reforms in socialist economies completes the discussion. Scholars, students, and those interested in comparative, developmental, international, and historical economics will find this a valuable resource and interesting reading. It is an especially useful book at the graduate and seminar level. ... Read more

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Ashdown analyzes the banking and central banking system within the United Satates, and how the Federal Reserve's policies affect international trade and investment. His analysis concludes that current policies fail to support the national interest because they ignore the long-term effects of trade deficits, thus demonstrating how actors other than countries are shaping the power structure within the new global system. ... Read more