Issues in Monetary Policy: The Relationship Between Money and the Financial Markets

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April 2006



Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.


List of Contributors.
1 Issues in Monetary Policy (Kent Matthews and Philip Booth).
2 Monetary Policy: Practice Ahead of Theory (Mervyn King).
3 Are the Structure and Responsibilities of the Bank of England Optimal and If Not, Does It Matter? (David B. Smith).
4 Why Price-Level Targeting is better than Inflation Targeting (Andrew Lilico).
5 A Price Targeting Regime Compared to a Non Price Targeting Regime. Is Price Stability a Good Idea? (Keith Pilbeam).
6 Optimal Monetary Policy with Endogenous Contracts: Is there a Case for Price-Level Targeting and Money Supply Control? (Patrick Minford).
7 Forecasting Inflation: The Inflation 'Fan Charts' (Kevin Dowd).
8 Asset Prices, Financial Stability, and the Role of the Central Bank (Forrest Capie and Geoffrey Wood).
9 Money, Asset Prices and the Boom-Bust Cycles in the UK: An Analysis of the Transmission Mechanism from Money to Macro-Economic Outcomes (Tim Congdon).
10 Money, Bubbles and Crashes: Should a Central Bank Target Asset Prices? (Gordon T. Pepper with Michael J. Oliver).
11 Monetary Policy and the Bank of Japan (John Greenwood).
Appendix 1: Unemployment versus Inflation? An Evaluation of the Phillips Curve (Milton Friedman).
Appendix 2: The Counter-Revolution in Monetary Theory (Milton Friedman).


Kent Matthews is the Julian Hodge Professor of Banking and Finance at Cardiff University. He trained at the London School of Economics, Birkbeck College and Liverpool University and has held previous academic positions at Liverpool University, Liverpool Business School. He has held visiting posts at the Catholic University of Leuven Belgium, Humbolt University, Berlin and University ofWestern Ontario, Canada as well as professional posts at the National Institute of Economic & Social Research, the Bank of England and Lombard Street Research Ltd.Philip Booth BA, PhD, FIA, FSS is Editorial and Programme Director at the Institute of Economic Affairs and Professor of Insurance and Risk Management at Cass Business School, City University. He has previously worked as a special advisor on financial stability issues for the Bank of England. Philip Booth is editor of the journal Economic Affairs and associate editor of the British Actuarial Journal. He is a Fellow of the Institute of Actuaries and of the Royal Statistical Society. Amongst previous books he has written are Investment Mathematics (Wiley), Modern Actuarial Theory and Practice (CRC/Chapman Hall) and The Way Out of the Pensions Quagmire (Institute of Economic Affairs). He teaches, researches and writes in the areas of finance, investment and social insurance.


"...(people can) gain so much more from this book than the review can do justice to..." (Credit Control, June 2006)
EAN: 9780470018194
ISBN: 0470018194
Untertitel: Sprache: Englisch.
Erscheinungsdatum: April 2006
Seitenanzahl: 191 Seiten
Format: kartoniert
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