By Wim F. Duisenberg (auth.), J. Onno De Beaufort Wijnholds, Sylvester C. W. Eijffinger, Lex H. Hoogduin (eds.)
This publication specializes in quite a few very important facets of economic coverage equivalent to the ultimate target of financial coverage, the placement of the critical financial institution, the layout and implementation of economic coverage, the connection among financial coverage and alternate fee regimes, and the results of economic reforms in relevant and jap Europe and in Latin the United States.
A Framework for financial Stability starts off with introductions via President W. Duisenberg (DNB) and vice president D. Mullins, Jr. (Federal Reserve Board). additionally, twelve contributions talk about and examine theoretical, empirical and institutional problems with financial coverage and relevant banking in Europe and the USA in addition to in different nations. members are reputed policymakers akin to C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guitián (IMF) and A. Icard (Banque de France). additionally, admired lecturers like professors S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT) have made contributions. The ebook ends with a basic record by way of S. Eijffinger (CentER). the gathering of papers and court cases might be of exceptional curiosity to somebody who's professionally concerned with financial coverage and relevant banking.
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Additional resources for A Framework for Monetary Stability: Papers and Proceedings of an International Conference organised by De Nederlandsche Bank and the CentER for Economic Research at Amsterdam
The success of the Bundesbank in keeping inflation low (though certainly not in maintaining a constant price level) has caused it to be viewed as the model of a low-inflation central bank. In the academic literature, independence is measured by such characteristics as the clarity of the goals of the bank (in the case of the Bundesbank, to preserve the value of the currency) and the independence of the board from the government. While the Bundesbank's goal is stated unambiguously, it does not single-mindedly pursue anti-inflationary policies without regard to their impacts on output.
So it appears that labour demand has been very weak in Canada, and inflation in Canada's main trading partner has been low. 7% in the year to June 1993), unsurprisingly, and this presumably suggests that price increases will remain low over the coming year. The only unfavourable condition has been the recent depreciation of the Canadian dollar, but that appears to have had no effect on the price level. In these conditions, it is perhaps little surprise that it has been possible to maintain low inflation in Canada.
The low-inflation relationship between inflation and growth is clearly an area where further research is needed9 . However, such research will be impeded by the absence of many observations of the behavior of economies at inflation rates below 3%. It is simply not known at present what would be the growth rate effects of a reduction in inflation from a low level of, say, 3% to 1 or 0%. Further, in this range, inaccuracies in the measurement of prices and inflation come into play: it is difficult to know whether a 2% rate of increase in the CPI is significantly different from zero.