A Framework for Monetary Stability: Papers and Proceedings of an International Conference Organised by de Nederlandsche Bank and the Center for Econom

ISBN-13: 9780792326670 / Angielski / Twarda / 1994 / 340 str.

J. Onno de Beaufort Wijnholds; Sylvester C. W. Eijffinger; J. Onno De Beaufort Wijnholds

Opis

Recently, De Nederlandsche Bank in coope: ration with the CentER for Economic Research of Tilburg University organised an international conference on monetary policy. This volume contains the papers, comments and speeches given on that occasion. The organisation of such a conference and the publication of this book were possible only through the efforts of a number of people. More in particular I would like to thank the organising committee (prof Onno de Beaufort Wijnholds, assoc prof Sylvester Eijffinger, dr Lex Hoogduin and Broos van der Werff), Hans Haan the conference manager, Imelda Drubbel and Nicolette Ligtenberg who constituted the conference secretariat, Bert Groothoff who acted as press officer and Eric Schaling for their assistance. A special word of appreciation is due to mrs Bodil Andersen (Denmarks National Bank) and mr Kumiharu Shigehara (Organisation of Economic Cooperation and Development) who accepted the difficult task of chairing the meetings which they did most admirably. Of course, a conference cannot even take place without participants and cannot be a success without good participants. I am very pleased that we could be the host of the eminent group of people who in my view made the conference such a success. Before the conference I thought it would be a one-time-event. After the event I am not so sure.

Spis treści

Preface. Part A: Opening speech: To Cut or not to Cut Interest Rates: Some Remarks on the ERM; W.F. Duisenberg. Speech by D. Mullins Jr. Session I: The Final Objective of Monetary Policy. Formal Targets for Inflation Reduction: the Canadian Experience; C. Freedman. Comment by J. Driffill. The Costs and Benefits of Disinflation; S. Fischer. Comment by J.L. Malo de Molina. Session II: The Position of the Central Bank. Commitment through Delegation, Political Influence and Central Bank Independence; A. Cukierman. Central Bank Autonomy: Policy; J.O. de Beaufort Wijnholds, L. Hoogduin. Comments by E. Bomhoff, J.M. Neumann. Session III: The Design of Monetary Policy. Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy; B.M. Friedman. Comment by A. Lamfalussy. Monetary Policy Strategy in the EMU; O. Issing. Comment by P. de Grauwe. Part B: Session IV: The Application of Monetary Policy. Rules versus Discretion in Monetary Policy; A.D. Crockett. Comment by J.J. Sijben. The Role of Monetary Policy in IMF Programs; M. Guitián. Comment by H. Jager. Session V: Monetary Policy and Exchange Rates. Italy's Experience within and without the European Monetary System: a Preliminary Appraisal; M. De Cecco, F. Giavazzi. Comment by G. Baer. Monetary Policy and Exchange Rates: the French Experience; A. Icard. Comment by R. Bryant. Session VI: Monetary Policy in Eastern European and Latin America. Can Russia control Inflation? R. Layard. Comment by O. Havrylyshyn.Stabilization and Monetary Reform in Latin America; R. Dornbusch. Comment by G. Ortiz. General Report; S. Eijffinger.