Credibility and the International Monetary Regime

ISBN-13: 9780521811330 / Angielski / Twarda / 2012 / 256 str.

Michael D Bordo

Opis

This book presents ten studies which combine historical narrative with econometrics to analyze the role of credibility in four monetary regimes.

Recenzje

'Trying to understand monetary policy without an appreciation of credibility is like watching Hamlet without the Prince of Denmark. This volume provides a one-stop shop for a balanced and comprehensive set of studies on monetary credibility; highly recommended.' Andrew K. Rose, Haas School of Business, University of California

Spis treści

Part I. Introduction: 1. Credibility and the international monetary regime: theoretical and historical perspectives Michael D. Bordo and Ronald MacDonald; Part II. Classical Gold Standard: 2. Credibility and fundamentals: were the classical and inter-war gold standards well-behaved target zones? C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh; 3. Interest rate interactions in the classical gold standard, 1880–1914: was there any monetary independence? Michael D. Bordo and Ronald MacDonald; 4. Realignment expectations and the US dollar, 1890–7: was there a peso problem? C. Paul Hallwood, Ronald MacDonald, and Ian W. Marsh; Part III. Inter-War Period: 5. The inter-war gold exchange standard: credibility and monetary independence Michael D. Bordo and Ronald MacDonald; 6. Crash! Expectational aspects of the UK's and the USA's departures from the inter-war gold standard C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh; 7. Did impending war in Europe help destroy the gold bloc in 1936? An internal inconsistency hypothesis C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh; Part IV. Bretton Woods Period: 8. Sterling in crisis: 1964–7 Michael D. Bordo, Ronald MacDonald and Michael J. Oliver; Part V. The European Monetary System: 9. On the mean-reverting properties of target zone exchange rates: some evidence from the ERM Myrvin Anthony and Ronald MacDonald; 10. Credibility and interest rate discretion in the ERM Hali Edison and Ronald MacDonald.