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Guidelines for International Monetary Reform

Author: United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 424

Book Description

Guidelines for International Monetary Reform

Author: United States. Congress. Joint Economic Committee
Publisher:
ISBN:
Category : Legislative hearings
Languages : en
Pages : 620

Book Description

Guidelines for International Monetary Reform

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Guidelines for International Monetary Reform: Supplement

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Guidelines for International Monetary Reform

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Guidelines for Improving the International Monetary System

Book Description

Guidelines for International Monetary Reform

Author: United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher:
ISBN:
Category : Money
Languages : en
Pages : 601

Book Description

Guidelines for International Monetary Reform

Book Description

Guidelines for International Monetary Reform

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Reform of the International Monetary System

Author: John B. Taylor
Publisher: MIT Press
ISBN: 0262536757
Category : Business & Economics
Languages : en
Pages : 153

Book Description
An argument that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. In this book, the economist John Taylor argues that the apparent correlation of monetary policy decisions among different countries—largely the result of countries' concerns about the exchange rate—causes monetary policy to deviate from effective policies that stabilize inflation and the economy. He argues that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. Taylor shows that monetary polices in recent years have been deployed either defensively, as central banks counteract forces from abroad that affect the exchange rate, or offensively, as central banks attempt to move the exchange rate to gain a competitive advantage. Focusing on the years from 2005 to 2017, he develops an empirical framework to examine two monetary policy instruments: the policy interest rate (the more conventional of the two) and the size of the balance sheet. He finds that an international contagion in central bank decisions about the policy interest rate has accentuated the deviation from standard interest rate rules that have worked in the past. He finds a similar contagion in decisions about the size of the balance sheet. By considering a counterfactual policy in the estimated model, Taylor is able to estimate by how much the policy of recent years has increased exchange rate volatility. After several rounds of monetary actions and reactions aimed at exchange rates, Taylor finds, the international monetary system is left with roughly the same interest rate configuration, but much larger balance sheets to unwind.

Guidelines for International Monetary Reform

Author: United States. Congress. Joint Economic Committee
Publisher:
ISBN:
Category : Electronic books
Languages : en
Pages : 191

Book Description