Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy. In this view a return to rules based monetary policy and a rolling back of the " global great deviation" by each country's central bank would lead to a beneficial policy outcome without the need for explicit policy coordination. In this book we report the results from a recent conference which brought together academics, market participants, and policy makers to focus on these issues. The consensus of much of the conference was on the need for a classic rules based reform of the international monetary system.
(source: Nielsen Book Data) 9780817920548 20170530

• Foreword / Esther L. George
• Introduction / Troy Davig
• The moderators : Peter Blair Henry, Kristin J. Forbes
• Opening remarks / Janet L. Yellen
• Pass-through efficiency in the Fed's new monetary policy setting / Darrell Duffie, Arvind Krishnamurthy ; Commentary / Minouche Shafik
• The case for unencumbering interest rate policy at the zero bound / Marvin Goodfriend ; Commentary / Marianne Nessén
• Evaluating monetary policy operational frameworks / Ulrich Bindseil ; Commentary / Jean-Pierre Danthine ; Commentary / Simon Potter
• Luncheon address : Fiscal policy, monetary policy and central bank independence / Christopher A. Sims
• The Federal Reserve's balance sheet as a financial-stability tool / Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein ; Commentary / Randall S. Kroszner
• Funding quantitative easing to target inflation / Ricardo Reis ; Commentary / Laura L. Veldkamp
• Overview panel : The case for emerging market economies / Agustín Carstens
• The ECB's operational framework in post-crisis times / Benoît Coeuré
• Re-anchoring inflation expectations via 'quantitative and qualitative monetary easing with a negative interest rate' / Haruhiko Kuroda.

• Foreword / Esther L. George
• Introduction / Jonathan L. Willis
• The moderators
• James Poterba, Erica L. Groshen
• Customer markets and financial frictions: implications for inflation dynamics / Simon Gilchrist, Egon Zakrajšek
• Commentary / Peter J. Klenow
• The international price system / Gita Gopinath
• Commentary / Charles Engel
• The impact of international spillovers on inflation dynamics and independent monetary policy: the Swiss experience / Thomas J. Jordan
• Inflation dynamics: lessons from past debates for current policy / Athanasios Orphanides
• Inflation dynamics in Latin America: a comparison with global trends and implications for monetary policy / Rodrigo Vergara
• Luncheon address / David Daokui Li
• The myth of normal: the bumpy story of inflation and monetary policy / Jon Faust, Eric M. Leeper
• Commentary / Takatoshi Ito
• Inflation during and after the zero lower bound / S. Borağan Aruoba, Frank Schorfheide
• Commentary / Lucrezia Reichlin
• Inflation in a globalized world / Mark Carney
• Understanding inflation dynamics and monetary policy / Vítor Constâncio
• U.S. inflation developments / Stanley Fischer
• The political economy of inflation dynamics / Raghuram Rajan
• General discussion
• The participants.

• Foreword / Esther L. George
• Introduction / Troy Davig
• The routes into and out of the zero lower bound / Robert E. Hall
• Commentary / Hyun song Shin
• General discussion: The ins and outs of LSAPS / Arvind Krishnamurthy, Annette Vissing-Jorgensen
• Commentary / Anil K. Kashyap
• General discussion: Monetary policy options and tools / Agustin Carstens
• The unconventional Chinese monetary policy in the global context / David Daokui Li
• Convergence and divergence in government bond markets: implications for monetary policy / Frank R. Smets
• General discussion
• Luncheon address: The global calculus of unconventional monetary policies / Christine Lagarde
• Luncheon discussion: Global liquidity: public and private -- / Jean-Pierre Landau
• Commentary / Claudio Borio
• General discussion: Dilemma not trilemma: the global financial cycle and monetary policy independence / Hélène Rey
• Commentary / Terrence J. Checki
• General discussion: Global aspects of unconventional monetary policies / Charles R. Bean
• Japan's unconventional monetary policy and initiatives toward ensuring stability of the global financial system / Haruhiko Kuroda
• Global dimensions of unconventional monetary policy: an eme perspective / Luiz A. Pereira Da Silva
• General discussion.

• Monetary policy rules : from Adam Smith to John Taylor / Pier Francesco Asso, Robert Leeson
• The Taylor Rule and the practice of central banking / George A. Kahn
• A comparison with Milton Friedman / Edward Nelson
• Two basic principles / Robert E. Lucas
• The great moderation / Ben S. Bernanke
• The great deviation / John B. Taylor
• It's not so simple / Donald L. Kohn
• Forecast targeting as a monetary policy strategy : policy rules in practice / Michael Woodford
• The dual nature of forecast targeting and instrument rules / John B. Taylor
• Evaluating monetary policy / Lars E.O. Svensson
• Overview / Ben S. Bernanke
• The view from inside the Fed / Janet Yellen
• The view from inside the European Central Bank / Otmar Issing
• The view from central banks in emerging markets / Guillermo Ortiz
• A view from the financial markets / John P. Lipsky.

A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.
(source: Nielsen Book Data) 9780817914042 20160608

• Opening remarks / Ben S. Bernanke
• After the fall / Carmen M. Reinhart
• Monetary policy and stock market booms / Lawrence J. Christiano
• Modeling inflation after the crisis / James H. Stock, Mark W. Watson
• Central banking in uncertain times: conviction and responsibility / Jean-Claude Trichet
• Monetary policy after the fall / Charles R. Bean
• Monetary science, fiscal alchemy / Eric M. Leeper
• Reconsidering the international monetary system / John Lipsky
• Expanding gross asset positions and the international monetary system / Maurice Obstfeld
• The international monetary system: too big to fail / Umayya S. Toukan.

• The institutional framework of the single monetary policy
• The economic and financial structure of the Euro area
• The ECB's monetary policy strategy
• Monetary policy implementation
• The conduct of monetary policy since 1999.

• Unemployment versus inflation? An evaluation of the Phillips Curve / Milton Friedman
• Counter-revolution in monetary theory / Milton Friedman
• The constitutional position of the central bank / Charles A.E. Goodhart, 2003.

There are at least three requirements for an economy to maintain stable prices. Policy markers and opinion formers must understand that inflation brings no medium or long-term economic benefit; the causes of inflation - monetary growth - must be also be understood; and there needs to be a stable and credible institutional structure that will deliver a sound monetary policy. This book brings together two classic IEA papers by Nobel Prize winner Milton Friedman with a new work by Charles Goodhart who is a Bank of England Advisor and former member of the Monetary Policy Committee. In doing so, "Money, Inflation and the Constitutional Position of the Central Bank" provides a thorough yet accessible text appropriate for anybody who wants to understand inflation and how it should be controlled. Friedman's paper, 'Unemployment Versus Inflation?' is a lucid explanation of why higher inflation does not lead to lower unemployment, and his 'The Counter-Revolution in Monetary Theory', the first Wincott lecture, explains why excess monetary growth is the only cause of sustained inflation. Goodhart's paper 'The Constitutional Position of the Central Bank' was the 32nd Wincott Memorial Lecture. It explains how the Institutional arrangements for central banks should be developed to deliver stable prices and, importantly, to influence inflation expectations. Professor Geoffrey Wood sets the historical perspective in his introduction and also links the work of Goodhart and Friedman to the current thinking of the new Governor of the Bank of England, Mervyn King.
(source: Nielsen Book Data) 9780255365383 20160527

• Ecuador and the international monetary fund / Stanley Fischer
• One country, one currency? / Alberto Alesina and Robert J. Barro
• Dollarization and integration / Charles Engel and Andrew K. Rose
• Reflections on dollarization / Guillermo A. Calvo and Carmen M. Reinhard
• Coping with terms of trade shocks: pegs versus floats / Christian Broda
• Monetary independence in emerging markets: the role of the exchange-rate regime / Eduardo Borensztein and Jeromin Zettelmeyer
• Dollarization of liabilities, financial fragility, and exchange-rate policy / Luis Felipe Céspedes, Roberto Chang, and Andrés Velasco
• Do we really need a new global monetary compact? / Maurice Obstfeld and Kenneth Rogoff.

Currency Unions reviews the traditional case for flexible exchange rates and ""countercyclical""-that is, expansionary during recessions and contractionary in booms-monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates-and why fixed rates, particularly full dollarization-might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.
(source: Nielsen Book Data) 9780817928421 20180530