Interest and Prices
Interest and Prices With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. How then can pure fiat currencies…
Specifikacia Interest and Prices
Interest and Prices
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. How then can pure fiat currencies be managed so as to create confidence in the stability of national units of account?Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well.
Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing.
Interest and Prices
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