Monetary Theory as a Basis for Monetary Policy
Since the inflationary 1970s, theoretical work on monetary policy has concentrated almost exclusively on price-level stabilization and the avoidance of nominal shocks. In the aftermath of the collapse of financial bubbles in various parts of the world, the accomplishments and limitations of this dominant approach are debated in this volume edited by Axel Leijonhufvud, with contributions by a number of noted monetary economists, including Nobel Laureate Robert Lucas.
Axel Leijonhufvud is Professor Emeritus of the University of California at Los Angeles and is Professor of Monetary Economics at the University of Trento, Italy.
Notes on the Contributors
List of Abbreviations and Acronyms
Monetary Theory and Central Banking; A.Leijonhufvud
PART I: INTERTEMPORAL EQUILIBRIUM
Intertemporal General Equilibrium Theory and Monetary Policy; J.Drиze & H.Polemarchakis
The Fiscalist Approach to Monetary Theory; R.Marimon
Inflation and Welfare; R.Lucas
Comment; D.Laidler Comment; H.W.Sinn
PART II: MONETARY AND FINANCIAL INSTABILITY
Business Cycles in a Financially Deregulated America; A.Wojnilower
Learning About Trends: Spending and Credit Fluctuations in Open Economies; D.Heymann, M.Kaufman & P.Sanguinetti
Monetary Policy and the Macroeconomics of 'Soft' Growth; J.P.Fitoussi
Index of Names