Reform of the international monetary system : why and how?

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...

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Bibliographic Details
Main Author: Taylor, John B., (Author)
Format: eBook
Language: English
Published: Cambridge : The MIT Press, 2019.
Series: Karl Brunner Distinguished Lecture series
Subjects:
mezinárodní finance
měnová politika
bankovnictví
mezinárodní měnový systém
international finance
monetary policy
banking
international monetary system
elektronické knihy
monografie
electronic books
monographs
ISBN: 9780262352673
9780262536752
Physical Description: 1 online zdroj (152 stran).

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245 1 0 |a Reform of the international monetary system :  |b why and how? /  |c John B. Taylor. 
264 1 |a Cambridge :  |b The MIT Press,  |c 2019. 
300 |a 1 online zdroj (152 stran). 
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338 |a online zdroj  |b cr  |2 rdacarrier 
490 1 |a Karl Brunner Distinguished Lecture series 
506 |a Plný text je dostupný pouze z IP adres počítačů Univerzity Tomáše Bati ve Zlíně nebo vzdáleným přístupem pro zaměstnance a studenty 
520 |a 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.- Resumé vydavatel 
650 0 7 |a mezinárodní finance  |7 ph115281  |2 czenas 
650 0 7 |a měnová politika  |7 ph115398  |2 czenas 
650 0 7 |a bankovnictví  |7 ph114120  |2 czenas 
650 0 7 |a mezinárodní měnový systém  |7 ph563238  |2 czenas 
650 0 9 |a international finance  |2 eczenas 
650 0 9 |a monetary policy  |2 eczenas 
650 0 9 |a banking  |2 eczenas 
650 0 9 |a international monetary system  |2 eczenas 
655 7 |a elektronické knihy  |7 fd186907  |2 czenas 
655 7 |a monografie  |7 fd132842  |2 czenas 
655 9 |a electronic books  |2 eczenas 
655 9 |a monographs  |2 eczenas 
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