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001385867 035__ $$a(OCoLC)1082365345
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001385867 040__ $$aOCoLC-P$$beng$$erda$$epn$$cOCoLC-P
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001385867 072_7 $$aBUS$$x045000$$2bisacsh
001385867 08204 $$a332.4/5$$223
001385867 1001_ $$aTaylor, John B.,$$eauthor.
001385867 24510 $$aReform of the international monetary system :$$bwhy and how? /$$cJohn B. Taylor.
001385867 264_1 $$aCambridge :$$bThe MIT Press,$$c2019.
001385867 300__ $$a1 online resource (152 pages).
001385867 336__ $$atext$$btxt$$2rdacontent
001385867 337__ $$acomputer$$bc$$2rdamedia
001385867 338__ $$aonline resource$$bcr$$2rdacarrier
001385867 4901_ $$aKarl Brunner Distinguished Lecture series
001385867 506__ $$aAccess limited to authorized users.
001385867 520__ $$aAn 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.
001385867 588__ $$aOCLC-licensed vendor bibliographic record.
001385867 650_0 $$aInternational finance.
001385867 650_0 $$aMonetary policy.
001385867 650_0 $$aBanks and banking, International.
001385867 653__ $$aECONOMICS/Macroeconomics
001385867 655_0 $$aElectronic books
001385867 852__ $$bebk
001385867 85640 $$3MIT Press$$uhttps://univsouthin.idm.oclc.org/login?url=https://doi.org/10.7551/mitpress/12123.001.0001?locatt=mode:legacy$$zOnline Access through The MIT Press Direct
001385867 85642 $$3OCLC metadata license agreement$$uhttp://www.oclc.org/content/dam/oclc/forms/terms/vbrl-201703.pdf
001385867 909CO $$ooai:library.usi.edu:1385867$$pGLOBAL_SET
001385867 980__ $$aBIB
001385867 980__ $$aEBOOK
001385867 982__ $$aEbook
001385867 983__ $$aOnline