Inflation, Unemployment and Monetary Control
BOOK
Cite BOOK
Style
Brunner, K., Neumann, M. (Eds.) (1979). Inflation, Unemployment and Monetary Control. Collected papers from the 1973 - 1976 Konstanz Seminars. Duncker & Humblot. https://doi.org/10.3790/978-3-428-44314-7
Brunner, Karl and Neumann, Manfred J. M.. Inflation, Unemployment and Monetary Control: Collected papers from the 1973 - 1976 Konstanz Seminars. Duncker & Humblot, 1979. Book. https://doi.org/10.3790/978-3-428-44314-7
Brunner, K, Neumann, M (eds.) (1979): Inflation, Unemployment and Monetary Control: Collected papers from the 1973 - 1976 Konstanz Seminars, Duncker & Humblot, [online] https://doi.org/10.3790/978-3-428-44314-7
Format
Inflation, Unemployment and Monetary Control
Collected papers from the 1973 - 1976 Konstanz Seminars
Editors: Brunner, Karl | Neumann, Manfred J. M.
Beihefte zu / Supplements to »Kredit und Kapital«, Vol. 5
(1979)
Additional Information
Book Details
Pricing
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Contents | V | ||
| Contributors | VII | ||
| Preface | IX | ||
| Rudiger Dornbusch: A Portfolio Balance Model of the Open Economy | 1 | ||
| REFERENCES | 25 | ||
| Rudiger Dornbusch: Capital Mobility and Portfolio Balance | 27 | ||
| 1. CAPITAL MOBILITY AND PORTFOLIO BALANCE | 29 | ||
| 2. FINANCIAL INTERMEDIATION | 33 | ||
| 3. DOMESTIC ASSETS AND THE SMALL-COUNTRY MODEL | 34 | ||
| 5. FORWARD-MARKET AND ASSET-MARKET EQUILIBRIUM | 43 | ||
| REFERENCES | 51 | ||
| Larry A. Sjaastad: On the Monetary Theory of the Balance of Payments: An Extension | 52 | ||
| SUMMARY | 71 | ||
| Pentti J. K. Kouri: The Hypothesis of Offsetting Capital Flows: A Case Study of Germany | 72 | ||
| 1. DEVELOPMENT OF THE HYPOTHESIS | 74 | ||
| 1.1. The Monetary Approach to the Balance of Payments | 74 | ||
| 1.2 Derivation of the Capital-Flow Equation | 76 | ||
| 1.3 Estimation Problems | 79 | ||
| 2. EMPIRICAL ANALYSIS | 80 | ||
| 2.1 Explanatory Variables in the Capital-Flow Equation | 80 | ||
| 2.2 Empirical Results | 83 | ||
| 2.3 Inclusion of the Forward Premium | 85 | ||
| 2.4 Partitioning of the Domestic Assets | 87 | ||
| 2.5 Estimation of the Interest-Rate Equation | 90 | ||
| 2.6 Summary of Results | 92 | ||
| 3. IMPLICATIONS OF THE RESULTS | 92 | ||
| 3.1 Behavior of the Balance of Payments | 92 | ||
| 3.2 Effect of Speculative Disturbances | 92 | ||
| 3.3 Independent Monetary Policy with a Fixed Exchange Rate | 93 | ||
| 3.4 Concluding Remarks | 94 | ||
| APPENDIX: DATA SOURCES | 94 | ||
| REFERENCES | 95 | ||
| Michael J. Hamburger: The Demand for Money in an Open Economy: Germany and the United Kingdom | 97 | ||
| 1. THE DEMAND FOR MONEY IN AN OPEN ECONOMY | 99 | ||
| 2. THE EVIDENCE FROM GERMANY | 101 | ||
| 2.1 Basic Results | 101 | ||
| 2.2 Alternative Interest Rates | 104 | ||
| 2.3 Stability | 107 | ||
| 3. THE EVIDENCE FROM THE UNITED KINGDOM | 109 | ||
| 3.1 Basic Results | 109 | ||
| 3.2 Stability | 115 | ||
| 4. CONCLUSION | 117 | ||
| REFERENCES | 119 | ||
| Manfred J. M. Neumann: Price Expectations and the Interest Rate in an Open Economy: Germany,1960 - 1972 | 122 | ||
| 1. THE MODEL | 124 | ||
| 2. EMPIRICAL ANALYSIS | 131 | ||
| 3. CONCLUSIONS | 145 | ||
| APPENDIX 1 | 146 | ||
| APPENDIX 2 | 149 | ||
| REFERENCES | 151 | ||
| Jacob A. Frenkel & Richard M. Levich: Transaction Costs and the Efficiency of International Capital Markets:Tranquil versus Turbulent Periods | 153 | ||
| 1. INTEREST ARBITRAGE AND TRANSACTION COSTS: THEORETICAL ASPECTS | 154 | ||
| 2. TRANSACTION COSTS: METHODOLOGY AND ESTIMATES | 157 | ||
| 3. INTEREST ARBITRAGE AND TRANSACTION COSTS: EMPIRICAL ASPECTS | 166 | ||
| 3.1 Transformation of Data and Transaction Costs | 166 | ||
| 3.2 Deviations from Parity: Tranquil versus Turbulent Periods | 168 | ||
| 4. UNEXPLOITED PROFITS AND A SIMPLE TRADING RULE | 170 | ||
| 5. A TIME-SERIES APPROACH | 174 | ||
| 6. CONCLUDING REMARKS | 177 | ||
| APPENDIX ON DATA | 181 | ||
| REFERENCES | 183 | ||
| Robert J. Barro: Unanticipated Money Growth and Unemployment in the United States | 186 | ||
| 1. ANALYSIS OF MONEY GROWTH | 187 | ||
| 2. ANALYSIS OF UNEMPLOYMENT | 196 | ||
| 3. SOME POLICY IMPLICATIONS | 211 | ||
| 4. CONCLUSIONS AND EXTENSIONS | 212 | ||
| REFERENCES | 213 | ||
| Allan H. Meitzer: Anticipated Inflation and Unanticipated Price Change — A Test ofthe Price-Specie Flow Theory and the Phillips Curve | 215 | ||
| APPENDIX 1 | 243 | ||
| APPENDIX 2 | 245 | ||
| REFERENCES | 246 | ||
| Benjamin M. Friedman: Targets, Instruments, and Indicators of Monetary Policy | 248 | ||
| 1. ELEMENTARY CONCEPTS | 250 | ||
| 2. THE INSTRUMENT PROBLEM | 253 | ||
| 3. LEVELS OF THE MONETARY POLICY CONTROL PROBLEM | 256 | ||
| 4. THE INTERMEDIATE TARGET PROBLEM | 264 | ||
| 4.1. The Problem | 264 | ||
| 4.2 The Intermediate Target Variable Procedure | 268 | ||
| 4.3 Optimal Procedure with Information Lags | 272 | ||
| 4.4 Concluding Remarks | 274 | ||
| 5. INFORMATION PROBLEMS: DATA LAGS AND STRUCTURAL LAGS | 276 | ||
| 6. THE INDICATOR PROBLEM | 277 | ||
| 7. CONCLUSIONS | 283 | ||
| REFERENCES | 284 | ||
| Robert H. Rasche: Optimal Control and Short-Term Monetary Policy Decisions | 288 | ||
| 1. OPTIMAL CONTROL MODELS FOR ANALYSIS OF MONETARY POLICY | 290 | ||
| 2. THE LOSS (OBJECTIVE) FUNCTION | 291 | ||
| 3. A MULTIPERIOD MODEL OF THE CONTROL PROBLEM | 293 | ||
| REFERENCES | 302 | ||
| Helmut Schlesinger: Recent Experiences with Monetary Policy in the Federal Republic of Germany | 303 | ||
| BASIC CONDITIONS FOR MONETARY POLICY | 304 | ||
| THE BASIC INSTITUTIONAL CONDITIONS FOR MONETARY POLICY IN THE FEDERAL REPUBLIC OF GERMANY | 305 | ||
| A TARGET FOR MONETARY GROWTH | 308 | ||
| CENTRAL-BANK MONEY AS THE TARGET | 312 | ||
| THE INDICATOR PROBLEM | 314 | ||
| THEORY AND PRACTICE OF MONEY-STOCK CONTROL | 316 | ||
| REFERENCES | 320 | ||
| Kurt Schiltknecht: Monetary Policy under Flexible Exchange Rates: The Swiss Case | 321 | ||
| 1. THE SWISS ECONOMY IN THE POSTWAR PERIOD | 322 | ||
| 2. THE CHOICE OF A MONETARY POLICY TARGET | 325 | ||
| 3. THE CONTROL OF MONEY-STOCK GROWTH | 328 | ||
| 4. CONTROL OF THE MONETARY BASE | 331 | ||
| 5. FLEXIBLE EXCHANGE RATES: 1973-1976 | 334 | ||
| 6. EFFECTS OF THE 1973-76 MONETARY POLICY | 342 | ||
| OUTLOOK | 349 | ||
| REFERENCES | 349 | ||
| Michael Parkin: Inflation and Unemployment with Indexed Wages: Some AnalyticalIssues | 350 | ||
| 1. THE ABSTRACTIONS AND THE "STORY" | 352 | ||
| 2. THE BUILDING BLOCKS | 354 | ||
| 3. THE COMPLETE MODEL | 359 | ||
| 4. CONCLUSIONS | 365 | ||
| REFERENCES | 367 |