Indexing, Inflation, and Economic Policy

Overview

Mainstream macroeconomics is under attack, professionally and in the popular press,
as rarely before. Stanley Fischer has brought together this collection of essays in support of the view that mainstream macroeconomics can contribute much that it is both scientifically and socially useful to the analysis of policy issues and controversies. The book is divided into four parts, each with its own introduction. The preface presents Fischer's methodological defense of ...

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Overview

Mainstream macroeconomics is under attack, professionally and in the popular press,
as rarely before. Stanley Fischer has brought together this collection of essays in support of the view that mainstream macroeconomics can contribute much that it is both scientifically and socially useful to the analysis of policy issues and controversies. The book is divided into four parts, each with its own introduction. The preface presents Fischer's methodological defense of macroeconomics.The essays cover: The Costs and Effects of Inflation: Toward an Understanding of the
Real Effects and Costs of Inflation (with Franko Modigliani). Toward an Understanding of the Costs of Inflation: II. Inflation, Unemployment, and Public Opinion Polls (with John Huizinga). Relative
Shocks, Relative Price Variability, and Inflation. Wage Indexation and Inflation: Wage Indexation and Macroeconomic Stability. Indexing and Inflation. Contracts, Credibility, and Disinflation.
Exchange Rate versus Money Targets in Disinflation. Indexation in the Capital Markets: The Demand for Index Bonds. On the Nonexistence of Privately issued index Bonds in the U.S. Capital Market.
Call Option Pricing When the Exercise Price Is Uncertain, and the Valuation of Index Bonds. Welfare
Aspects of Government Issue of Indexed Bonds. Policy Issues: Long-Term Contracts, Rational
Expectations, and the Optional Money Supply Rule. Seigniorage and the Case for a National Money. On
Activist Monetary Policy with Rational Expectations. Dynamic Inconsistency, Cooperation, and the
Benevolent Dissembling Government. Israeli Inflation and Indexation.Stanley Fischer is Professor of
Economics at MIT and coauthor with Rudiger Dornbusch of Economics and Macroeconomics.

The MIT Press

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Product Details

  • ISBN-13: 9780262561631
  • Publisher: MIT Press
  • Publication date: 4/14/1986
  • Pages: 504
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.00 (d)

Meet the Author

Stanley Fischer is Governor of the Bank of Israel. First Deputy Managing Director of the
International Monetary Fund from 1994 to 2001, Fischer is the author of IMF Essays from a
Time of Crisis: The International Financial System, Stabilization, and Development
(MIT
Press, 2004).
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Table of Contents

Preface p.ix
I The Costs and Effects of Inflation
1 Toward an Understanding of the Real Effects and Costs of Inflation (with Franco Modigliani) p.7
2 Toward an Understanding of the Costs of Inflation: II p.35
3 Relative Stocks, Relative Price Variability, and Inflation p.71
4 Inflation, Unemployment, and Public Opinion Polls (with John Huizinga) p.123
II Wage Indexation and Disinflation
5 Wage Indexation and Macroeconomic Stability p.159
6 Indexing and Inflation p.193
7 Contracts, Credibility, and Disinflation p.221
8 Exchange Rate versus Money Targets in Disinflation p.221
III Indexation in the Capital Markets
9 The Demand for Index Bonds p.271
10 On the Nonexistence of Privately Issues Index Bonds in the U.S Capital Market p.301
11 Call Option Pricing When the Exercise Price Is Uncertain, and the Valuation of Index Bonds p.321
12 Welfare Aspects of Government Issue of Indexed Bonds p.333
IV Policy Issues
13 Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule p.365
14 On Activist Monetary Policy with Rational Expectations p.383
15 Dynamic Incosistency, Cooperation, and the Benevolent Dissembling Government p.413
16 Segniorage and the Case for a National Money p.431
17 Israeli Inflation and Indexation p.487
Index p.487
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