Issues in Monetary Policy: The Relationship Between Money and Financial Markets

Issues in Monetary Policy: The Relationship Between Money and Financial Markets

by Kent Matthews
     
 

Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant.

Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and

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Overview

Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant.

Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability?

The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.

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Editorial Reviews

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"...(people can) gain so much more from this book than the review can do justice to..."  (Credit Control, June 2006)

Product Details

ISBN-13:
9780470018194
Publisher:
Wiley
Publication date:
04/21/2006
Pages:
210
Product dimensions:
6.54(w) x 9.72(h) x 0.61(d)

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Meet the Author

Kent Matthews is the Julian Hodge Professor of Banking andFinance at Cardiff University. He trained at the London School ofEconomics, Birkbeck College and Liverpool University and has heldprevious academic positions at Liverpool University, LiverpoolBusiness School. He has held visiting posts at the CatholicUniversity of Leuven Belgium, Humbolt University, Berlin andUniversity ofWestern Ontario, Canada as well as professional postsat the National Institute of Economic & Social Research, theBank of England and Lombard Street Research Ltd.

Philip Booth BA, PhD, FIA, FSS is Editorial and ProgrammeDirector at the Institute of Economic Affairs and Professor ofInsurance and Risk Management at Cass Business School, CityUniversity. He has previously worked as a special advisor onfinancial stability issues for the Bank of England. Philip Booth iseditor of the journal Economic Affairs and associate editorof the British Actuarial Journal. He is a Fellow of theInstitute of Actuaries and of the Royal Statistical Society.Amongst previous books he has written are InvestmentMathematics (Wiley), Modern Actuarial Theory andPractice (CRC/Chapman Hall) and The Way Out of the PensionsQuagmire (Institute of Economic Affairs). He teaches,researches and writes in the areas of finance, investment andsocial insurance.

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