Financial Markets and Monetary Policy (Hardcover)

Financial Markets and Monetary Policy Book Description

The decade of the 1980s left many central bankers disillusioned withmonetarism, so that the question of the optimal nominal anchor remains an open one.In this second collection of his writings on financial markets (the first, OnExchange Rates, covered international finance), Jeffrey Frankel turns his attentionto domestic markets, with special attention to how national monetary policy ishandled. The fifteen papers are divided into three sections, each introduced by theauthor. They cover, respectively, optimal portfolio diversification, indicators ofexpected inflation, and the determination of monetary policy in the face ofuncertainty.In the first section, Frankel explores what information the theory ofoptimal portfolio diversification can give the macroeconomist. In the secondsection, he considers what economic variables central bankers might use to gaugewhether monetary policy is too tight or too loose. And in the final section, helooks at the range of uncertainty over policy effects and how that complicatescoordination of macroeconomic policymaking. The book concludes with a sympatheticanalysis of nominal GDP targeting.

About the Author :

Jeffrey A Frankel has contributed to Financial Markets and Monetary Policy as an author. Jeffrey A. Frankel is James W. Harpel Professor of Capital Formation and Economic Growth at Harvard University's John F. Kennedy School of Government and a Research Associate at the National Bureau of Economic Research.

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