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Money Matters

Essays in Honour of Alan Walters Edited by Patrick Minford, Professor of Economics, Cardiff Business School, Cardiff University, UK
As a tribute to the exceptional contributions of Alan Walters to monetary theory and policy, this book draws together a distinguished cast of international contributors to write about money. In a series of essays they review controversies in monetary economics and debate current policy issues.
Extent: 384 pp
Hardback Price: $175.00 Web: $157.50
Publication Date: 2004
ISBN: 978 1 84376 443 4
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  • Economics and Finance
  • Money and Banking
  • Political Economy
  • Politics and Public Policy
  • Political Economy
As a tribute to the exceptional contributions of Alan Walters to monetary theory and policy, this book draws together a distinguished cast of international contributors to write about money. In a series of essays they review controversies in monetary economics and debate current policy issues.

Combining theoretical analysis with policy evaluation, this book touches on a whole spectrum of issues ranging from monetary union and exchange rate regimes, to credit rationing and policy games. The book focuses on the problems of modelling the effects of monetary and fiscal policy, and setting optimal policies for the future. It concludes with two stimulating panel discussions, one questioning whether the UK should join the Euro and the other discussing the appropriate targets of monetary policy.

Bringing together for the first time papers celebrating Alan Walters’ achievements in this field, this book will be warmly welcomed by those with special interest in monetary economics, particularly policymakers, students and academics.
Contributors: R.V. Atoian, M. Beenstock, M.B. Canzoneri, J.S. Chadha, B. Connolly, R.E. Cumby, H. Dellas, C.G. de Vries, B.T. Diba, M. Fratianni, G.E. Givens, D. Henderson, A. Hughes Hallett, J. Kilponen, K. Matthews, B.T. McCallum, J. Melitz, E. Nelson, C. Nolan, I. Paya, D.A. Peel, G. Pepper, M.K. Salemi, M. Salmon, J.F. Slijkerman, D.J.C. Smant, J. von Hagen, Sir A. Walters, D.N. Weymark, J. Zhou
Contents: Preface Introduction 1. Taking on the Economics Establishment: An Appreciation of Alan Walters the Political Economist 2. Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability 3. The Efficacy of Monetary Policy in a Multi Sector, Two Country Model 4. Model Misspecification, Robustness and Monetary Policy 5. The Case for Monetary Union in Mercosur 6. De Facto Exchange Rate Regimes in Transition Economies: Identification and Determination 7. News-Magazine Monetarism 8. Alan Walters and the Demand for Money: An Empirical Retrospective 9. The Interaction of Monetary and Fiscal Policy: Solvency and Stabilisation Issues 10. Monetary Policy under Banking Oligopoly 11. Money Targeting 12. Credit Value-at-Risk Constraints, Credit Rationing and Monetary Policy 13. Policy Games and the Optimal Design of Central Banks 14. Policy Evaluation with a Forward-Looking Model 15. Policy Panel Contributions (i) Should the UK Join the Euro? The Monetary Issues (ii) What Should Monetary Policy be Targeting? Appendix: European Monetary Forum Conference in Honour of Alan Walters, May 2002 Index