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Central Banking, Monetary Theory and Practice
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Central Banking, Monetary Theory and Practice

Essays in Honour of Charles Goodhart, Volume One

9781840646146 Edward Elgar Publishing
Edited by Paul Mizen, Professor of Monetary Economics, School of Economics, University of Nottingham, UK
Publication Date: 2003 ISBN: 978 1 84064 614 6 Extent: 304 pp
Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include: central bank independence; credibility and transparency; the inflation forecast and the loss function; monetary policy experiences in the US and the UK; the implications of Goodhart’s Law; the benefits of single versus multiple currencies; and money, near monies and credit.

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Critical Acclaim
Contributors
Contents
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Commenting on the quality of the contributors when opening the conference on which these books are based, the former Governor of the Bank of England, Sir Edward George, said ‘I cannot remember ever before having had such a galaxy of academic economist and central banking superstars gathered together under one roof!’’

Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include:

• central bank independence
• credibility and transparency
• the inflation forecast and the loss function
• monetary policy experiences in the US and the UK
• the implications of Goodhart’s Law
• the benefits of single versus multiple currencies
• money, near monies and credit.

Each chapter of the volume relates to subjects that have been research projects in Charles Goodhart’s wide-ranging portfolio, and all are interconnected. Through these, the book offers a summary of current thinking and insights into monetary controversies.

Covering recent thinking on monetary theory, central banking, financial regulation and international finance, academic and professional economists alike will find this book an invaluable source of information.

The companion volume examines monetary history, exchange rates and financial markets.
Critical Acclaim
‘In sum, the books thoroughly and practically address central banking and monetary policy issues which are clearly and superbly exposed by academic, economist and central banking superstars. . . both volumes are certainly recommended.’
– Gabriel Gómez Giglio, Journal of International Banking Law
Contributors
Contributors: C. Bean, S. Bhattacharya, A. Chrystal, S. Fischer, J.S. Flemming, C. Freedman, B.M. Friedman, M. Goodfriend, C. Goodhart, M. King, N. Kiyotaki, P. Mizen, J. Moore, E. Nelson, A.S. Posen, M. Shubik, A. Sibert, L.E.O. Svensson
Contents
Contents: Preface Introduction A Central Bank Economist 1. No Money, No Inflation – The Role of Money in the Economy 2. Central Bank Independence 3. The Use and Meaning of Words in Central Banking: Inflation, Targeting, Credibility and Transparency 4. The Inflation Forecast and the Loss Function 5. Six Practical Views of Central Bank Transparency 6. The Phases of US Monetary Policy: 1987–2001 7. UK Monetary Policy, 1972–97: A Guide Using Taylor Rules 8. Goodhart’s Law: Its Origins, Meaning and Implications for Monetary Policy 9. A Cost of Unified Currency 10. Money and the Monetization of Credit Index

This title is available for institutional purchase via Elgaronline.

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eISBN: 978 1 78195 077 7
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