Description
Book SynopsisMonetarism and the Methodology of Economics is a collection of 14 original essays in honour of Thomas Mayer focusing on the themes of monetarism, the transmission mechanism for monetary policy, the political economy of monetary policy and the methodology of empirical economics.
This volume addresses the many areas where Thomas Mayer has made a major contribution and brings together a distinguished group of contributors including King Banaian, Mark Blaug, Martin Bronfenbrenner, Richard C.K. Burdekin, Thomas F. Cargill, Milton Friedman, C.A.E. Goodhart, D. Wade Hands, Abraham Hirsch, Kevin D. Hoover, David Laidler, Thomas Mayer, James L. Pierce, Steven M. Sheffrin, Richard J. Sweeney, Thomas D. Willett, Wing Thye Woo.
An autobiographical essay by Thomas Mayer and a short appreciation by Kevin Hoover and Steven Sheffrin are included in this volume, together with a bibliography of Mayer's economic writings.
Trade Review'It is an excellent and well written group of essays, superbly edited by two of Mayer's colleagues, Kevin Hoover and Steven Sheffrin. . . in many ways this volume mirrors Mayer's vision of how economics ought to be practiced. What a thoughtful way to honor a meticulous, scholarly, and prolific colleague.' -- James R. Wible, Eastern Economic Journal
Table of ContentsPart 1 Reflections: Thomas Mayer: an appreciation, Kevin D. Hoover and Steven M. Sheffrin; getting older, but not much wiser, Thomas Mayer. Part 2 Monetarism: monetarism - the good, the bad and the ugly, James L. Pierce; is the quantity theory of money true? Mark Blaug Part 3 The transmission mechanism: Say's law extended - an expository approach, Martin Bronfenbrenner; why do agents hold money, and why does it matter? David Laidler; money supply control - base or interest rates? C.A.E. Goodhart; monetary policy, wealth effects and the transmission mechanism, Richard J. Sweeney; using existing financial repression to blunt the Dutch disease - a missed opportunity in Indonesia, Womg Thye Woo; identifying monetary and credit shocks, Steven M. Sheffrin. Part 3 The political economy of monetary policy: monetary system for a free society, ,ilton Friedman; on the political economy of central bank independence, King Banaian, Richard C.K. Burdekin, and Thomas D. Willet; the bank of Japan and federal reserve - an essay on central bank independence, Thomas F. Cargill. Part 4 The Methodology of empirical macroeconomics: John Stuart Mill and the problem of induction, Abraham Hirsch; the methodology of empirical science economics - a closer look, D.Wade Hands; in defence of data mining - some preliminary thoughts, Kevin D. Hoover.
