Description
Book SynopsisMonetary Theory and Monetary Policy is the second collection of essays by Karl Brunner - one of the most prominent monetary economists of the twentieth century. It demonstrates the importance of economic analysis for the development of appropriate economic policies.
The book opens with a preface by Thomas Lys which provides the reader with an account of both Karl Brunner's personal and academic life. This is developed further in an introduction by Allan H. Meltzer, who focuses on Brunner's intellectual development. Issues discussed in this collection include the question of whether monetarism has failed, monetary policy, persistent inflation, deficits and interest rates, high-powered money, the monetary base, the money supply, international monetary order and the question of whether supply-side economics is sufficient for comprehensive policymaking.
This selection will be welcomed by academics, students and policymakers interested in monetary economics and the work of Karl Brunner.
Trade Review'. . . Monetary Theory and Monetary Policy
, containing both fundamental ideas and practical applications in terms of the SOMC position papers, can be highly recommended to any student of monetary economics.' -- Debashis Acharya, Kyklos 'Without exception the papers show a subtle, powerful, and clear economic mind at work. Reading these essays would be of benefit to every economist.'– Geoffrey Wood, The Economic Journal
Table of ContentsContents: Introduction (A.H. Meltzer) 1. Conversation with a Monetarist 2. Has Monetarism Failed? 3. Monetary Policy and Monetary Order 4. The ‘Four Disciplines’ and the ‘Two Encouragements’: Comments on President Carter’s Anti-inflation Program 5. Selected Shadow Open Market Committee Position Papers, 1979–87 6. The Drift into Persistent Inflation 7. Deficits, Interest Rates, and Monetary Policy 8. Technological Change: Challenge and Consequences 9. Will the Fred ever see its ‘Shadow’? 10. The Disarray in Macroeconomics 11. High-powered Money and the Monetary Base 12. Money Supply 13. The Pragmatic and Intellectual Tradition of Monetary Policymaking and the International Monetary Order 14. Is ‘Supply-side Economics’ Enough? 15. The Case Against Monetary Activism Index
