13 research outputs found
Biosynthese des Metallzentrums von [NiFe]-Hydrogenasen aus E. coli Analyse zweier Reifungsenzyme
No full textOrigins of the Great Inflation
No full textThe Great Inflation from 1965 to 1984 is the climactic monetary event of the last part of the 20th century. This paper analyzes why it started and why it continued for many years. Like others, it attributes the start of inflation to analytic errors, particularly the widespread acceptance of the simple Keynesian model with its implication that monetary and fiscal policy should be coordinated. In practice, that meant that the Federal Reserve financed a large part of the fiscal deficit. This paper gives a large role to political decisionmaking. Continuation of inflation depended on political choices, analytic errors, and the entrenched belief that inflation would continue.Inflation (Finance) ; Economic history ; Monetary policy
Monetary theory and monetary policy : reflections on the development over the last 150 years : [Version 8 Dezember 2012]
No full textIn this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject. We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks
Monetary theory and monetary policy : reflections on the development over the last 150 years
No full textIn this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject. We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks
Virtue and democracy in Plato's late dialogues
No full textBoth Plato's theory of virtue and his attitude towards
democracy -the two being correspondent- change significantly as we
move from the middle to the late dialogues. The Republic is a
substantially authoritarian work which expresses an unmitigated
rejection of democracy. Its authoritarianism is deeply rooted in
the fact that its ethical and political assertions are justified
on a metaphysical basis. Plato suggests that virtue and
metaphysical knowledge legitimize political power, but both virtue
and knowledge are so defined as to be attainable only by a tiny
minority. In the Politicus Plato reasserts the superiority of a
complete virtue grounded on philosophical knowledge, but seriously
questions the attainability of this ideal. In the closing part of
this dialogue Plato demonstrates an interest in history and in
this respect the Politicus anticipates the Laws, where political
theory is not justified by metaphysics, but is informed by
historical experience. More specifically, Plato attempts to
reproduce on a theoretical level a legislation similar to the
actual historical legislation of Solon and he underlines the need
for a moderate state involving elements from different
constitutions. Because Plato adopts a historical perspective in
the Laws, his earlier authoritarianism is severely curtailed
(though not completely abandoned). So, despite still holding a low
opinion of democracy, Plato does use some democratic elements in
his Magnesian constitution and the predominant conception of moral
virtue put forward in the Laws is not the highly exclusive virtue
of the Republict but a virtue falling within the capacities of the
ordinary citizen. In comparison to the state of the Republic the
city of the Laws is for Plato only a "second best". Even so,
however, the latter dialogue with its moderation, its rejection of
absolutism and its surprisingly modern emphasis on the
accountability of all officials constitutes a contribution of
lasting interest to Western political thinking
Milton Friedman and U.S. monetary history: 1961-2006
No full textThis paper, using extensive archival material from several countries, brings together scattered information about Milton Friedman's views and predictions regarding U.S. monetary policy developments after 1960 (i.e., the period beyond that covered by his and Anna Schwartz's Monetary History of the United States). The author evaluates these interpretations and predictions in light of subsequent events.Friedman, Milton ; Federal Reserve System - History ; Economic history
The U.K.'s rocky road to stability
No full textThis paper provides an overview, using extensive documentary material, of developments in U.K. macroeconomic policy in the last half-century. Rather than focusing on well-known recent changes in policy arrangements (such as the introduction of inflation targeting in 1992 or central bank independence in 1997), we instead take a longer perspective, which characterizes the favorable economic performance in the 1990s and 2000s as the culmination of an overhaul of macroeconomic policy since the late 1970s. We stress that policymaking in recent decades has discarded various misconceptions about the macroeconomy and the monetary transmission mechanism that officials held in earlier periods. The misconceptions included: an underestimation of the importance of monetary policy in demand management until 1970; a failure to distinguish real and nominal interest rates until the late 1960s; the deployment until the mid-1980s of ineffective monetary control devices that did not alter the monetary base; and the adherence by policymakers in the 1960s and 1970s to nonmonetary views of the inflation process. We also consider developments in fiscal policy in light of changes in the doctrines underlying U.K. macroeconomic decisions.Monetary policy - Great Britain ; Inflation (Finance) - Great Britain
Assessing the impact of regulation on bank cost efficiency
No full textThe author finds that the bank production process was significantly distorted during a period typically associated with heavy industry regulation. As deregulation occurred, banks fully exploited the cost advantages associated with size and reaped significant gains from technological change. Efficiency significantly improved with deregulation.Banks and banking - Costs ; Bank supervision
Chapter 18 of the General Theory “Further Analysed”: The Theory of Economics as A Method
No full textIn 1987, Greenwald and Stiglitz accused Keynes’s summary of the General Theory in chapter 18 of relying upon “neoclassical and Marshallian tools”. A number of contributions have on the contrary emphasized the methodological importance of this chapter, which this paper revisits in the light of A Treatise on Probability. It thereby shows that the notions of cause and dependence used to discuss the relationships between independent and dependent variables of the General Theory are related to the concept of “independence for knowledge”, which concerns logical connections between arguments rather than material connections between events. We demonstrate that such logical connections established in chapter 18 are rediscussed in chapters 19-21, where Keynes allows for probable repercussions between the factors and removes the simplifying assumptions previously introduced. After stressing the methodological continuity this method provides with the analysis of credit cycles in A Treatise on Money, we argue that chapter 18 is an indispensable tool to decode the internal text structure of the General Theory. We thus characterize the latter as a vademecum to the complex economic world, the author providing an analytical method allowing – and requiring – the readers to emulate his efforts to grasp the complexity and interdependence of the economic material.John Maynard Keynes, The General Theory, complexity, economic methodology
Optimal monetary policy rules : theory and estimation for OECD countries
No full textZhang W. Optimal monetary policy rules : theory and estimation for OECD countries. Bielefeld (Germany): Bielefeld University; 2004.This dissertation focuses on monetary policy rules in the OECD countries at both theoretical and empirical levels. It is divided into seven chapters.
Chapter 1 presents some recent literature on monetary policy rules and introduces the goal and organization of this dissertation.
Chapter 2 explores some empirical evidence of IS and Phillips curves, because these two equations have become baseline framework of monetary policy. Both backward- and forward-looking behaviors are considered. A time-varying Phillips curve is also estimated.
Chapter 3 discusses two important monetary policy rules: the money supply rule and the interest rate rule. Advantages and disadvantages of these two rules are explored.
Chapter 4 explores time-varying monetary policy rules with Chow break-point test and Kalman filter. The estimation results indicate that there are some structural changes in the monetary policy in the countries studied. The author also simulates the Euro-area economy under the assumption that the Euro-area had followed the time-varying US monetary policy in the 1990s and concludes that the monetary policy seems to be too tight in the Euro-area in the 1990s.
Chapter 5 explores monetary policy rules under uncertainty. The author first explores empirical evidence of model uncertainty with a state-space model with Markov-switching. Based on this evidence, the author then explores monetary policy under uncertainty with two approaches: the adaptive learning and the robust control. The results indicate that uncertainty does not necessarily require caution and that state variables do not necessarily converge even in a deterministic model with the adaptive learning.
Chapter 6 then explores monetary policy with financial markets. The author endogenizes the probability for the asset price bubble to increase or decrease in the next period and derives a nonlinear policy rule. The author also simulates the economy with financial asset in the presence of the zero-interest-rate bound and concludes that monetary policy should not ignore financial markets.
Chapter 7 presents some concluding remarks of the dissertation
