Changing the Rules: International Monetary Reform
The perceived negative consequences of spillovers from the actions of central banks around the world have led to increasing calls for international monetary policy coordination. Rules for International Monetary Stability reports on the results of a Hoover Institution conference that brought together academics, financial experts, and policy makers to focus on the need for a classic rules-based reform of the international monetary system. A distinguished group of participants included four Federal Reserve Bank presidents and numerous other representatives from the Federal Reserve System, academia, the financial sector, and business media.
Five of the book’s chapters cover international monetary policy interactions from varying perspectives: theoretical, empirical, and historical, followed by two chapters that contain the discussions of policy panels by practitioners and policy makers. Contributors focus on the deepening links of international monetary policy regimes, exchange-rate volatility, and international capital flows as well as next steps for central banks as they assess the results of unconventional monetary interventions. All the chapters include an edited transcript of the general discussion by the participants in the conference.
John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford’s Introductory Economics Center.
Rules for International Monetary Stability
Central Bank Governance and Oversight Reform
Inequality and Economic Policy
Making Failure Feasible
Across the Great Divide
Michael D. Bordo is a Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University, New Brunswick, New Jersey. He is currently a distinguished visiting fellow at the Hoover Institution, Stanford University.
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PREFACE, by Michael D. Bordo and John B. Taylor
ONE: Monetary Policy Independence under Flexible Exchange Rates: The Federal Reserve and Monetary Policy in Latin America—Is There Policy “Spillover”?
by Sebastian Edwards
Lead Discussant: David H.
Christopher Crowe, Harald Uhlig, Allan H. Meltzer, Michael
Hutchinson, William English, Vasco Curdia, Richard Clarida, Evan F.
TWO: The International Impact of the Fed When the United States is a Banker to the World
by David Beckworth and Christopher Crowe
Lead Discussant: Christopher Erceg
General Discussion: Richard Clarida, David H. Papell, Harald Uhlig, Sebastian Edwards, Michael Melvin, Robert E. Hall
THREE: A Journey Down the Slippery Slope to the European Crisis: A Theorist’s Guide
by Varadarajan V. Chari, Alessandro Dovis, and Patrick J. Kehoe
Lead Discussant: Harald Uhlig
General Discussion: George P.
Shultz, Ken Singleton, Sebastian Edwards, Michael Hutchison
FOUR: The Fundamental Structure of the International Monetary System
by Pierre- Olivier Gourinchas
Lead Discussant: John H.
General Discussion: Lee E.
Ohanian, John H. Cochrane, Robert E. Hall, Sebastian Edwards,
Varadarajan V. Chari
FIVE: Monetary Policy Cooperation and Coordination: An Historical Perspective on the Importance of Rules
by Michael D. Bordo and Catherine Schenk
Lead Discussant: Allan H.
General Discussion: Andrew T.
Levin, Christopher Erceg, Harald Uhlig, Christopher Meissner, Robert
Kaplan, Bill English
SIX: Rules- Based International Monetary Reform
by John B. Taylor, Richard Clarida, and George P. Shultz
General Discussion: Steve
Chapman, David H. Papell, John H. Cochrane, Andrew T. Levin,
SEVEN: International Monetary Stability and Policy
by James Bullard, Robert Kaplan, Dennis Lockhart, and John C. Williams
General Discussion: Sebastian Edwards, Robert E.
Hall, Andrew T. Levin, Allan H. Meltzer, Richard Clarida, Steve
Liesman, John B. Taylor, George P. Shultz, John H. Cochrane,
Varadarajan V. Chari, Terry Jones, David Malpass, Harald Uhlig
About the Contributors
About the Hoover Institution’s Working Group on Economic Policy
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