Rules for International Monetary Stability

Rules for International Monetary Stability

Past, Present, and Future

Edited by: Michael D. Bordo   Editor: John B. Taylor
ISBN: 978-0-8179-2054-8
Publication Date: 4/1/2017
Pages: 384

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.

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John B. Taylor

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.


Michael D. Bordo

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. Papell
        General Discussion: Christopher Crowe, Harald Uhlig, Allan H. Meltzer, Michael Hutchinson, William English, Vasco Curdia, Richard Clarida, Evan F. Koenig

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. Cochrane
        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. Meltzer
        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, Christopher Crowe

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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