Learning from the World’s Best Central Bankers

Principles and Policies for Subduing Inflation

  • George M. von Furstenberg
  • Michael K. Ulan
Book

Table of contents

  1. Front Matter
    Pages I-XXIII
  2. Western Hemisphere

    1. Front Matter
      Pages 1-1
    2. George M. von Furstenberg, Michael K. Ulan
      Pages 3-37
    3. George M. von Furstenberg, Michael K. Ulan
      Pages 39-73
    4. George M. von Furstenberg, Michael K. Ulan
      Pages 75-105
  3. Europe

    1. Front Matter
      Pages 107-107
    2. George M. von Furstenberg, Michael K. Ulan
      Pages 109-133
    3. George M. von Furstenberg, Michael K. Ulan
      Pages 135-167
  4. “Far East”

    1. Front Matter
      Pages 169-169
    2. George M. von Furstenberg, Michael K. Ulan
      Pages 171-206
    3. George M. von Furstenberg, Michael K. Ulan
      Pages 207-242

About this book

Introduction

BURTON G. MALKIEL Chemical Bank Chairman's Professor of Economics Princeton University Central bankers have often believed that they are the Rodney Dangerfields of public officials-they seldom receive respect from the public or from elected officials. Particularly in the days of high infla­ tion and substantial unemployment, they were held responsible for everything that ailed the world's economies. And monetarists often suggested that nations would be far better off if central bankers were replaced by robots who would do nothing more than ensure that the money supply was increased at a fixed percent each year. Our views have changed considerably over the past two decades. The main reason is that, thanks in substantial part to the efforts of central bankers, inflation has generally been contained. With the re­ duction in inflation and the recent relative stability of price levels in most developed nations, risk premiums have tended to decline sharply. Moreover, unemployment rates, at least in the Western Hemisphere, have decreased substantially. Finally, even many economists who con­ sider themselves monetarists now tend to be less certain of the stabil­ ity of the link between the money supply and economic activity. Thus, there is greater appreciation of the critical role of judgment in the conduct of monetary policy and a general belief that the judgments central bankers have made have generally been sound.

Keywords

bank central bank Inflation monetary policy money Switzerland unemployment

Authors and affiliations

  • George M. von Furstenberg
    • 1
  • Michael K. Ulan
    • 2
  1. 1.Rudy Professor of EconomicsIndiana UniversityBloomingtonUSA
  2. 2.U.S. Department of StateUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4615-4959-8
  • Copyright Information Kluwer Academic Publishers 1998
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-0-7923-8304-8
  • Online ISBN 978-1-4615-4959-8
  • About this book