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Central Banking, Asset Prices and Financial Stability - 9780415773997

Un libro in lingua di eric Tymoigne edito da Taylor & Francis, 2009

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Adhering to the dominant quantity theory of money, says Tymoigne (economics, California State U.-Fresno), most economists believe that the main goal of a central bank is to achieve price stability. He disagrees, arguing that the primary preoccupation of a central bank should be financial matters, and that inflation should be dealt with by other public institutions. The problem remains of how they can do this, and he charts out a path using a macro-economic framework that emphasizes financial aspects instead of the impact of monetary policy on the production side of the economy. In practical terms, he urges the banks to stop manipulating interest rates as too weak and uncertain, and turns instead to managing financial positions and practices directly. The study emerged from his Ph.D. dissertation at the University of Missouri-Kansas City (no date cited). Annotation ©2009 Book News, Inc., Portland, OR (booknews.com)

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