Towards More Effective Monetary Policy [Paperback]

This volume contains papers prepared for the Bank of Japan's Seventh International Conference which explore the operational and institutional framework for effective monetary policy implementation against the background of recent developments in economics and central banking practice. Features important contributions from leading figures from academia, central banks, and international institutions. Essential reading for anyone interested in central banking or the conduct of monetary policy.Preface - Notes on the Contributors - Opening Remarks; Y.Matsushita - PART 1: KEYNOTE SPEECHES - On Making Monetary Policy More Effective Domestically and Internationally; A.H.Meltzer - Policy Rules as a Means to a More Effective Monetary Policy; J.B.Taylor - Styles of Monetary Management; T.Padoa-Schioppa - PART 2: EXPLORATION OF A FRAMEWORK FOR EFFECTIVE MONETARY POLICY - Inflation Control and Monetary Policy Rules; D.Laidler - Comments; M.Mussa - Challenges for Monetary Policy in the Evolving Financial Environment; D.W.Mullins,Jr - Comments; M.H.Moskow - PART 3: EXPERIENCE WITH MONETARY POLICY GUIDELINES - The Rise and Fall of Money Growth Targets as Guidelines for US Monetary Policy; B.M.Friedman - Comments; D.Longworth & G.Rich - Monetary Targeting in Germany; M.J.M.Neumann - Comments; W.R.White & J.L.Jordan - Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom and in General; B.T.McCallum - Comments; D.Mayes & J.H.Beebe - Japanese Monetary Policy, Rules or Discretion? Part II; K.Ueda - Comments; F.S.Mishkin, K.Andersson & M.Goodfriend - PART 4: CENTRAL BANK INDEPENDENCE AND ACCOUNTABILITY - Independence and Accountability; C.Briault, A.Haldane & M.King - Comments; R.Reynders, D.L.Kohn & R.Konig - Central Bank Independence in the European Union; F.Bruni - Comments; R.Raymond, C.E.Minehan & C.B.Briault - PART 5: CONCLUDING SUMMARY - Towards More Effective Monetary Policy: Concluding Remarks; G.Tabellini - PART 6: BACKGROUND PAPER l³G