Monetary Theory and Policy Experience

Monetary Theory and Policy Experience

Monetary Theory and Policy Experience

Monetary Theory and Policy Experience

Synopsis

Why do governments prefer to limit themselves to a specific inflation target? Specialists and senior officials of the European Central bank, the OECD and national central banks look beyond inflation targeting as the goal of monetary policy. Among the contributing, Nobel Laureate Robert Mundell surveys the history and prospects of the sovereignty of the state over money, while Michael Bordo and Lars Jonung use data of 14 industrialized countries to show relationships between fiscal and monetary regimes.

Excerpt

A non-profit organization with purely scientific aims, the International Economic Association (IEA) was founded in 1950. It is a federation of some sixty national economic associations in all parts of the world. Its basic purpose is the development of economics as an intellectual discipline, recognizing a diversity of problems, systems and values in the world and taking note of methodological diversities.

The IEA has, since its creation, sought to fulfil that purpose by promoting mutual understanding among economists through the organization of scientific meetings and common research programmes, and by means of publications on problems of fundamental as well as current importance. Deriving from its long concern to assure professional contact between East and West, and North and South, the IEA pays special attention to issues of economies in systemic transition and in the course of development. During its nearly fifty years of existence, it has organized more than a hundred round-table conferences for specialists on topics ranging from fundamental theories to methods and tools of analysis and major problems of the present-day world. Participation in round tables is at the invitation of a specialist programme committee, but twelve triennial World Congresses have regularly attracted the participation of individual economists from all over the world.

The Association is governed by a Council, comprising representatives of all member associations, and by a fifteen-member Executive Committee which is elected by the Council. The Executive Committee (1995–98) at the time of the Trento Conference was:

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