The Art of Monetary Policy

By David C. Colander; Dewey Daane | Go to book overview

remain one. He discusses the trend toward economic integration and concludes that even as the discussion of the terms and conditions of economic integration are showing signs of progress toward a unified and interdependent world economy, the argument over fixed versus fluctuating rates is becoming a less heated one.

The final essay of the book, "International Coordination of National Economic Policies" by Robert Solomon, reiterates the belief that the central economic issue of the 1990s will concern the global interdependence of economies. In his essay, Solomon discusses the need for international policy coordination and then gives some examples of the lack of coordination in the past. He then discusses some imagined obstacles to integration and explains why these are not really obstacles, but tells us how other, real, obstacles do exist.


Conclusion

None of the essays in this volume is highly technical. Economics students at various levels should be able to follow all of the theory in them. But the insight they provide into policy and the problems of monetary policy is deep. They give one a better sense of the depth of real-world monetary policy than do most graduate courses in monetary theory and policy. They are written by the true artists of monetary policy, and we believe Alan Holmes would have been pleased by their message.


References

Klomer, Arjo, and David Colander. The Making of An Economist. Boulder: Westview Press, 1990.

Kydland, Finn, and Edward Prescott. 1977. "Rules Rather than Discretion: The Inconsistency of Optimal Plans." Journal of Political Economy (June):473-91.

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