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Controlling the Growth of Monetary Aggregates

  • Book
  • © 1987

Overview

Authors:
  1. Robert H. Rasche

    1. Michigan State University, USA

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    You can also search for this author in PubMed   Google Scholar

  2. James M. Johannes

    1. University of Wisconsin-Madison, USA

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    You can also search for this author in PubMed   Google Scholar

Part of the book series: Rochester Studies in Managerial Economics and Policy (RSEP, volume 4)

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xix
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  2. Introduction

    • Robert H. Rasche, James M. Johannes
    Pages 1-13

  3. The Money Multiplier Framework

    • Robert H. Rasche, James M. Johannes
    Pages 15-27

  4. Initial Forecasting Models for the Old Money Stock Multipliers

    • Robert H. Rasche, James M. Johannes
    Pages 29-50

  5. Evolution and Robustness of the Forecasting Models During a Period of Financial Innovation and Deregulation 1977–1983

    • Robert H. Rasche, James M. Johannes
    Pages 51-69

  6. Monetary Control: The Implementation Experience

    • Robert H. Rasche, James M. Johannes
    Pages 71-137

  7. The Precision of Monetary Control

    • Robert H. Rasche, James M. Johannes
    Pages 139-169

  8. Consistent Target Ranges for Several Monetary Aggregates

    • Robert H. Rasche, James M. Johannes
    Pages 171-183

  9. Conclusions

    • Robert H. Rasche, James M. Johannes
    Pages 185-188

  10. Back Matter

    Pages 189-212
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Keywords

About this book

Karl Brunner Monetary affairs have preoccupied observers over the ages. In the middle of the 14th century, the chaos in the French currency system after many rounds of currency debasement attracted comments expressing helpless confusion. Goethe's Mephistopheles convinced the imperial court to inflate with paper money "for the benefit of the public" and to satisfy all the demands on the government's largesse. Our century is no exception. The massive technological improvement in creating money has contributed to hyperinflationary experiences never before recorded in history. These events occurred, however, in the political disarray following major wars. More important are the persistent pe ace time failures of our monetary institutions. A massive worldwide deflation, centered in the United States and Germany, imposed a tragic social and political fate on Western societies. Similarly, the sequence of a worldwide inflation followed by deflation observed over the past 15 years has fostered disruptive economic and political conditions. The monetary disarray experienced throughout history was crucially influenced by the prevailing monetary arrangements. These arrangements determine the level and movement of the nation's money stock over time. Under the circumstances, the political issue confronting us bears on the useful choice of monetary arrangements. This choice should involve institutions that prohibit both massive deflation and persistent inflation.

Reviews

` This book is well organized, analytically sound, and concisely presents the major issu involved in a reserve aggregate approach to controlling the monetary aggregates. It belongs on the reading list for all graduate macro-policy courses. '
A.E. Burger in Journal of Economic Literature, Vol.27, March 1989

Authors and Affiliations

  • Michigan State University, USA

    Robert H. Rasche

  • University of Wisconsin-Madison, USA

    James M. Johannes

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