How Monetary Policy Got Behind the Curve-and How to Get Back

Bordo, Michael D. (EDT)/ Taylor, John B. (EDT)/ Cochrane, John H. (EDT)

Hoover Institution Press,U.S.（2023/03発売）

• 製本 Hardcover:ハードカバー版／ページ数 422 p.
• 言語 ENG
• 商品コード 9780817925642
• DDC分類 332.4973

Full Description

With the inflation rate in the United States and many other countries on the rise for over a year and nearing double digits, the Hoover Institution hosted its 2022 conference on monetary policy. Policy makers, market participants, and academic researchers gathered to discuss the situation. Many agreed that low interest rates and high money growth were inappropriate given the high inflation rate and evidence that the United States has recovered from the deep recession induced by the pandemic and its policy response in 2020. The thoughtful papers and the thorough discussions in this volume of conference proceedings illustrate the debate about the reasons for this mismatch, as well as how to get back on track. They reflect a range of opinions and perspectives, including examination of the fiscal shock resulting from the COVID pandemic and the related borrowing and spending; emphasis on the value of adherence to rules versus discretion in setting Fed policy; lessons from history in the spikes in federal expenditures during times of war (including the pandemic) and in the timing of the Fed's use of its policy instruments; the role of central banks in the emerging inflation crisis; and s

Contents

Preface: Michael D. Bordo, John H. Cochrane, and John B. Taylor
1. Introductory Remarks: Condoleezza Rice
What Monetary Policy Rules and Strategies Say
2. Perspectives on US Monetary Policy: Richard H. Clarida
3. A Labor Market View on Inflation: Lawrence H. Summers
4. It's Time to Get Back to Rules-Based Monetary Policy: John B. Taylor
Introductory Remarks: Tom Stephenson
General Discussion: Robert Hall, Terry Anderson, Krishna Guha, Ellen Meade
Fiscal Policy and Other Explanations
5. Inflation Past, Present, and Future: Fiscal Shocks, Fed Response, and Fiscal Limits: John H. Cochrane
6. How Monetary Policy Got So Far behind the Curve: The Role of Fiscal Policy: Tyler Goodspeed
7. Current Market Perspectives: Beth Hammack Introductory Remarks: Charles
I. PlosserGeneral Discussion: Krishna Guha, Mickey D. Levy, James Bullard, Richard H. Clarida, Markos Kounalakis
The Fed's Delayed Exits from Monetary Ease
8. The Fed's Monetary Policy Exit Once Again behind the Curve: Michael D. Bordo and Mickey D. Levy Discussant Remarks: Jennifer BurnsIntroductory Remarks: Kevin WarshGeneral Discussion: Ricardo Reis, Richard H. Clarida, James BullardInflation Risks
9. The Burst of High Inflation in 2021-22: How and Why Did We Get Here?: Ricardo Reis
Discussant Remarks: Volker Wieland
Introductory Remarks: Arvind Krishnamurthy
General Discussion: Robert Hall, James Bullard, Patrick Kehoe, Marc Katz, Elena PastorinoWorld Wars: Fiscal-Monetary Consequences
10. Financing Big US Federal Expenditures Surges: COVID-19 and Earlier US Wars: George J. Hall and Thomas J. Sargent
Discussant Remarks: Ellen R. McGrattan
Introductory Remarks: John Lipsky
General Discussion: James Bullard, Krishna Guha, Michael D. Bordo, William Nelson, Robert Hall, John H. Cochrane, Patrick Kehoe
Toward a Monetary Policy Strategy
11. Is the Fed Behind the Curve? Two Interpretations: James Bullard
12. Strategy and Execution in US Monetary Policy 2021-22: Randal Quarles
13. Reflections on Monetary Policy in 2021: Christopher J. Waller
Introductory Remarks: Joshua Rauh
General Discussion: David H. Papell, Mickey D. Levy, Tyler Goodspeed, John Gunn, John H. Cochrane, Nick Timiraos, Andrew Levin, William Nelson
14. Inflation Blues: The Fortieth-Anniversary Revival? Monika Piazzesi
General Discussion: James Bullard, Krishna Guha, Arvind Krishnamurthy, Axel Merk, David H. Papell
About the Contributors
About the Hoover Institution's Working Group on Economic Policy
Index