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Optimal Monetary Policy Under Uncertainty


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Table of Contents

Contents: Preface Part I: Imperfect Information, Responses to Shocks, and Credibility Issues 1. Introduction, Part I 2. A Basic Model and Some Early Results 3. The Strategy of Monetary Policy: Targets, Instruments and Information Variables 4. A Variable Price Level, Supply Shocks and Rational Expectations 5. Optimal Monetary and Exchange Rate Policy in the Open Economy 6. Monetary Policy Credibility Part II: Recent Developments in Monetary Policy 7. Introduction, Part II 8. The Phillips Curve: Recent Incarnations 9. The Forward-Looking Model: The Closed Economy 10. The Forward-Looking Model: Additional Topics 11. The Forward-Looking Model: The Open Economy 12. The New Keynesian Model: The Backward-Looking Case References Index

About the Author

Richard T. Froyen, Professor Emeritus, Department of Economics, University of North Carolina at Chapel Hill, US and Alfred V. Guender, Associate Professor, Department of Economics and Finance, University of Canterbury, New Zealand


'In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity... Optical Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists.'- Midwest Book Review'Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do.'- Central Banking

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