A Framework for Monetary Stability: Papers and Proceedings of an International Conference organised by De Nederlandsche Bank and the CentER for Economic Research at Amsterdam

Front Matter....Pages i-xii
Front Matter....Pages 1-1
Opening Speech....Pages 3-4
A Framework for Monetary Stability — A Policy Maker’s Perspective....Pages 5-15
Formal Targets for Inflation Reduction: The Canadian Experience....Pages 17-29
The Costs and Benefits of Disinflation....Pages 31-42
Comment on Charles Freedman: Formal Targets for Inflation Reduction: The Canadian Experience....Pages 43-47
Comment on Stanley Fischer: The Costs and Benefits of Disinflation....Pages 49-53
Commitment through Delegation, Political Influence and Central Bank Independence....Pages 55-74
Central Bank Autonomy: Policy Issues....Pages 75-95
Comment on Alex Cukierman: Commitment through Delegation, Political Influence and Central Bank Independence....Pages 97-102
Comment on Onno de Beaufort Wijnholds and Lex Hoogduin: Central Bank Autonomy: Policy Issues....Pages 103-107
Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 109-133
Monetary Policy Strategy in the EMU....Pages 135-148
Comment on Benjamin Friedman: Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy....Pages 149-152
Comment on Otmar Issing: Monetary Policy Strategy in the EMU....Pages 153-156
Dinner Speech: To Cut or Not to Cut Interest Rates: Some Remarks on the ERM....Pages 157-161
Front Matter....Pages 163-163
Rules versus Discretion in Monetary Policy....Pages 165-184
The Role of Monetary Policy in IMF Programs....Pages 185-209
Comment on Andrew D. Crockett: Rules versus Discretion in Monetary Policy....Pages 211-215
Comment on Manuel Guitián: The Role of Monetary Policy in IMF Programs....Pages 217-220
Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 221-238
Front Matter....Pages 163-163
Monetary Policy and Exchange Rates: The French Experience....Pages 239-255
Comment on Marcello De Cecco and Francesco Giavazzi: Italy’s Experience within and without the European Monetary System: A Preliminary Appraisal....Pages 257-262
Comment on André Icard: Monetary Policy and Exchange Rates: The French Experience....Pages 263-268
Can Russia Control Inflation?....Pages 269-281
Stabilization and Monetary Reform in Latin America....Pages 283-298
Comment on Richard Layard: Can Russia Control Inflation....Pages 299-303
Comment on Rudiger Dornbusch: Stabilization and Monetary Reform in Latin America....Pages 305-307
A Framework for Monetary Stability — General Report....Pages 309-330
Back Matter....Pages 331-340