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作者：Allsopp, Christopher; Kara, Amit; Nelson, Edward
作者单位：University of Oxford; Federal Reserve System - USA
摘要：The UK's monetary policy strategy is one of floating exchange rates and inflation forecast targeting, with the targeted measure referring to consumer prices. We consider whether it is welfare-reducing to target inflation in the CPI rather than in a narrower index and the role of the exchange rate in the transmission of monetary policy actions to CPI inflation. It is appropriate to model imports as intermediate goods rather than goods consumed directly by households. This leads to a simpler tra...
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作者：Kirsanova, Tatiana; Leith, Campbell; Wren-Lewis, Simon
作者单位：University of Exeter; University of Glasgow
摘要：In this article we consider two arguments suggesting that monetary authorities in an open economy should target output price inflation and not consumer price inflation. The first suggests that output price inflation corresponds to the distortions caused by price rigidity. The second shows how policy rules involving consumer price inflation can induce instability because of the feedback from interest rates to consumer price inflation via the exchange rate. We examine both arguments in the conte...
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作者：Cobham, David
作者单位：Heriot Watt University
摘要：This article introduces the three contributions to the Feature, which address issues raised by the sterling appreciation of 1996-97 and the subsequent prolonged overvaluation. Cobham discusses the MPC's understanding of exchange rate changes and examines policy makers' responses to the proposal that policy should respond to exchange rate misalignments. Kirsanova, Leith and Wren-Lewis construct a 'new open economy macroeconomics' model with international risk sharing shocks, in which the welfar...
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作者：Boettke, Peter J.; Coyne, Christopher J.; Davis, John; Guala, Francesco; Marciano, Alain; Runde, Jochen; Schabas, Margaret
作者单位：George Mason University; Marquette University; University of Amsterdam; University of Exeter; Universite de Reims Champagne-Ardenne; University of Cambridge; University of British Columbia
摘要：Although Adam Smith's 1776 Wealth of Nations is often cited as marking the birth of economics, it was really not until after the second world war that economics became the distinctive, more or less unified, and largely separate discipline summarised in the textbooks of today. Even a mere fifty years ago, it was possible for the intelligent reader to move with relative ease between economics on the one hand and political economy, sociology and social theory, psychology and philosophy on the oth...
