Imperfect Knowledge and Monetary Policy
Imperfect Knowledge and Monetary Policy by Vítor Gaspar, published by Cambridge University Press on February 16, 2006, is a scholarly work that delves into the complexities of formulating monetary policy amid uncertainty. This edition, comprising 152 pages, presents insights derived from lectures that explore how central banks can effectively navigate the challenges posed by unpredictable economic conditions.
Readers will find a thorough examination of critical questions surrounding monetary policy, including how central banks should account for uncertainty when crafting their strategies. The book discusses the approaches of the Bundesbank and the European Central Bank, alongside a simplified economic model, to illustrate the implications of responding to economic shocks. This exploration of macroeconomic principles and international monetary policy provides a foundational understanding for those interested in the intersection of economics and policy-making.
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Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. How should central banks set monetary policy? In which way should they take uncertainty into account when designing a monetary policy strategy? Should they respond to shocks aggressively or cautiously? These questions are discussed both with reference to the experience of the Bundesbank and of the European Central Bank and in relation to a simple stylized economic model.
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