ENGLISH

Money And Asset Prices in Boom And Bust

By Tim Congdon

Book information

Year
2006
ISBN
0255365705, 9780255365703
Open Library ID
OL10229375M
Language
english
Format
PDF
Filesize
320 kB (327545 bytes)
Pages
144\80
Time added
2011-06-04 13:46:07

Description

By considering recent and historical events such as the Great Depression, episodes of boom and bust in the UK, and the malaise in Japan in the 1990s and the early 21st century, monetary economist Tim Congdon is able to show how monetary policy affects both financial markets and the real economy. In all these episodes, fluctuations in money supply growth led to booms or busts in financial markets and were associated with turbulence in the price level and in output and employment. The crucial linkages between monetary policy and financial markets, argues the author, involve broad money, not narrow money. Non-bank financial institutions, such as pension funds and insurance companies, play a critical role in transmitting fluctuations in money growth to asset prices.This monograph is an important contribution to the crucial debate on the role of monetary aggregates in setting monetary policy. Congdon's argument, that ignoring monetary aggregates can lead to profound instability in the real economy, is compelling.

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