Evaluating Policy Regimes: New Research in Empirical Macroeconomics
Ralph Bryant · Peter Hooper · Catherine L. Mann
Dec 2010 · Brookings Institution Press
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1008
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About this ebook
Economists have long debated the theoretical merits—for an individual nation and for a multi-nation world economy—of alternative approaches to the conduct of economic policy. Yet theory alone cannot resolve the important issues at stake. Only after the robustness of policy regimes has been carefully examined with empirical evidence will policymakers and economists be able to reach more of a consensus. This pathbreaking volume takes major steps forward in meeting the need for a combination of theoretical and empirical evaluations of alternative policy regimes. Bringing together individuals and groups doing pioneering research on macroeconomic interaction, it explores what approach to monetary policy would lead to superior performance by individual national economies and the world economy as a whole. Many parts of the book use the analytical techniques of stochastic simulation, an evaluation procedure increasingly employed at the frontier of empirical economic analysis. The book provides a summary of the hey issues involved in evaluating policy regimes and clarifies the relationships among those issues. The authors examine the stabilization properties of alternative monetary-policy regimes and analyze how well various regime types perform in the face of unexpected shocks to national economies. Among their conclusions, they find that some simplified regimes for monetary policy are markedly less promising than others for achieving the stabilization objectives commonly sought by policymakers. Evaluating Policy Regimes is another major installment in a continuing world wide research project, sponsored by the Brookings Institution, to improve empirical knowledge about the interdependence of national economies.
About the author
Catherine L. Mann, Senior Fellow, held several posts at the Federal Reserve Board of Governors (1984-87 & 1989-97), including Assistant Director & Special Assistant to the Staff Director, International Finance Division (1994-97). She was a Senior Economist on the Staff of the President's Council of Economic Advisors (1991-92), the principal staff member for the Chief Economist of the World Bank (1988-89) & a Ford Foundation Fellow at the National Bureau of Economic Research (1987). She is an Adjunct Professor at the Owen School of Management at Vanderbilt University & has also taught at the University of Chicago, Princeton University, University of Maryland, Georgetown, Boston College & MIT. She has written numerous articles on international trade & finance, publishing in the American Economic Review, Journal of International Money & Finance, Brookings Papers on Economic Activity & International Economy, among other journals & volumes. She is the author of Is the U.S. Trade Deficit Sustainable? (1999).
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