Monetary Policy in a World of... | Buy

As the development of the knowledge economy gathers speed, the fundamental structure of the global economy is undergoing drastic changes in the movement from tangible goods to a virtual output. At the same time, growing uncertainty in the stability of the markets has made monetary policy more difficult. The contributors to this book discuss the implication of our industrial past, the characteristics of information goods and their impact, the mis-measurement of price, the impact of current innovation on economic growth and the labor market, and optimal monetary policy in such circumstances. Leading economists contribute their ideas to the debate surrounding policy-making for the knowledge economy.

Kunio Okina is the Director of the Institute for Monetary and Economic Studies, Bank of Japan.

List of Tables

viii

List of Figures

x

Preface

xiii

List of Participants

xiv

Opening Remarks: Masaru Hayami

xix

Reader's Guide: Tetsuya Inoue

xxi

PART I KEYNOTE SPEECHES

Monetary Policy and the Quality of Information

3

(23)

Allan H. Meltzer

Information Technology and Monetary Policy

26

(13)

John B. Taylor

PART II AN OVERVIEW AND CASE STUDY OF THE DEVELOPMENT OF A KNOWLEDGE-BASED ECONOMY

Waiting for the Information Technology Revolution?

39

(46)

Paul A. David

Comments: Roger W. Ferguson, Jr

73

(12)

Markets for Information Goods

85

(18)

Hal R. Varian

Comments: Masahiro Okuno-Fujiwara

100

(3)

Effects of the Developments of a Knowledge-based Economy on AsPrice Movements: Theory and Evidence in the Japanese Stock Market

103

(22)

Kiyohiko G. Nishimura

Toshiaki Watanabe

Kentaro Iwatsubo

Comments: Hans Lindberg

119

(6)

PART III THE PRODUCTIVITY PARADOX AND MISMEASUREMENT PROBLEMS

An Explanation of the Productivity Paradox: TFP Spillover through Capital Accumulation

125

(50)

Masahiro Kuroda

Koji Nomura

Comments: Jorgen Elmeskov

170

(3)

Kazumi Asako

173

(2)

The Productivity Paradox and Mismeasurement of Economic Activity

175

(30)

W. E. Diewert

Kevin J. Fox

Comments: Charles Steindel

198

(7)

PART IV IMPLICATIONS OF A KNOWLEDGE-BASED ECONOMY ON ECONOMIC GROWTH AND THE LABOUR MARKET

Whatever Happened to Productivity? Investment and Growth in the G7

205

(47)

Dale W. Jorgenson

Eric Yip

Comments: Reiner Konig

247

(5)

The Japanese Economy in a World of Knowledge-based Growth

252

(24)

Charles I. Jones

Comments: Lex Hoogduin

270

(3)

Shin-ichi Fukuda

273

(3)

Wage and Job Trends in the US Labour Market: An Assessment

276

(39)

Marvin H. Kosters

Comments: Palle S. Andersen

305

(10)

PART V MONETARY POLICY UNDER THE IRREVERSIBLE TREND OF A KNOWLEDGE-BASED ECONOMY

Monetary Policy in the Age of Information Technology

315

(32)

Robert J. Gordon

Monetary Policy in a Changing Economy: Indicators, Rules and the Shift Towards Intangible Output

347

(44)

James H. Stock

Comments: Michael H. Moskow

369

(7)

Takatoshi Ito

376

(9)

Georg Rich

385

(6)

PART VI CONCLUDING COMMENTS

Information Technology and the Financial Environment of Central Banking: Summary Comments

391

(8)

Peter M. Garber

PART VII BACKGROUND PAPER

The Impact of Information Technology and Implications for Monetary Policy

399

(36)

Tetsuya Inoue

Index

435

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