New Approaches in Monetary Policy: (4 Financial and Monetary Policy Studies)

The Colloquium at Wiesbaden was the seventh in a series organized by the Societe Universitaire Europeenne de Recherches Financieres (SUERF) at intervals since 1969. The titles, places and dates of previous Colloquia are noted on page ii, with brief particulars of the ensuing publications. From the beginning, the emphasis has been on money and finance in a European setting, and the most recent Colloquium, held in Wiesbaden for the three days beginning on September 29, 1977, followed this well-established pattern. The subject, "New Approaches in Monetary Policy", was divided into four aspects, each discussed in separate commissions, as described in the General Report (since the languages used by SUERF are English and French, it appears in the original French on page 327, and in an English translation, on page 355. Three other chapters and the Preface are in French. ) The separate commissions, each with its own chairman and rapporteur, were addressed by the authors of the specially written papers, all experts, active in their fields, and they also led the discussions. M. Raymond Bertrand, the President ofSUERF, was Chairman for the Colloquium as a whole, which was in plenary session for the opening and closing meetings. The Rapporteur General was Professor Paul Coulbois, whose report is mentioned above. Attendance at the Colloquium has risen over the years, and so has the number of papers presented.

Table of Contents:
Section I Control of Money and Credit.- A.- I Problems of Monetary Policy in Germany: Some Basic Issues (Opening Address of the Colloquium).- II Theoretical Foundations of Monetary Policy: A Monetarist View.- III Monetary Aggregates as Targets of Monetary Policy: A Critical View.- IV Implementation of Monetary Targets.- V Targets and Techniques of Monetary Policy in Western Europe.- B Contributions from Officials and Departments of Central Banks.- VI Monetary Targetry in Finland.- VII The Setting of Targets for Monetary Aggregates: A Non-Monetarist View.- VIII Experience of the Deutsche Bundesbank with Monetary Targets.- IX A Note on the Intermediate Targets of Monetary Policy.- X Monetary Targets in the United Kingdom.- XI Monetary Aggregates as Targets of Monetary Policy in Spain.- XII Experiences with and Attitudes vis-à-vis Monetary Targets in Norway.- XIII The Implementation of Monetary Targets in Denmark.- XIV Monetary Aggregates as Targets of Monetary Policy — The Irish Experience 1971 to 1976.- XV Mise en Pratique de l’Objectif Monétaire en France.- XVI The Swiss National Bank’s Experience with Monetary Targets.- XVII Les Contrôles Directs Exercés sur le Crédit.- Section II Some International Aspects of Monetary Policy.- XVIII Problems of Monetary Policy in Open Economies.- XIX International Coordination of Monetary Policies — With Special Reference to the European Community.- Section III Monetary Policy in the Framework of Economic Policy.- XX Monetary Policy and Government Finance.- XXI Monetary Policy in the Framework of Economic Policy; Central Banks’ Autonomy.- Section IV Efficiency of Monetary Policy.- XXII Efficiency of Monetary Policy; Transmission Mechanisms over Financial Variables, Prices and the Economy.- XXIII Les Limites du ContrôleMonétaire; Structures et Comportements.- XXIV The Measurement of the Impact of Monetary Policy on Real Variables.- Section V General Report on the Colloquium.- XXV Rapport Général.- XXVI General Report. (English Version).- Bibliographies.