Monetary Policy in a World of Knowledge-Based Growth, Quality Change and Uncertain Measurement

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.