Imperfect Knowledge And Monetary Policy

The Stone Lectures in Economics is an annual series of presentations by the world's leading academic economists, jointly organized by the National Institute of Economic and Social Research and Cambridge University Press. Sir Richard Stone (1913-1991) was awarded the Nobel Prize in Economics in 1984 for his work on the development of systems of national accounts. Much of this work was published jointly by the Department of Applied Economics in Cambridge and the National Institute of Economic and Social Research. The first volume published contained his estimates of consumer spending and, equally importantly, a statistical analysis of consumer behavior. In his Preface Sir Richard acknowledged the financial support of the National Institute and its role in his work: "The detailed investigation of consumers' expenditure ... was begun at the National Institute of Economic and Social Research in 1941." It is with this in mind that the National Institute and Cambridge University Press are proud to name this lecture series after Sir Richard Stone. Book jacket.

Otmar Issing is a member of the Executive Board, European Central Bank Vitor Gaspar is Special Advisor, Banco de Portugal Oreste Tristani is Principal Economist, DG Research, European Central Bank David Vestin is Economist, DG Research, European Central Bank