Monetary Theory and Policy

Name: Monetary Theory and Policy
Price: 5.88 USD
Availability: InStock
ISBN: 9780262013772

ISBN-10: 0262013770

ISBN-13: 9780262013772

Edition: 3rd 2010

Authors: Carl E. Walsh

List price: $100.00

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Description:

This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new…

Book details

List price: $100.00
Edition: 3rd
Copyright year: 2010
Publisher: MIT Press
Publication date: 2/12/2010
Binding: Hardcover
Pages: 632
Size: 7.00" wide x 9.00" long x 1.00" tall
Weight: 2.2
Language: English

Carl E. Walsh is professor of economics at the University of California, Santa Cruz. He is widely known for his research in monetary economics and is the author of a leading graduate text, Monetary Theory and Policy (MIT Press). Before joining the Santa Cruz faculty, Professor Walsh was senior economist at the Federal Reserve Bank of San Francisco, where he continues to be a visiting scholar.



Preface


Introduction



Empirical Evidence on Money, Prices, and Output



Introduction



Some Basic Correlations



Estimating the Effect of Money on Output



Summary



Money-in-the-Utility Function



Introduction



The Basic MIU Model



The Welfare Cost of Inflation



Extensions



Dynamics in an MIU Model



Summary



Appendix: Solving the MIU Model



Problems



Money and Transactions



Introduction



Resource Costs of Transacting



CIA Models



Search



Summary



Appendix: The CIA Approximation



Problems



Money and Public Finance



Introduction



Budget Accounting



Money and Fiscal Policy Frameworks



Deficits and Inflation



The Fiscal Theory of the Price Level



Optimal Taxation and Seigniorage



Summary



Problems



Money in the Short Run: Informational and Portfolio Rigidities



Introduction



Informational Frictions



Limited Participation and Liquidity Effects



Summary



Appendix: An Imperfect-Information Model



Problems



Money in the Short Run: Nominal Price and Wage Rigidities



Introduction



Sticky Prices and Wages



Assessing Alternatives



Summary



Appendix: A Sticky Wage MIU Model



Problems



Discretionary Policy and Time Inconsistency



Introduction



Inflation under Discretionary Policy



Solutions to the Inflation Bias



Is the Inflation Bias Important?



Summary



Problems



New Keynesian Monetary Economics



Introduction



The Basic Model



A Linearized New Keynesian Model



Monetary Policy Analysis in New Keynesian Models



Summary



Appendix



Problems



Money and the Open Economy



Introduction



The Obstfeld-Rogoff Two-Country Model



Policy Coordination



The Small Open Economy



Open-Economy Models with Optimizing Agents and Nominal Rigidities



Summary



Appendix



Problems



Financial Markets and Monetary Policy



Introduction



Interest Rates and Monetary Policy



The Term Structure of Interest Rates



Macrofinance



Financial Frictions in Credit Markets



Does Credit Matter?



Summary



Problems



Monetary Policy Operating Procedures



Introduction



From Instruments to Goals



The Instrument Choice Problem



Operating Procedures and Policy Measures



A Brief History of Fed Operating Procedures



Other Countries



Problems


References


Name Index


Subject Index