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Monetary Theory and Policy

ISBN-10: 0262232316
ISBN-13: 9780262232319
Edition: 2nd 2003
List price: $76.00
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Description: Monetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium  More...

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Book details

List price: $76.00
Edition: 2nd
Copyright year: 2003
Publisher: MIT Press
Publication date: 5/1/2003
Binding: Hardcover
Pages: 632
Size: 7.25" wide x 9.00" long x 1.75" tall
Weight: 2.948
Language: English

Monetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium models of money, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy. Among the topics covered are money-in-the-utility-function models, cash-in-advance models, money and public finance, the credit channel of money, models of time consistency, monetary policy operating procedures, and interest rates and monetary policy. The book uses dynamic simulations to evaluate quantitatively the significance of the channels through which monetary policy and inflation affect the economy. It extensively examines modern approaches to monetary policy that stress the incentives facing central banks and the strategic interactions between central banks and the private sector. Where most treatments of monetary policy emphasize money supply control and money demand, this book focuses on the implications of interest rate control for monetary policy. The book is designed for advanced graduate students in monetary economics, economic researchers, and economists working in policy institutions and central banks. This second edition includes new discussions of empirical evidence on the interest elasticity of money demand, the fiscal theory of the price level, the new Keynesian model, optimal policies in forward-looking models, stability and the Taylor principle, and open economy new Keynesian models. It also expands its coverage of multiple equilibria, the role of timing assumptions in cash-in-advance models, and the Ramsey approach to optimal monetary taxation. A new chapter treats policy analysis in new Keynesisan models; the discussion includes the derivation of the policy objective function, optimal commitment and discretionary outcome, targeting rules,and instrument rules.

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 for the Dynamics in the MIU Model
Problems
Money and Transactions
Introduction
Shopping Time Models
CIA Models
Other Approaches
Summary
Appendix: The CIA Approximation
Problems
Money and Public Finance
Introduction
Budget Accounting
Money and Fiscal Policy Frameworks
Optimal Taxation and Seigniorage
Nonindexed Tax Systems
Summary
Problems
Money, Output, and Inflation in the Short Run
Introduction
Flexible Prices
Nominal Rigidities
A New Keynesian Model for Monetary Analysis
Sticky Wages and Prices
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
The Credit Channel of Monetary Policy
Introducton
Imperfect Information in Credit Markets
Macroeconomic Implications
Does Credit Matter?
Summary
Discretionary Policy and Time Inconsistency
Introduction
Inflation Under Discretionary Policy
Solution to the Inflation Bias
Is the Inflation Bias Important?
Do Central Banking Institutions Matter?
Summary
Problems
Monetary-Policy Operating Procedures
Introduction
From Instruments to Goals
The Instrument Choice Problem
Operating Procedures and Policy Measures
Problems
Interest Rates and Monetary Policy
Introducton
Interest-Rate Rules and the Price-Level
The Term Structure of the Interest Rates
Simple Models for Policy Analysis
Summary
Problems
Policy Analysis in New Keynesian Models
The Basic New Keynesian Model
Policy Objectives
Optimal Commitment and Discretion
Extensions to the Open Economy
Targeting Regimes and Instrument Rules
Appendix
Problems
References
Name Index
Subject Index

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