Monetary Theory and Policy

Name: Monetary Theory and Policy
Availability: OutOfStock
ISBN: 9780262232319

ISBN-10: 0262232316

ISBN-13: 9780262232319

Edition: 2nd 2003

Authors: Vincent Walsh, ï¿½lvaro Pascual-Leone, Carl E. Walsh

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 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…

Book details

List price: $76.00
Edition: 2nd
Copyright year: 2003
Publisher: MIT Press
Publication date: 5/1/2003
Binding: Hardcover
Pages: 608
Size: 7.25" wide x 9.00" long x 1.75" tall
Weight: 2.948
Language: English

Vincent Walsh is a Royal Society Research Fellow and Reader in Psychology at the Institute of Cognitive Neuroscience, University College London.

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 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