Interest and Prices Foundations of a Theory of Monetary Policy

ISBN-10: 0691010498

ISBN-13: 9780691010496

Edition: 2004

Authors: Michael Woodford

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Description:

This text seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. The author, Michael Woodford, re-examines the foundations of monetary economics.
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Book details

List price: $115.00
Copyright year: 2004
Publisher: Princeton University Press
Publication date: 9/7/2003
Binding: Hardcover
Pages: 808
Size: 6.25" wide x 9.25" long x 1.75" tall
Weight: 2.794

Preface
The Return of Monetary Rules
The Importance of Price Stability
Toward a New "Neoclassical Synthesis"
Microeconomic Foundations and Policy Analysis
The Importance of Policy Commitment
Central Banking as Management of Expectations
Pitfalls of Conventional Optimal Control
Monetary Policy without Control of a Monetary Aggregate
Implementing Interest-Rate Policy
Monetary Policy in a Cashless Economy
Interest-Rate Rules
Contemporary Proposals
General Criticisms of Interest-Rate Rules
Neo-Wicksellian Monetary Theory
Plan of the Book
Analytical Framework
Price-Level Determination under Interest-Rate Rules
Price-Level Determination in a Cashless Economy
An Asset-Pricing Model with Nominal Assets
A Wicksellian Policy Regime
Alternative Interest-Rate Rules
Exogenous Interest-Rate Targets
The Taylor Principle and Determinacy
Inertial Responses to Inflation Variation
Price-Level Determination with Monetary Frictions
A Model with Transactions Frictions
Interest-Rate Rules Reconsidered
A Comparison with Money-Growth Targeting
Consequences of Nonseparable Utility
Self-Fulfilling Inflations and Deflations
Global Multiplicity Despite Local Determinacy
Policies to Prevent a Deflationary Trap
Policies to Prevent an Inflationary Panic
Optimizing Models with Nominal Rigidities
A Basic Sticky-Price Model
Pricesetting and Endogenous Output
Consequences of Prices Fixed in Advance
A New Classical Phillips Curve
Sources of Strategic Complementarity
Inflation Dynamics with Staggered Pricesetting
The Calvo Model of Pricesetting
A New Keynesian Phillips Curve
Persistent Real Effects of Nominal Disturbances
Consequences of Persistence in the Growth of Nominal Spending
Consequences of Sectoral Asymmetries
Delayed Effects of Nominal Disturbances on Inflation
Staggered Pricing with Delayed Price Changes
Consequences of Indexation to Past Inflation
Consequences of Nominal Wage Stickiness
A Model of Staggered Wagesetting
Sticky Wages and the Real Effects of Nominal Disturbances
A Neo-Wicksellian Framework for the Analysis of Monetary Policy
A Basic Modelof the Effects of Monetary Policy
Nonlinear Equilibrium Conditions
A Log-Linear Approximate Model
Interest-Rate Rules and Price Stability
The Natural Rate of Interest
Conditions for Determinacy of Equilibrium
Stability under Learning Dynamics
Determinants of Inflation
Inflation Stabilization through Commitment to a Taylor Rule
Inflation Targeting Rules
Money and Aggregate Demand
An Optimizing IS-LM Model
Real-Balance Effects
Fiscal Requirements for Price Stability
Dynamics of the Response to Monetary Policy
Delayed Effects of Monetary Policy
Consequences of Predetermined Expenditure
Habit Persistence in Private Expenditure
Some Small Quantitative Models
The Rotemberg-Woodford Model
More Complex Variants
Monetary Policy and Investment Dynamics
Investment Demand with Sticky Prices
Optimal Pricesetting with Endogenous Capital
Comparison with the Basic Neo-Wicksellian Model
Capital and the Natural Rate of Interest
Optimal Policy
Inflation Stabilization and Welfare
Approximation of Loss Functions and Optimal Policies
A Utility-Based Welfare Criterion
Output-Gap Stability and Welfare
Inflation and Relative-Price Distortions
The Case for Price Stability
The Case of an Efficient Natural Rate of Output
Consequences of a Mildly InEfficient Natural Rate of Output
Caveats
Extensions of the Basic Analysis
Transactions Frictions
The Zero Interest-Rate Lower Bound
Asymmetric Disturbances
Sticky Wages and Prices
Time-Varying Tax Wedges or Markups
The Case of Larger Distortions
Gains from Commitment to a Policy Rule
The Optimal Long-Run Inflation Target
The Inflationary Bias of Discretionary Policy
Extensions of the Basic Analysis
Optimal Responses to Disturbances
Cost-Push Shocks
Fluctuations in the Natural Rate of Interest
Optimal Simple Policy Rules
The Optimal Noninertial Plan
The Optimal Taylor Rule
The Optimal State-Contingent Instrument Path as a Policy Rule
Commitment to an Optimal Targeting Rule
Robustly Optimal Target Criteria
Implementation of a Target Rule
Optimal Monetary Policy Rules
A General Linear-Quadratic Framework
Optimal State-Contingent Paths
Alternative Forms of Policy Rules
Robustness to Alternative Types of Disturbances
Existence of Robustly Optimal Policy Rules
Optimal Instrument Rules
Optimal Inflation Targeting Rules
A Model with Inflation Inertia
A Model with Wages and Prices Both Sticky
A Model with Habit Persistence
Predetermined Spending and Pricing Decisions
Optimal Policy for a Small Quantitative Model
Optimal Interest-Rate Rules
An Optimal Rule for the Basic Neo-Wicksellian Model
Consequences of Inflation Inertia
Predetermined Spending and Pricing Decisions
Optimal Policy under Imperfect Information
Reflections on Currently Popular Policy Proposals
The Taylor Rule
Inflation-Forecast Targeting
Appendixes
Addendum to Chapter 2
Addendum to Chapter 3
Addendum to Chapter 4
Addendum to Chapter 5
Addendum to Chapter 6
Addendum to Chapter 7
Addendum to Chapter 8
References
Index
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