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El. knyga: Handbook of Monetary Economics 3A

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Volume editor (Harvard University, Cambridge, MA, USA), Volume editor (Professor, Columbia University, New York, NY, USA)
  • Formatas: EPUB+DRM
  • Serija: Handbooks in Economics
  • Išleidimo metai: 08-Dec-2010
  • Leidėjas: North-Holland
  • Kalba: eng
  • ISBN-13: 9780080932705
Kitos knygos pagal šią temą:
Handbook of Monetary Economics 3ADidesnis paveikslėlis
  • Formatas: EPUB+DRM
  • Serija: Handbooks in Economics
  • Išleidimo metai: 08-Dec-2010
  • Leidėjas: North-Holland
  • Kalba: eng
  • ISBN-13: 9780080932705
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What tools are available for setting and analyzing monetary policy?

World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.

  • Explores the models and practices used in formulating and transmitting monetary policies 
  • Raises new questions about the volume, price, and availability of credit in the 2007-2010 downturn
  • Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself
  • Observes changes in the formulation of monetary policies over the last 25 years

 



What tools are available for setting and analyzing monetary policy?

World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.

  • Explores the models and practices used in formulating and transmitting monetary policies
  • Raises new questions about the volume, price, and availability of credit in the 2007-2010 downturn
  • Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself
  • Observes changes in the formulation of monetary policies over the last 25 years

Recenzijos

"This volume is a must for anyone interested in the current state of the development of monetary theory as viewed by the community of most of the distinguished monetary economists. Both the work on monetary theory and the understanding of its importance have exploded in the last 20 years. This valuable compendium shows the enormous and detailed developments made recently. It highlights the problems in blending theory with institutions. It is a contribution of note." -- Martin Shubik, Yale University

"Monetary Economics has made great strides since the HANDBOOK OF MONETARY ECONOMICS, Volumes 1 and 2 was published. In Volumes 3A and 3B you will find surveys, written by leaders in their fields, of new work on foundations, the transmission mechanism, adaptive learning and expectation formation, optimal monetary policy, constraints on monetary policy, robustness in macroeconomics, monetary policy in practice, and much more, as well as applications to the latest crises. Every economist will want these volumes placed within easy reach on their bookshelf." -- William A. Brock, University of Wisconsin, Madison

Daugiau informacijos

Top monetary economists analyze the models, assumptions, and implications of recent monetary policies
Contributors xv
Preface xvii
Part One Foundations: The Role of Money in the Economy
1 The Mechanism-Design Approach to Monetary Theory
3(22)
Neil Wallace
1 Introduction
4(1)
2 Some Frictions
5(3)
3 An Illustrative Model with Perfect Recognizability
8(6)
4 Imperfect Recognizability and Uniform Currency
14(2)
5 Optima Under a Uniform Outside Currency
16(2)
6 Extensions of the Illustrative Model
18(4)
7 Concluding Remarks
22(1)
References
23(2)
2 New Monetarist Economics: Models
25(72)
Stephen Williamson
Randall Wright
1 Introduction
26(5)
2 Basic Monetary Theory
31(7)
3 A Benchmark Model
38(19)
4 New Models of Old Ideas
57(14)
5 Money, Payments, and Banking
71(8)
6 Finance
79(10)
7 Conclusion
89(1)
References
90(7)
3 Money and Inflation: Some Critical Issues
97(58)
Bennett T. McCallum
Edward Nelson
1 Introduction
98(1)
2 The Quantity Theory of Money
99(3)
3 Related Concepts
102(2)
4 Historical Behavior of Monetary Aggregates
104(4)
5 Flawed Evidence on Money Growth-Inflation Relations
108(4)
6 Money Growth and Inflation in Time Series Data
112(22)
7 Implications of a Diminishing Role for Money
134(2)
8 Money Versus Interest Rates in Price Level Analysis
136(10)
9 Conclusions
146(2)
References
148(7)
Part Two Foundations: Information and Adjustment
4 Rational Inattention and Monetary Economics
155(28)
Christopher A. Sims
1 Motivation
156(1)
2 Information Theory
157(3)
3 Information Theory and Economic Behavior
160(11)
4 Implications for Macroeconomic Modeling
171(3)
5 Implications for Monetary Policy
174(2)
6 Directions for Progress
176(2)
7 Conclusion
178(2)
References
180(3)
5 Imperfect Information and Aggregate Supply
183(48)
N. Gregory Mankiw
Ricardo Reis
1 Introduction
184(1)
2 The Baseline Model of Aggregate Supply
185(6)
3 Foundations of Imperfect-Information and Aggregate-Supply Models
191(5)
4 Partial and Delayed Information Models: Common Predictions
196(11)
5 Partial and Delayed Information Models: Novel Predictions
207(6)
6 Microfoundations of Incomplete Information
213(4)
7 The Research Frontier
217(5)
8 Conclusion
222(1)
References
223(8)
6 Microeconomic Evidence on Price-Setting
231(54)
Peter J. Klenow
Benjamin A. Malin
1 Introduction
232(2)
2 Data Sources
234(4)
3 Frequency of Price Changes
238(19)
4 Size of Price Changes
257(1)
5 Dynamic Features of Price Changes
258(13)
6 Ten Facts and Implications for Macro Models
271(7)
7 Conclusion
278(1)
References
279(6)
Part Three Models of the Monetary Transmission Mechanism
7 DSGE Models for Monetary Policy Analysis
285(84)
Lawrence J. Christiano
Mathias Trabandt
Karl Walentin
1 Introduction
286(3)
2 Simple Model
289(13)
3 Simple Model: Some Implications for Monetary Policy
302(29)
4 Medium-Sized DSGE Model
331(14)
5 Estimation Strategy
345(6)
6 Medium-Sized DSGE Model: Results
351(11)
7 Conclusion
362(2)
References
364(5)
8 How Has the Monetary Transmission Mechanism Evolved Over Time?
369(54)
Jean Boivin
Michael T. Kiley
Frederic S. Mishkin
1 Introduction
370(4)
2 The Channels of Monetary Transmission
374(11)
3 Why the Monetary Transmission Mechanism may have Changed
385(3)
4 Has the Effect of Monetary Policy on the Economy Changed? Aggregate Evidence
388(8)
5 What Caused the Monetary Transmission Mechanism to Evolve?
396(19)
6 Implications for the Future Conduct of Monetary Policy
415(3)
References
418(5)
9 Inflation Persistence
423(64)
Jeffrey C. Fuhrer
1 Introduction
424(7)
2 Defining and Measuring Reduced-Form Inflation Persistence
431(18)
3 Structural Sources of Persistence
449(24)
4 Inference about Persistence in Small Samples: "Anchored Expectations" and their Implications for Inflation Persistence
473(5)
5 Microeconomic Evidence on Persistence
478(4)
6 Conclusions
482(1)
References
483(4)
10 Monetary Policy and Unemployment
487(60)
Jordi Gall
1 Introduction
488(3)
2 Evidence on the Cyclical Behavior of Labor Market Variables and Inflation
491(4)
3 A Model with Nominal Rigidities and Labor Market Frictions
495(20)
4 Equilibrium Dynamics: The Effects of Monetary Policy and Technology Shocks
515(13)
5 Labor Market Frictions, Nominal Rigidities and Monetary Policy Design
528(7)
6 Possible Extensions
535(2)
7 Conclusions
537(6)
References
543(4)
11 Financial Intermediation and Credit Policy in Business Cycle Analysis
547(54)
Mark Gertler
Nobuhiro Kiyotaki
1 Introduction
548(3)
2 A Canonical Model of Financial Intermediation and Business Fluctuations
551(15)
3 Credit Policies
566(8)
4 Crisis Simulations and Policy Experiments
574(7)
5 Issues and Extensions
581(8)
6 Concluding Remarks
589(8)
References
597(4)
12 Financial Intermediaries and Monetary Economics
601
Tobias Adrian
Hyun Song Shin
1 Introduction
602(4)
2 Financial Intermediaries and the Price of Risk
606(9)
3 Changing Nature of Financial Intermediation
615(8)
4 Empirical Relevance of Financial Intermediary Balance Sheets
623(8)
5 Central Bank as Lender of Last Resort
631(5)
6 Role of Short-Term Interest Rates
636(10)
7 Concluding Remarks
646(2)
References
648
Index-Volume 3A 1(38)
Index-Volume 3B 39
Michael Woodford is the John Bates Clark Professor of Political Economy at Columbia University. His first academic appointment was at Columbia in 1984, after which he held positions at the University of Chicago and Princeton University, before returning to Columbia in 2004. He received his A.B. from the University of Chicago, his J.D. from Yale Law School, and his Ph.D. in Economics from the Massachusetts Institute of Technology. He has been a MacArthur Fellow and a Guggenheim Fellow, and is a Fellow of the American Academy of Arts and Sciences, as well as a Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic Research (Cambridge, Mass.), and a Research Fellow of the Centre for Economic Policy Research (London). In 2007 he was awarded the Deutsche Bank Prize in Financial Economics. Woodfords primary research interests are in macroeconomic theory and monetary policy. He has written extensively about the microeconomic foundations of the monetary transmission mechanism, the role of interest rates in inflation determination, rules for the conduct of monetary policy, central-bank communication policy, interactions between monetary and fiscal policy, and the consequences of electronic payments for monetary control. His most important work is the treatise Interest and Prices: Foundations of a Theory of Monetary Policy, recipient of the 2003 Association of American Publishers Award for Best Professional/Scholarly Book in Economics. He is the co-editor of the Handbook in Economics series.
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