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El. knyga: Handbook of Monetary Economics

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Edited by (Professor, Columbia University, New York, NY, USA), Edited by (Harvard University, Cambridge, MA, USA)
  • Formatas: PDF+DRM
  • Serija: Handbooks in Economics
  • Išleidimo metai: 08-Dec-2010
  • Leidėjas: North-Holland
  • Kalba: eng
  • ISBN-13: 9780444534552
Kitos knygos pagal šią temą:
Handbook of Monetary EconomicsDidesnis paveikslėlis
  • Formatas: PDF+DRM
  • Serija: Handbooks in Economics
  • Išleidimo metai: 08-Dec-2010
  • Leidėjas: North-Holland
  • Kalba: eng
  • ISBN-13: 9780444534552
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What are the goals of monetary policy and how are they transmitted?

Top scholars summarize recent evidence on the roles of money in the economy, the effects of information, and the growing importance of nonbank financial institutions. Their investigations lead to questions about standard presumptions about the rationality of asset markets and renewed interest in fiscal-monetary connections.  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.

  • Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis
  • Explores the ingredients, properties, and implications of models that inform monetary policy
  • Observes changes in the formulation of monetary policies over the last 25 years



What are the goals of monetary policy and how are they transmitted?

Top scholars summarize recent evidence on the roles of money in the economy, the effects of information, and the growing importance of nonbank financial institutions. Their investigations lead to questions about standard presumptions about the rationality of asset markets and renewed interest in fiscal-monetary connections. 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.

  • Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis
  • Explores the ingredients, properties, and implications of models that inform monetary policy
  • Observes changes in the formulation of monetary policies over the last 25 years

Recenzijos

"This, the companion volume provides the counterpoint to the Monetary Analysis writings in Volume 3A. Here the theme of macroeconomic engineering confronting politico-economic and socio-economic reality comes to the fore. The politics of monetary policy, inflation targeting, the clash between monetary and fiscal policy are all addressed. The question of robustness in macroeconomic policy making is considered. This volume provides a valuable source for those concerned with increasing our understanding of the links between theory and practice." --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

Leading economists summarize major new work in monetary macroeconomics
Contributors xv
Preface xvii
Part Four Optimal Monetary Policy
13 The Optimal Rate of Inflation
653(70)
Stephanie Schmitt-Grohe
Martin Uribe
1 Introduction
654(4)
2 Money Demand and the Optimal Rate of Inflation
658(6)
3 Money Demand, Fiscal Policy and the Optimal Rate of Inflation
664(3)
4 Failure of the Friedman Rule Due to Untaxed Income: Three Examples
667(8)
5 A Foreign Demand For Domestic Currency and the Optimal Rate of Inflation
675(9)
6 Sticky Prices and the Optimal Rate of Inflation
684(11)
7 The Friedman Rule Versus Price-Stability Trade-Off
695(6)
8 Does the Zero Bound Provide a Rationale for Positive Inflation Targets?
701(3)
9 Downward Nominal Rigidity
704(2)
10 Quality Bias and the Optimal Rate of Inflation
706(9)
11 Conclusion
715(5)
References
720(3)
14 Optimal Monetary Stabilization Policy
723(106)
Michael Woodford
1 Introduction
724(2)
2 Optimal Policy in a Canonical New Keynesian Model
726(33)
3 Stabilization and Welfare
759(31)
4 Generalizations of the Basic Model
790(28)
5 Research Agenda
818(8)
References
826(3)
15 Simple and Robust Rules for Monetary Policy
829(32)
John B. Taylor
John C. Williams
1 Introduction
830(1)
2 Historical Background
830(3)
3 Using Models to Evaluate Simple Policy Rules
833(11)
4 Robustness of Policy Rules
844(6)
5 Optimal Policy Versus Simple Rules
850(2)
6 Learning from Experience Before, During and after the Great Moderation
852(3)
7 Conclusion
855(1)
References
856(5)
16 Optimal Monetary Policy in Open Economies
861(74)
Giancarlo Corsetti
Luca Dedola
Sylvain Leduc
1 Introduction and Overview
862(7)
2 Part I: Optimal Stabilization Policy and International Relative Prices with Frictionless Asset Markets
869(1)
3 A Baseline Monetary Model of Macroeconomic Interdependence
870(16)
4 The Classical View: Divine Coincidence in Open Economies
886(8)
5 Skepticism on the Classical View: Local Currency Price Stability of Imports
894(15)
6 Deviations from Policy Cooperation and Concerns with "Competitive Devaluations"
909(6)
7 Part II: Currency Misalignments and Cross-Country Demand Imbalances
915(1)
8 Macroeconomic Interdependence Under Asset Market Imperfections
915(13)
9 Conclusions
928(1)
References
929(6)
Part Five Constraints on Monetary Policy
17 The Interaction Between Monetary and Fiscal Policy
935(66)
Matthew Canzoneri
Robert Cumby
Behzad Diba
1 Introduction
936(1)
2 Positive Theory of Price Stability
937(36)
3 Normative Theory of Price Stability: Is Price Stability Optimal
973(22)
References
995(6)
18 The Politics of Monetary Policy
1001(54)
Alberto Alesina
Andrea Stella
1 Introduction
1002(1)
2 Rules Versus Discretion
1003(10)
3 Central Bank Independence
1013(14)
4 Political Business Cycles
1027(7)
5 Currency Unions
1034(7)
6 The Euro
1041(5)
7 Conclusion
1046(4)
References
1050(5)
19 Inflation Expectations, Adaptive Learning and Optimal Monetary Policy
1055(42)
Vitor Gaspar
Frank Smets
David Vestin
1 Introduction
1056(3)
2 Recent Developments in Private-Sector Inflation Expectations
1059(2)
3 A Simple New Keynesian Model of Inflation Dynamics Under Rational Expectations
1061(4)
4 Monetary Policy Rules And Stability Under Adaptive Learning
1065(6)
5 Optimal Monetary Policy Under Adaptive Learning
1071(18)
6 Some Further Reflections
1089(2)
7 Conclusions
1091(1)
References
1092(5)
20 Wanting Robustness in Macroeconomics
1097(62)
Lars Peter Hansen
Thomas J. Sargent
1 Introduction
1098(2)
2 Knight, Savage, Ellsberg, Gilboa-Schmeidler, and Friedman
1100(4)
3 Formalizing a Taste for Robustness
1104(5)
4 Calibrating a Taste for Robustness
1109(8)
5 Learning
1117(16)
6 Robustness in Action
1133(15)
7 Concluding Remarks
1148(7)
References
1155(4)
Part Six Monetary Policy in Practice
21 Monetary Policy Regimes and Economic Performance: The Historical Record, 1979-2008
1159(78)
Luca Benati
Charles Goodhart
1 Introduction
1160(8)
2 Monetary Targetry, 1979-1982
1168(15)
3 Inflation Targets
1183(2)
4 The "Nice Years," 1993-2006
1185(19)
5 Europe and the Transition to the Euro
1204(5)
6 Japan
1209(7)
7 Financial Stability and Monetary Policy During the Financial Crisis
1216(5)
8 Conclusions and Implications for Future Central Bank Policies
1221(10)
References
1231(6)
22 Inflation Targeting
1237(66)
Lars E.O. Svensson
1 Introduction
1238(4)
2 History and Macroeconomic Effects
1242(8)
3 Theory
1250(25)
4 Practice
1275(11)
5 Future
1286(9)
References
1295(8)
23 The Performance of Alternative Monetary Regimes
1303(42)
Laurence Ball
1 Introduction
1304(2)
2 Some Simple Evidence
1306(7)
3 Previous Work on Inflation Targeting
1313(5)
4 The Euro
1318(7)
5 The Role of Monetary Aggregates
1325(3)
6 Hard Currency Pegs
1328(4)
7 Conclusion
1332(9)
References
1341(4)
24 Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?
1345(94)
Benjamin M. Friedman
Kenneth N. Kuttner
1 Introduction
1346(7)
2 Fundamental Issues in the Mode of Wicksell
1353(7)
3 The Traditional Understanding of "How they do that"
1360(15)
4 Observed Relationships Between Reserves and the Policy Interest Rate
1375(10)
5 How, Then, Do Central Banks Set Interest Rates?
1385(14)
6 Empirical Evidence on Reserve Demand and Supply within the Maintenance Period
1399(15)
7 New Possibilities Following the 2007-2009 Crisis
1414(18)
8 Conclusion
1432(1)
References
1433(6)
25 Monetary Policy in Emerging Markets
1439
Jeffrey Frankel
1 Introduction
1441(2)
2 Why Do We Need Different Models for Emerging Markets?
1443(2)
3 Goods Markets, Pricing, and Devaluation
1445(8)
4 Inflation
1453(3)
5 Nominal Targets for Monetary Policy
1456(5)
6 Exchange Rate Regimes
1461(4)
7 Procyclicality
1465(7)
8 Capital Flows
1472(9)
9 Crises in Emerging Markets
1481(17)
10 Summary of Conclusions
1498(1)
References
1499
Index-Volume 3B 1(40)
Index-Volume 3A 41
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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