Monetary Theory And Policy Third Edition
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Monetary Theory And Policy Third Edition
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Author : Carl E. Walsh
language : en
Publisher: MIT Press
Release Date : 2010-02-12
Monetary Theory And Policy Third Edition written by Carl E. Walsh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-12 with Business & Economics categories.
A new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field. This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. Monetary Theory and Policy continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.
Monetary Theory And Policy
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Author : Carl E. Walsh
language : en
Publisher: MIT Press
Release Date : 2003
Monetary Theory And Policy written by Carl E. Walsh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
An overview of recent theoretical and policy-related developments in monetary economics.
Monetary Theory And Policy
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Author : Carl E. Walsh
language : en
Publisher: MIT Press
Release Date : 2010-02-12
Monetary Theory And Policy written by Carl E. Walsh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-12 with Business & Economics categories.
Empirical evidence on money, prices, and output -- Money-in-the-utility function -- Money and transactions -- Money and public finance -- Money in the short run : informational and portfolio rigidities -- Money in the short run : nominal price and wage rigidities -- Discretionary policy and time inconsistency -- New keynesian monetary economics -- Money and the open economy -- Financial markets and monetary policy -- Monetary policy and operating procedures.
Money Theory And Practice
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Author : Jin Cao
language : en
Publisher: Springer Nature
Release Date : 2019-12-07
Money Theory And Practice written by Jin Cao and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-07 with Business & Economics categories.
This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors’ and intermediaries’ own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation.
Monetary Theory And Public Policy
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Author : Kenneth K. Kurihara
language : en
Publisher: Routledge
Release Date : 2013-10-08
Monetary Theory And Public Policy written by Kenneth K. Kurihara and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-08 with Business & Economics categories.
Providing an extensive examination of monetary theory and its implications for public policy, Monetary Theory and Public Policy is as relevant for an understanding of current economic problems as when it was first published. Looking at the concepts of modern economic theory, particularly as these concepts apply to problems of money and banking, both Keynesian and Post-Keynesian developments are discussed.
Monetary Theory And Practice
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Author : Charles Albert Eric Goodhart (Wirtschaftswissenschaftler)
language : en
Publisher:
Release Date : 1984
Monetary Theory And Practice written by Charles Albert Eric Goodhart (Wirtschaftswissenschaftler) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
Interest And Prices
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Author : Michael Woodford
language : en
Publisher: Princeton University Press
Release Date : 2011-12-12
Interest And Prices written by Michael Woodford and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-12 with Business & Economics categories.
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices 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. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
Modeling Monetary Economies
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Author : Bruce Champ
language : en
Publisher: Cambridge University Press
Release Date : 2001-01-15
Modeling Monetary Economies written by Bruce Champ and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-15 with Business & Economics categories.
This upper-level undergraduate textbook, now in its second editon, approaches monetary economics using the classical paradigm of rational agents in a market setting. Too often monetary economics has been taught as a collection of facts about existing institutions for students to memorize. By teaching from first principles, the authors aim to instruct students not only in existing monetary policies and institutions but also in what policies and institutions may or should exist in the future. The text builds on a simple, clear monetary model and applies this framework consistently to a wide variety of monetary questions. The authors have added in this second edition new material on speculative attacks on currencies, social security, currency boards, central banking alternatives, the payments system, and the Lucas model of price surprises. Discussions of many topics have been extended, presentations of data greatly expanded, and new exercises added.
Modern Monetary Theory And European Macroeconomics
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Author : Dirk H. Ehnts
language : en
Publisher: Taylor & Francis
Release Date : 2016-10-14
Modern Monetary Theory And European Macroeconomics written by Dirk H. Ehnts and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-14 with Business & Economics categories.
This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.
Monetary Economics In Globalised Financial Markets
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Author : Ansgar Belke
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-14
Monetary Economics In Globalised Financial Markets written by Ansgar Belke and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-14 with Business & Economics categories.
This book integrates the fundamentals of monetary theory, monetary policy theory and financial market theory, providing an accessible introduction to the workings and interactions of globalised financial markets. Includes examples and extensive data analyses.