Monetary Theory And Stabilization Policies

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Monetary Theory And Stabilization Policies

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Author : Franco Modigliani
language : en
Publisher: MIT Press
Release Date : 1980

Monetary Theory And Stabilization Policies written by Franco Modigliani and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Biography & Autobiography categories.

Vol. 4-5 edited by Simon Johnson. Includes bibliographical references and indexes. v. 1. Essays in macroeconomics.--v. 2. The life cycle hypothesis of saving.--v. 3. The theory of finance and other essays -- v. 4. Monetary theory and stabilization policies -- v. 5. Saving, deficits, inflation, and financial theory -- v. 6. [no special title].

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 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.

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.

Monetary Theory And Stabilization Policies

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Author : Franco Modigliani
language : en
Publisher:
Release Date : 1989

Monetary Theory And Stabilization Policies written by Franco Modigliani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.

Unconventional Monetary Policy And Financial Stability

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Author : Alexis Stenfors
language : en
Publisher: Routledge
Release Date : 2020-07-15

Unconventional Monetary Policy And Financial Stability written by Alexis Stenfors and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-15 with Business & Economics categories.

Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.

Classical Versus Neoclassical Monetary Theories

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Author : Will E. Mason
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Classical Versus Neoclassical Monetary Theories written by Will E. Mason 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 2012-12-06 with Business & Economics categories.

Classical Versus Neoclassical Monetary Theories, completed just before Professor Will E. Mason's untimely death, places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. The first half of the volume analyzes the development of the methodological and conceptual foundations of monetary theory, up to and including contemporary mainstream views; the second half addresses more policy-oriented monetary questions. Emphasis is placed on the dichotomy of monetary and value theory, the Walrasian general equilibrium paradigm, the resolution of the `Patinkin controversy', the Federal Reserve System's failed experiment with `pure monetarism', and the misplacement of the free market in the `Chicago paradox'. Classical Versus Neoclassical Monetary Theories will be of interest both to historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy.

Franco Modigliani

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Author : M. Szenberg
language : en
Publisher: Springer
Release Date : 2008-01-17

Franco Modigliani written by M. Szenberg and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-17 with Business & Economics categories.

Starting with an overview of Modigliani's life, the authors explain and assess his influential theories, including his theory of the life-cycle hypothesis of saving; the famous Modigliani-Miller theorem in corporate finance; stabilisation policy; econometric model building and forecasting, and his legacy and influence on contemporary economics.

Oversight On The Activities Of The Council On Wage And Price Stability

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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 1977

Oversight On The Activities Of The Council On Wage And Price Stability written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Inflation (Finance) categories.

Macroeconomics And Monetary Theory

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Author : Harry G. Johnson
language : en
Publisher: Routledge
Release Date : 2017-09-08

Macroeconomics And Monetary Theory written by Harry G. Johnson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-08 with Business & Economics categories.

Macroeconomics is an outgrowth from the main stream of classical monetary theory following Keynes. Keynes changed the emphasis from determination of the level of money prices to determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory. The tendency of the past twenty-five years has been to reintegrate Keynesian and classical monetary theory into one general system of analysis. Moreover, as inflation has succeeded mass unemployment as a major policy problem, interest in classical monetary theory has revived, while Keynesians have increasingly' emphasized the monetary aspects of Keynesian theory. The proper contemporary distinction is not between two separate branches of economic theory, but between two areas of application or contexts of the theory of rational maximizing behavior. In the one (the microeconomic) context, it is assumed either that the overall workings of the economic system can be disregarded, or that the macroeconomic relationships are in full general equilibrium. In the other (the macroeconomic) context, it is assumed that the maximizing decisions of individual economic units (firms and households) will not necessarily add up to a macroeconomic equilibrium, but will produce a disequilibrium situation that will in the course of time produce changes in the individual decisions.