Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Theory Of Monetary Policy PDF full book. Access full book title The Theory Of Monetary Policy.
| Author | : Carl E. Walsh |
| Publisher | : MIT Press |
| Total Pages | : 636 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780262232319 |
An overview of recent theoretical and policy-related developments in monetary economics.
| Author | : Michael Woodford |
| Publisher | : Princeton University Press |
| Total Pages | : 805 |
| Release | : 2011-12-12 |
| Genre | : Business & Economics |
| ISBN | : 1400830168 |
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.
| Author | : L. Randall Wray |
| Publisher | : Springer |
| Total Pages | : 322 |
| Release | : 2015-09-22 |
| Genre | : Business & Economics |
| ISBN | : 1137539925 |
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
| Author | : John H. Cochrane |
| Publisher | : Princeton University Press |
| Total Pages | : 585 |
| Release | : 2023-01-17 |
| Genre | : Business & Economics |
| ISBN | : 0691243247 |
A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.
| Author | : Jordi Galí |
| Publisher | : Princeton University Press |
| Total Pages | : 295 |
| Release | : 2015-06-09 |
| Genre | : Business & Economics |
| ISBN | : 1400866278 |
The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
| Author | : Ulrich Bindseil |
| Publisher | : OUP Oxford |
| Total Pages | : 288 |
| Release | : 2004-12-02 |
| Genre | : Business & Economics |
| ISBN | : 0191608475 |
The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century. In closing, he summarizes current views on efficient monetary policy implementation.
| Author | : Victoria Chick |
| Publisher | : |
| Total Pages | : 163 |
| Release | : 1977 |
| Genre | : |
| ISBN | : |
| Author | : Carl E. Walsh |
| Publisher | : MIT Press |
| Total Pages | : 639 |
| Release | : 2010-02-12 |
| Genre | : Business & Economics |
| ISBN | : 0262013770 |
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.
| Author | : John B. Taylor |
| Publisher | : University of Chicago Press |
| Total Pages | : 460 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226791262 |
This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
| Author | : Stephanie Kelton |
| Publisher | : PublicAffairs |
| Total Pages | : 311 |
| Release | : 2020-06-09 |
| Genre | : Business & Economics |
| ISBN | : 1541736206 |
A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
