Monetary Theory and Policy, Part 5; Parts 199-216

Front Cover
MIT Press, 2003 - Business & Economics - 612 pages
5 Reviews
Monetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium models of money, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy. Among the topics covered are money-in-the-utility-function models, cash-in-advance models, money and public finance, the credit channel of money, models of time consistency, monetary policy operating procedures, and interest rates and monetary policy.

The book uses dynamic simulations to evaluate quantitatively the significance of the channels through which monetary policy and inflation affect the economy. It extensively examines modern approaches to monetary policy that stress the incentives facing central banks and the strategic interactions between central banks and the private sector. Where most treatments of monetary policy emphasize money supply control and money demand, this book focuses on the implications of interest rate control for monetary policy. The book is designed for advanced graduate students in monetary economics, economic researchers, and economists working in policy institutions and central banks.

This second edition includes new discussions of empirical evidence on the interest elasticity of money demand, the fiscal theory of the price level, the new Keynesian model, optimal policies in forward-looking models, stability and the Taylor principle, and open economy new Keynesian models. It also expands its coverage of multiple equilibria, the role of timing assumptions in cash-in-advance models, and the Ramsey approach to optimal monetary taxation. A new chapter treats policy analysis in new Keynesisan models; the discussion includes the derivation of the policy objective function, optimal commitment and discretionary outcome, targeting rules,and instrument rules.
 

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this is the front cover

Contents

III
9
IV
15
V
40
VI
43
VII
45
VIII
59
IX
64
X
67
XLI
314
XLII
315
XLIII
319
XLIV
323
XLV
326
XLVI
340
XLVII
356
XLVIII
361

XI
80
XIII
90
XIV
95
XV
96
XVI
100
XVII
118
XVIII
126
XIX
127
XX
131
XXI
135
XXII
136
XXIII
144
XXIV
172
XXV
192
XXVI
194
XXVII
195
XXVIII
199
XXIX
200
XXX
211
XXXI
230
XXXII
254
XXXIII
255
XXXIV
256
XXXV
266
XXXVI
269
XXXVII
270
XXXVIII
287
XXXIX
297
XL
305
XLIX
363
L
365
LI
378
LII
412
LIII
419
LIV
425
LVI
429
LVII
430
LVIII
431
LIX
448
LX
471
LXI
473
LXII
474
LXIII
488
LXIV
499
LXV
514
LXVI
515
LXVII
517
LXVIII
518
LXIX
523
LXX
539
LXXI
540
LXXII
550
LXXIII
556
LXXIV
559
LXXV
593
LXXVI
601
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About the author (2003)

and Visiting Scholar at the Federal Reserve Bank of San Francisco.

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