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Woodford, Michael [VerfasserIn]

Interest and Prices

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  • Medientyp: E-Book
  • Titel: Interest and Prices : Foundations of a Theory of Monetary Policy
  • Enthält: Frontmatter
    CONTENTS
    PREFACE
    CHAPTER 1 The Return of Monetary Rules
    PART I Analytical Framework
    CHAPTER 2 Price-LevelDetermination under Interest-Rate Rules
    CHAPTER 3 Optimizing Models with Nominal Rigidities
    CHAPTER 4 A Neo-Wicksellian Framework for the Analysis of Monetary Policy
    CHAPTER 5 Dynamics of the Response to Monetary Policy
    PART II Optimal Policy
    CHAPTER 6 Inflation Stabilization and Welfare
    CHAPTER 7 Gains from Commitment to a Policy Rule
    CHAPTER 8 Optimal Monetary Policy Rules
    APPENDIXES
    REFERENCES
    INDEX
  • Beteiligte: Woodford, Michael [VerfasserIn]
  • Erschienen: Princeton, NJ: Princeton University Press, 2011
  • Umfang: 1 Online-Ressource (808 p.); 42 line illus. 6 tables
  • Sprache: Englisch
  • DOI: 10.1515/9781400830169
  • ISBN: 9781400830169
  • Identifikator:
  • Schlagwörter: Economic policy ; Interest ; Monetary policy ; Prices ; BUSINESS & ECONOMICS / International / Economics ; Fiscal policy ; Forecasting ; GDP deflator ; IS–LM model ; Impulse response ; Income ; Indexation ; Inflation targeting ; Inflation ; Initial condition ; Interest rate ; Intertemporal budget constraint ; Investment ; Lagrange multiplier ; Long run and short run ; Loss function ; Marginal cost ; Marginal rate of substitution ; Marginal utility ; [...]
  • Entstehung:
  • Anmerkungen: In English
  • Beschreibung: 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
  • Zugangsstatus: Eingeschränkter Zugang | Informationen zu lizenzierten elektronischen Ressourcen der SLUB