Monetary Theory and Policy / Edition 3

Monetary Theory and Policy / Edition 3

by Carl E. Walsh
     
 

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ISBN-10: 0262013770

ISBN-13: 9780262013772

Pub. Date: 05/31/2010

Publisher: MIT Press

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

Overview

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.

Product Details

ISBN-13:
9780262013772
Publisher:
MIT Press
Publication date:
05/31/2010
Edition description:
third edition
Pages:
640
Sales rank:
1,130,315
Product dimensions:
7.20(w) x 9.10(h) x 1.20(d)
Age Range:
18 Years

Table of Contents

Preface
Notation
Introduction
1 Empirical Evidence on Money and Output
1.1 Introduction
1.2 Some Basic Correlations
1.3 Estimating the Effect of Money on Output
1.4 Summary
2 Money in a General Equilibrium Framework
2.1 Introduction
2.2 The Tobin Effect
2.3 Money in the Utility Function
2.4 Summary
2.5 AppendiX: The MIU ApproXimation
2.6 Problems
3 Money and Transactions
3.1 Introduction
3.2 ShoppingTime Models
3.3 CashinAdvance Models
3.4 Other Approaches
3.5 Summary
3.6 AppendiX: The CIA ApproXimation
3.7 Problems
4 Money and Public Finance
4.1 Introduction
4.2 Budget Accounting
4.3 Equilibrium Seigniorage
4.4 Optimal TaXation and Seigniorage
4.5 Friedman's Rule Revisited
4.6 NonindeXed TaX Systems
4.7 Problems
5 Money and Output in the Short Run
5.1 Introduction
5.2 FleXible Prices
5.3 Sticky Prices and Wages
5.4 A Framework for Monetary Analysis
5.5 Inflation Persistence
5.6 Summary
5.7 AppendiX
5.8 Problems
6 Money and the Open Economy
6.1 Introduction
6.2 The ObstfeldRogoff TwoCountry Model
6.3 Policy Coordination
6.4 The Small Open Economy
6.5 Summary
6.6 AppendiX
6.7 Problems
7 The Credit Channel of Monetary Policy
7.1 Introduction
7.2 Imperfect Information in Credit Markets
7.3 Macroeconomic Implications
7.4 Does Credit Matter?
7.5 Summary
8 Discretionary Policy and Time Inconsistency
8.1 Introduction
8.2 Inflation under Discretionary Policy
8.3 Solutions to the Inflation Bias
8.4 Is the Inflation Bias Important?
8.5 Do Central Banking Institutions Matter?
8.6 Lessons and Conclusions
8.7 Problems
9MonetaryPolicy Operating Procedures
9.1 Introduction
9.2 From Instruments to Goals
9.3 The InstrumentChoice Problem
9.4 Operating Procedures and Policy Measures
9.5 Problems
10 Interest Rates and Monetary Policy
10.1 Introduction
10.2 InterestRate Rules and the Price Level
10.3 Interest Rate Policies in General Equilibrium Models
10.4 The Term Structure of Interest Rates
10.5 A Model for Policy Analysis
10.6 Summary
10.7 Problems
References
Author IndeX
Subject IndeX

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