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Monetary Theory and Policy / Edition 3

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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.

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What People Are Saying

Marvin Goodfriend

"Karl Walsh's Monetary Theory and Policy is an indispensable bridge between theory and practice. The book is a comprehensive overview of the field. Each topic is addressed by a few models exposited with mathematical rigor and policy insight. The depth and breadth of the model presentations make the book an essential reference for students and central bank economists alike."--Marvin Goodfriend,
Tepper School of Business, Carnegie Mellon University

From the Publisher
"Carl Walsh's Monetary Theory and Policy is an indispensable bridge between theory and practice. The book is a comprehensive overview of the field. Each topic is addressed by a few models exposited with mathematical rigor and policy insight. The depth and breadth of the model presentations make the book an essential reference for students and central bank economists alike." Marvin Goodfriend, Tepper School of Business, Carnegie Mellon University
Marvin Goodfriend
"Karl Walsh's Monetary Theory and Policy is an indispensable bridge between theory and practice. The book is a comprehensive overview of the field. Each topic is addressed by a few models exposited with mathematical rigor and policy insight. The depth and breadth of the model presentations make the book an essential reference for students and central bank economists alike."—Marvin Goodfriend,Tepper School of Business, Carnegie Mellon University
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Product Details

  • ISBN-13: 9780262013772
  • Publisher: MIT Press
  • Publication date: 5/31/2010
  • Edition description: third edition
  • Edition number: 3
  • Pages: 640
  • Sales rank: 915,544
  • Product dimensions: 7.20 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

Carl E. Walsh is Professor of Economics at the University of California, Santa Cruz. He is coeditor of the International Journal of Central Banking and Visiting Scholar at the Federal Reserve Bank of San Francisco.

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Table of Contents

1 Empirical evidence on money, prices, and output 1

2 Money-in-the-utility function 33

3 Money and transactions 91

4 Money and public finance 135

5 Money in the short run : informational and portfolio rigidities 195

6 Money in the short run : nominal price and wage rigidities 225

7 Discretionary policy and time inconsistency 269

8 New Keynesian monetary economics 329

9 Money and the open economy 395

10 Financial markets and monetary policy 453

11 Monetary policy operating procedures 511

References 559

Name index 597

Subject index 605

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