Monetary theory and policy

Author(s)

• Walsh, Carl E.

Bibliographic Information

Monetary theory and policy

Carl E. Walsh

MIT Press, c1998

Note

Includes bibliographical references (p. [477]-502) and indexes

Description and Table of Contents

Description

This text 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 inconsistency, monetary policy operating procedures, and interest rates and monetary policy. The book has three aspects. It uses dynamic simulations to evaluate quantitatively the significance of the channels through which monetary policy and inflation affect the economy. It examines modern approaches to monetary policy that stress the incentives facing central banks and the strategic interactions between central banks and the private sector. The book focuses on the implications of interest rate control for monetary policy. The book is designed for second-year graduate students specializing in monetary economics, for economic researchers in need of a systematic summary of recent developments in the field, for economists working in policy institutions, and for central bank staff economists.

Table of Contents

• Part 1 Empirical evidence on money and output: introduction
• some basic correlations
• estimating the effect of money on output
• summary. Part 2 Money in a general equilibrium framework: introduction
• the Tobin effect
• money in the utility function
• summary
• appendix - the MIU approximation
• problems. Part 3 Money and transactions: introduction
• shopping-time models
• cash-in-advance models
• other approaches
• summary
• appendix - the CIA approximation
• problems. Part 4 Money and public finance: introduction
• bugdet accounting
• equilibrium seigniorage
• optimal taxation and seigniorage
• Friedman's rule revisited
• nonindexed tax systems
• problems. Part 5 Money and output in the short run: introduction
• flexible prices
• sticky prices and wages
• a framework for monetary analysis
• inflation persistence
• summary
• appendix
• problems. Part 6 Money and the open economy: introduction
• the Obstfeld-Rogoff two-country model
• policy coordination
• the small open economy
• summary
• appendix
• problems. Part 7 The credit channel of monetary policy: introduction
• imperfect information in credit markets
• macroeconomic implications
• does credit matter?
• summary. Part 8 Discretionary policy and time inconsistency: introduction
• inflation under discretionary policy
• solutions to the inflation bias
• is the inflation bias important?
• do central banking institutions matter?
• lessons and conclusions
• problems. Part 9 Monetary-policy operating procedures: introduction
• from instruments to goals
• the instrument-choice problem
• operating procedures and policy measures
• problems. Part 10 Interest rates and monetary policy: introduction
• interest-rate rule and the price level
• interest rate policies in general equilibrium models
• the term structure of interest rates
• a model for policy analysis
• summary
• problems.

by "Nielsen BookData"

Details

• NCID: BA38158533
• ISBN:
  • 0262231999
• LCCN: 98020018
• Country Code: us
• Title Language Code: eng
• Text Language Code: eng
• Place of Publication: Cambridge, Mass.
• Pages/Volumes: xvi, 528 p.
• Size: 24 cm
• Classification:
  • NDC9 : 337.3
  • LCC : HG230.3
  • DC21 : 332.4/6
• Subject Headings:
  • LCSH : Monetary policy
  • LCSH : Money