Interest and prices : foundations of a theory of monetary policy
Michael Woodford
Bok Engelsk 2003 · Electronic books.
| Utgitt | Princeton : Princeton University Press , c2003
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| Omfang | XV, 785 s.
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| Opplysninger | Description based upon print version of record.. - ""COVER""; ""TITLE""; ""COPYRIGHT""; ""CONTENTS""; ""PREFACE""; ""1 The Return of Monetary Rules""; ""1 The Importance of Price Stability""; ""1.1 Toward a New ""Neoclassical Synthesis""""; ""1.2 Microeconomic Foundations and Policy Analysis""; ""2 The Importance of Policy Commitment""; ""2.1 Central Banking as Management of Expectations""; ""2.2 Pitfalls of Conventional Optimal Control""; ""3 Monetary Policy without Control of a Monetary Aggregate""; ""3.1 Implementing Interest-Rate Policy""; ""3.2 Monetary Policy in a Cashless Economy""; ""4 Interest-Rate Rules"". - ""1 A General Linear-Quadratic Framework""""2 Optimal Inflation Targeting Rules""; ""3 Optimal Interest-Rate Rules""; ""4 Reflections on Currently Popular Policy Proposals""; ""APPENDIXES""; ""A. Addendum to Chapter 2""; ""A.1 Proof of Proposition 2.1""; ""A.2 Proof of Proposition 2.2""; ""A.3 Log-Linearization and Determinacy of Equilibrium""; ""A.4 Proof of Proposition 2.3""; ""A.5 Proof of Proposition 2.4""; ""A.6 Proof of Proposition 2.5""; ""A.7 Proof of Proposition 2.7""; ""A.8 Proof of Proposition 2.8""; ""A.9 Proof of Proposition 2.9""; ""A.10 Proof of Proposition 2.10"". - ""3 Delayed Effects of Nominal Disturbances on Inflation""""4 Consequences of Nominal Wage Stickiness""; ""4 A Neo-Wicksellian Framework for the Analysis of Monetary Policy""; ""1 A Basic Model of the Effects of Monetary Policy""; ""2 Interest-Rate Rules and Price Stability""; ""3 Money and Aggregate Demand""; ""4 Fiscal Requirements for Price Stability""; ""5 Dynamics of the Response to Monetary Policy""; ""1 Delayed Effects of Monetary Policy""; ""2 Some Small Quantitative Models""; ""3 Monetary Policy and Investment Dynamics""; ""PART II: Optimal Policy"". - ""4.1 Contemporary Proposals""""4.2 General Criticisms of Interest-Rate Rules""; ""4.3 Neo-Wicksellian Monetary Theory""; ""5 Plan of the Book""; ""PART I: Analytical Framework""; ""2 Price-Level Determination under Interest-Rate Rules""; ""1 Price-Level Determination in a Cashless Economy""; ""2 Alternative Interest-Rate Rules""; ""3 Price-Level Determination with Monetary Frictions""; ""4 Self-Fulfilling Inflations and Deflations""; ""3 Optimizing Models with Nominal Rigidities""; ""1 A Basic Sticky-Price Model""; ""2 Inflation Dynamics with Staggered Pricesetting"". - ""6 Inflation Stabilization and Welfare""""1 Approximation of Loss Functions and Optimal Policies""; ""2 A Utility-Based Welfare Criterion""; ""3 The Case for Price Stability""; ""4 Extensions of the Basic Analysis""; ""5 The Case of Larger Distortions""; ""7 Gains from Commitment to a Policy Rule""; ""1 The Optimal Long-Run Inflation Target""; ""2 Optimal Responses to Disturbances""; ""3 Optimal Simple Policy Rules""; ""4 The Optimal State-Contingent Instrument Path as a Policy Rule""; ""5 Commitment to an Optimal Targeting Rule""; ""8 Optimal Monetary Policy Rules"". - ""A.11 Proof of Proposition 2.11"". - 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 s
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| Emner | Monetary policy.
Business & Economics Finance Money pengepolitikk rentepolitikk prissetting rigiditeter inflasjonsmål |
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| Dewey | |
| ISBN | 0691010498
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