Handbook of Monetary Economics, Volume 3B

Edited by

  • Benjamin Friedman, Harvard University, Cambridge, MA, USA
  • Michael Woodford, Columbia University, New York, NY, USA

What are the goals of monetary policy and how are they transmitted?

Top scholars summarize recent evidence on the roles of money in the economy, the effects of information, and the growing importance of nonbank financial institutions. Their investigations lead to questions about standard presumptions about the rationality of asset markets and renewed interest in fiscal-monetary connections.  Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.

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Audience

Graduate students through professionals worldwide working in all fields of economics and finance, and particularly in subfields related to labor economics.

 

Book information

  • Published: November 2010
  • Imprint: NORTH-HOLLAND
  • ISBN: 978-0-444-53454-5

Reviews

This, the companion volume provides the counterpoint to the Monetary Analysis  writings in Volume 3A. Here the theme of macroeconomic engineering confronting politico-economic and socio-economic reality comes to the fore. The politics of monetary policy, inflation targeting, the clash between monetary and fiscal policy are all addressed. The question of robustness in macroeconomic policy making is considered. This volume provides a valuable source for those concerned with increasing our understanding of the links between theory and practice

Martin Shubik, Yale University

 

Monetary Economics has made great strides since the HANDBOOK OF MONETARY ECONOMICS, Volumes 1 and 2 was published. In Volumes 3A and 3B you will find surveys, written by leaders in their fields, of new work on foundations, the transmission mechanism, adaptive learning and expectation formation, optimal monetary policy, constraints on monetary policy, robustness in macroeconomics, monetary policy in practice, and much more, as well as applications to the latest crises. Every economist will want these volumes placed within easy reach on their bookshelf.

William A. Brock, University of Wisconsin, Madison




Table of Contents

  • The Optimal Rate of Inflation--Stephanie Schmitt-Grohe and Martin Uribe
  • Optimal Monetary Stabilization Policy--Michael Woodford
  • Simple and Robust Rules for Monetary Policy--John B. Taylor and John C. Williams
  • Optimal Monetary Policy in Open Economies--Giancarlo Corsetti, Luca Dedola and Sylvain Leduc
  • The Interaction Between Monetary and Fiscal Policy--Matthew Canzoneri, Robert Cumby and Behzad Diba
  • The Politics of Monetary Policy--Alberto Alesina and Andrea Stella
  • Inflation Expectation, Adaptive Learning and Optimal Monetary Policy--Vitor Gaspar, Frank Smets and David Vestin
  • Wanting Robustness in Macroeconomics--Lars Peter Hansen and Thomas J. Sargent
  • Monetary Policy Regimes and Economic Performance: The Historical Record, 1979-2008--Luca Benati and Charles Goodhart
  • Inflation Targeting--Lars E.O. Svensson
  • The Performance of Alternative Monetary Regimes--Laurence Ball
  • The Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?--Benjamin M. Friedman and Kenneth N. Kuttner
  • Monetary Policy in Emerging Markets--Jeffrey Frankel