
Handbook of Monetary Economics 3A
Description
Key Features
- Explores the models and practices used in formulating and transmitting monetary policies
- Raises new questions about the volume, price, and availability of credit in the 2007-2010 downturn
- Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself
- Observes changes in the formulation of monetary policies over the last 25 years
Readership
Table of Contents
INTRODUCTION TO THE SERIES
CONTRIBUTORS
PREFACE
Part One: Foundations: The Role of Money in the Economy
Chapter 1: The Mechanism-Design Approach to Monetary Theory
Abstract
1 INTRODUCTION
2 SOME FRICTIONS
3 AN ILLUSTRATIVE MODEL WITH PERFECT RECOGNIZABILITY
4 IMPERFECT RECOGNIZABILITY AND UNIFORM CURRENCY
5 OPTIMA UNDER A UNIFORM OUTSIDE CURRENCY
6 EXTENSIONS OF THE ILLUSTRATIVE MODEL
7 CONCLUDING REMARKS
Chapter 2: New Monetarist Economics: Models
Abstract
1 INTRODUCTION
2 BASIC MONETARY THEORY
3 A BENCHMARK MODEL
4 NEW MODELS OF OLD IDEAS
5 MONEY, PAYMENTS, AND BANKING
6 FINANCE
7 CONCLUSION
Chapter 3: Money and Inflation: Some Critical Issues
Abstract
1 INTRODUCTION
2 THE QUANTITY THEORY OF MONEY
3 RELATED CONCEPTS
4 HISTORICAL BEHAVIOR OF MONETARY AGGREGATES
5 FLAWED EVIDENCE ON MONEY GROWTH-INFLATION RELATIONS
6 MONEY GROWTH AND INFLATION IN TIME SERIES DATA
7 IMPLICATIONS OF A DIMINISHING ROLE FOR MONEY
8 MONEY VERSUS INTEREST RATES IN PRICE LEVEL ANALYSIS
9 CONCLUSIONS
APPENDIX: DATA SOURCES
Part Two: Foundations: Information and Adjustment
Chapter 4: Rational Inattention and Monetary Economics
Abstract
1 MOTIVATION
2 INFORMATION THEORY
3 INFORMATION THEORY AND ECONOMIC BEHAVIOR
4 IMPLICATIONS FOR MACROECONOMIC MODELING
5 IMPLICATIONS FOR MONETARY POLICY
6 DIRECTIONS FOR PROGRESS
7 CONCLUSION
APPENDIX
Chapter 5: Imperfect Information and Aggregate Supply
Abstract
1 INTRODUCTION
2 THE BASELINE MODEL OF AGGREGATE SUPPLY
3 FOUNDATIONS OF IMPERFECT-INFORMATION AND AGGREGATE-SUPPLY MODELS
4 PARTIAL AND DELAYED INFORMATION MODELS: COMMON PREDICTIONS
5 PARTIAL AND DELAYED INFORMATION MODELS: NOVEL PREDICTIONS
6 MICROFOUNDATIONS OF INCOMPLETE INFORMATION
7 THE RESEARCH FRONTIER
8 CONCLUSION
Chapter 6: Microeconomic Evidence on Price-Setting
Abstract
1 INTRODUCTION
2 DATA SOURCES
3 FREQUENCY OF PRICE CHANGES
4 SIZE OF PRICE CHANGES
5 DYNAMIC FEATURES OF PRICE CHANGES
6 TEN FACTS AND IMPLICATIONS FOR MACRO MODELS
7 CONCLUSION
Part Three: Models of the Monetary Transmission Mechanism
Chapter 7: DSGE Models for Monetary Policy Analysis
Abstract
1 INTRODUCTION
2 SIMPLE MODEL
3 SIMPLE MODEL: SOME IMPLICATIONS FOR MONETARY POLICY
4 MEDIUM-SIZED DSGE MODEL
5 ESTIMATION STRATEGY
6 MEDIUM-SIZED DSGE MODEL: RESULTS
7 CONCLUSION
Chapter 8: How Has the Monetary Transmission Mechanism Evolved Over Time?
Abstract
1 INTRODUCTION
2 THE CHANNELS OF MONETARY TRANSMISSION
3 WHY THE MONETARY TRANSMISSION MECHANISM MAY HAVE CHANGED
4 HAS THE EFFECT OF MONETARY POLICY ON THE ECONOMY CHANGED? AGGREGATE EVIDENCE
5 WHAT CAUSED THE MONETARY TRANSMISSION MECHANISM TO EVOLVE?
6 IMPLICATIONS FOR THE FUTURE CONDUCT OF MONETARY POLICY
APPENDIX
Chapter 9: Inflation Persistence
Abstract
1 INTRODUCTION
2 DEFINING AND MEASURING REDUCED-FORM INFLATION PERSISTENCE
3 STRUCTURAL SOURCES OF PERSISTENCE
4 INFERENCE ABOUT PERSISTENCE IN SMALL SAMPLES: “ANCHORED EXPECTATIONS” AND THEIR IMPLICATIONS FOR INFLATION PERSISTENCE
5 MICROECONOMIC EVIDENCE ON PERSISTENCE
6 CONCLUSIONS
Chapter 10: Monetary Policy and Unemployment
Abstract
1 INTRODUCTION
2 EVIDENCE ON THE CYCLICAL BEHAVIOR OF LABOR MARKET VARIABLES AND INFLATION
3 A MODEL WITH NOMINAL RIGIDITIES AND LABOR MARKET FRICTIONS
4 EQUILIBRIUM DYNAMICS: THE EFFECTS OF MONETARY POLICY AND TECHNOLOGY SHOCKS
5 LABOR MARKET FRICTIONS, NOMINAL RIGIDITIES AND MONETARY POLICY DESIGN
6 POSSIBLE EXTENSIONS
7 CONCLUSIONS
APPENDIX 1
APPENDIX 2
APPENDIX 3
APPENDIX 4
Chapter 11: Financial Intermediation and Credit Policy in Business Cycle Analysis
Abstract
1 INTRODUCTION
2 A CANONICAL MODEL OF FINANCIAL INTERMEDIATION AND BUSINESS FLUCTUATIONS
3 CREDIT POLICIES
4 CRISIS SIMULATIONS AND POLICY EXPERIMENTS
5 ISSUES AND EXTENSIONS
6 CONCLUDING REMARKS
APPENDIX 1
APPENDIX 2
Chapter 12: Financial Intermediaries and Monetary Economics
Abstract
1 INTRODUCTION
2 FINANCIAL INTERMEDIARIES AND THE PRICE OF RISK
3 CHANGING NATURE OF FINANCIAL INTERMEDIATION
4 EMPIRICAL RELEVANCE OF FINANCIAL INTERMEDIARY BALANCE SHEETS
5 CENTRAL BANK AS LENDER OF LAST RESORT
6 ROLE OF SHORT-TERM INTEREST RATES
7 CONCLUDING REMARKS
APPENDIX
INDEX-VOLUME 3A
INDEX-VOLUME 3B
Product details
- No. of pages: 752
- Language: English
- Copyright: © North Holland 2010
- Published: November 17, 2010
- Imprint: North Holland
- eBook ISBN: 9780080932705
- Hardcover ISBN: 9780444532381
About the Series Volume Editors
Benjamin Friedman
Affiliations and Expertise
Michael Woodford
Affiliations and Expertise
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