Description

How have monetary policies matured during the last decade?

The recent downturn in economies worldwide have put monetary policies in a new spotlight.  In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals.  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.

Key Features

  • Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis
  • Explores the policies and practices used in formulating and transmitting monetary policies
  • 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

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

Table of Contents

  • The Mechanism Design Approach to Monetary Theory--Neil Wallace
  • New Monetarist Economics: Models--Stephen Williamson and Randall Wright
  • Money and Inflation: Some Critical Issues--Bennett T. McCallum and Edward Nelson
  • Rational Inattention and Monetary Economics--Christopher A. Sims
  • Imperfect Information and Aggregate Supply--N. Gregory Mankiw and Ricardo Reis
  • Microeconomic Evidence on Price-Setting--Peter J. Klenow and Benjamin A. Malin
  • DSGE Models for Monetary Policy Analysis--Lawrence J. Christiano, Mathias Trabandt and Karl Walentin
  • How Has the Monetary Transmission Mechanism Evolved over Time?--Jean Boivin, Michael T. Kiley and Frederick S. Mishkin
  • Inflation Persistence--Jeffrey C. Fuhrer
  • Monetary Policy and Unemployment--Jordi Gali
  • Financial Intermediation and Credit Policy in Business Cycle Analysis--Mark Gertler and Nobuhiro Kiyotaki
  • Financial Intermediaries and Monetary Economics--Tobias Adrian and Hyung Song Shin
  • 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

Details

No. of pages:
1517
Language:
English
Copyright:
© 2011
Published:
Imprint:
North Holland
Print ISBN:
9780444534705
Electronic ISBN:
9780444534712