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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.
- 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
Graduate students through professionals worldwide working in all fields of economics and finance, and particularly in subfields related to labor economics.
- 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 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
- No. of pages:
- © North Holland 2011
- 15th November 2010
- North Holland
- Hardcover ISBN:
- eBook ISBN:
Harvard University, Cambridge, MA, USA
Michael Woodford is the John Bates Clark Professor of Political Economy at Columbia University. His first academic appointment was at Columbia in 1984, after which he held positions at the University of Chicago and Princeton University, before returning to Columbia in 2004. He received his A.B. from the University of Chicago, his J.D. from Yale Law School, and his Ph.D. in Economics from the Massachusetts Institute of Technology. He has been a MacArthur Fellow and a Guggenheim Fellow, and is a Fellow of the American Academy of Arts and Sciences, as well as a Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic Research (Cambridge, Mass.), and a Research Fellow of the Centre for Economic Policy Research (London). In 2007 he was awarded the Deutsche Bank Prize in Financial Economics. Woodford’s primary research interests are in macroeconomic theory and monetary policy. He has written extensively about the microeconomic foundations of the monetary transmission mechanism, the role of interest rates in inflation determination, rules for the conduct of monetary policy, central-bank communication policy, interactions between monetary and fiscal policy, and the consequences of electronic payments for monetary control. His most important work is the treatise Interest and Prices: Foundations of a Theory of Monetary Policy, recipient of the 2003 Association of American Publishers Award for Best Professional/Scholarly Book in Economics. He is the co-editor of the Handbook in Economics series.
Columbia University, New York, NY, USA
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