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Monetary Theory and Policy : The MIT Press - Carl E. Walsh

Monetary Theory and Policy

The MIT Press

Hardcover Published: 12th February 2010
ISBN: 9780262013772
Number Of Pages: 640
For Ages: 18+ years old

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This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. "Monetary Theory and Policy" continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.

Industry Reviews

"Karl Walsh's Monetary Theory and Policy is an indispensable bridge between theory and practice. The book is a comprehensive overview of the field. Each topic is addressed by a few models exposited with mathematical rigor and policy insight. The depth and breadth of the model presentations make the book an essential reference for students and central bank economists alike."--Marvin Goodfriend, Tepper School of Business, Carnegie Mellon University -- Marvin Goodfriend "Carl Walsh's Monetary Theory and Policy is an indispensable bridge between theory and practice. The book is a comprehensive overview of the field. Each topic is addressed by a few models exposited with mathematical rigor and policy insight. The depth and breadth of the model presentations make the book an essential reference for students and central bank economists alike." Marvin Goodfriend, Tepper School of Business, Carnegie Mellon University

Prefacep. xi
Introductionp. xvii
Empirical Evidence on Money, Prices, and Outputp. 1
Introductionp. 1
Some Basic Correlationsp. 1
Estimating the Effect of Money on Outputp. 9
Summaryp. 31
Money-in-the-Utility Functionp. 33
Introductionp. 33
The Basic MIU Modelp. 35
The Welfare Cost of Inflationp. 53
Extensionsp. 58
Dynamics in an MIU Modelp. 61
Summaryp. 75
Appendix: Solving the MIU Modelp. 76
Problemsp. 87
Money and Transactionsp. 91
Introductionp. 91
Resource Costs of Transactingp. 92
CIA Modelsp. 98
Searchp. 115
Summaryp. 126
Appendix: The CIA Approximationp. 126
Problemsp. 130
Money and Public Financep. 135
Introductionp. 135
Budget Accountingp. 136
Money and Fiscal Policy Frameworksp. 142
Deficits and Inflationp. 144
The Fiscal Theory of the Price Levelp. 162
Optimal Taxation and Seignioragep. 170
Summaryp. 191
Problemsp. 191
Money in the Short Run: Informational and Portfolio Rigiditiesp. 195
Introductionp. 195
Informational Frictionsp. 196
Limited Participation and Liquidity Effectsp. 209
Summaryp. 218
Appendix: An Imperfect-Information Modelp. 219
Problemsp. 223
Money in the Short Run: Nominal Price and Wage Rigiditiesp. 225
Introductionp. 225
Sticky Prices and Wagesp. 225
Assessing Alternativesp. 250
Summaryp. 262
Appendix: A Sticky Wage MIU Modelp. 262
Problemsp. 264
Discretionary Policy and Time Inconsistencyp. 269
Introductionp. 269
Inflation under Discretionary Policyp. 271
Solutions to the Inflation Biasp. 283
Is the Inflation Bias Important?p. 316
Summaryp. 323
Problemsp. 323
New Keynesian Monetary Economicsp. 329
Introductionp. 329
The Basic Modelp. 330
A Linearized New Keynesian Modelp. 336
Monetary Policy Analysis in New Keynesian Modelsp. 352
Summaryp. 378
Appendixp. 379
Problemsp. 387
Money and the Open Economyp. 395
Introductionp. 395
The Obstfeld-Rogoff Two-Country Modelp. 396
Policy Coordinationp. 413
The Small Open Economyp. 422
Open-Economy Models with Optimizing Agents and Nominal Rigiditiesp. 429
Summaryp. 443
Appendixp. 444
Problemsp. 449
Financial Markets and Monetary Policyp. 453
Introductionp. 453
Interest Rates and Monetary Policyp. 453
The Term Structure of Interest Ratesp. 465
Macrofinancep. 475
Financial Frictions in Credit Marketsp. 477
Does Credit Matter?p. 502
Summaryp. 508
Problemsp. 509
Monetary Policy Operating Proceduresp. 511
Introductionp. 511
From Instruments to Goalsp. 512
The Instrument Choice Problemp. 513
Operating Procedures and Policy Measuresp. 530
A Brief History of Fed Operating Proceduresp. 547
Other Countriesp. 553
Problemsp. 555
Referencesp. 559
Name Indexp. 597
Subject Indexp. 605
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780262013772
ISBN-10: 0262013770
Series: The MIT Press
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 640
Published: 12th February 2010
Publisher: MIT Press Ltd
Country of Publication: US
Dimensions (cm): 22.86 x 17.78  x 2.54
Weight (kg): 1.0
Edition Number: 3
Edition Type: New edition

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