Interest and Prices – Foundations of a Theory of Monetary Policy - Image 1

Price loading...

Princeton University Press Interest and Prices – Foundations of a Theory of Monetary Policy

Name: Interest and Prices - Foundations of a Theory of Monetary Policy
Brand: Princeton University Press

Macroeconomics

Price History & Forecast

No Price Data Available

Price history will appear here once data is collected from Amazon.

Price Distribution

No price data available for histogram

Description

With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.

Key Features

New Store Stock

Product Specifications

Brand: Princeton University Press
Format: hardcover
ASIN: 0691010498
Category: Books > Subjects > Business, Finance & Law > Economics > Macroeconomics
Domain: Amazon UK
Release Date: 19 September 2003
Listed Since: 13 February 2007

Barcode

No barcode data available

Princeton University Press Interest and Prices – Foundations of a Theory of Monetary Policy

Price History & Forecast

No Price Data Available

Price Distribution

Description

Key Features

Product Specifications

Barcode

Similar Products You Might Like

Inflation Targeting and Policy Rules: The Case of Mexico, 2001-2012

Inflation Targeting and Policy Rules: The Case of Mexico, 2001-2012

Routledge Monetary Policy Rule in Theory and Practice - Book

Inflation Targeting: Lessons From The International Experience

Routledge Monetary Policy after the Great Recession Book

Money: Theory and Practice (Springer Texts in Business and Economics)

Monetary Equilibrium and Nominal Income Targeting: The Case of Nominal Income Targeting (Routledge International Studies in Money and Banking)

Inflation Targeting and Central Banks: Institutional Set-ups and Monetary Policy Effectiveness (Banking, Money and International Finance)

Monetary Theory and Policy Experience (International Economic Association Series)

Monetary Policy in Low-Inflation Economies

Inflation Theory in Economics: Welfare, Velocity, Growth and Business Cycles (Routledge International Studies in Money and Banking)

The Price of Money: A Guide to the Past, Present, and Future of the Natural Rate of Interest

Monetary Economics: Policy and its Theoretical Basis

Assest Price and Monetary Policy (National Bureau of Economic Research Conference Report)

Monetary Policy and Issues: New Research

Monetary Policy and Central Banking: New Directions in Post-Keynesian Theory

Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications: An Introduction to the New ... and Its Applications - Second Edition

Monetary Macrodynamics: 127 (Routledge Frontiers of Political Economy)

Exchange Rates, Interest Rates and Commodity Prices

Money and Inflation: A New Macroeconomic Analysis

Macroeconomic Fluctuations and Policies

Balance of Payments: Theory and Economic Policy

Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability (Wiley Finance)

The Theory of Interest