Monetary theory and policy
by Walsh Carl E
Published by : MIT Press (London) Physical details: 612p ISBN:0-262-23231-6.
Subject(s):
Monetary policy.
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Money.
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BUSINESS & ECONOMICS in Money & Monetary Policy.
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Empirical evidence on money, prices and output
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Bsic correlations, Estimating the effect of money on output , Evidence oh Friedman and Schwartz, Granger causality, Policy uses, VAR approach, Structural econometric models
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Money in the utility function : Basic MIU model, Steady state equilibrium, Interest elasticity of money demand, Welfare cost of inflation, Dynamics in an MIU model, Linear approximation, Calibration
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Money and transaction : CIA model
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Money and public finance : Budget accounting, Moeny and fiscal policy framework, Optimal taxation and seigniorage, Nonindexed tax system , Inflation, Fiscal theory of the price level, Partial equilibrium model, Optimal seigniorage and temporary shock , Friedman's rule revisited
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Money, output and inflation in the short run : flexible prices, Limited participation and liquidity effects, Nominal rigidities, Wage rigidity in an MIU model, Imperfect competition and price stickiness, Inflation persistence, Keynesian model for monetary analysis, General equilibrium , Sticky wages and prices
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Money and the open economy : Obstfeld-Rogoff two-country model, Linear approximation, Policy coordination, Small open economy, Open economy models with optimizing agents and nominal rigidities, Flexible price equilibrium
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Credit channel of monetary policy : Imperfect information in Credit markets, Macroeconomic implications, bank lending channel, Broad credit channel
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Discretionary policy and time inconsistency : Inflation under discretionary policy, solutions to the inflation bias, Central banking institutions matter
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Monetary-policy operation procedures : Instrument choice problem, Poole's analysis, Operation procedures and policy measures, Money multipliers, Reserve market, Fed operating procedures
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Interest rates and monetary policy : interest rate rules and the price level, Liquidity trap, Term structure of interest rates, Simple models for policy analysis, Closed-economy models, Optimal policy
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Policy analysis in new Keynesian models : Optimal commitment and discretion, Policy trade offs, Extensions to the open economy, targeting regimes and instruments rules , Inflation targeting
Year: 2003