Interest and Prices : : Foundations of a Theory of Monetary Policy / / Michael Woodford.
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 &quo...
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Superior document: | Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2011] ©2004 |
Year of Publication: | 2011 |
Language: | English |
Online Access: | |
Physical Description: | 1 online resource (808 p.) :; 42 line illus. 6 tables. |
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LEADER | 08039nam a22019215i 4500 | ||
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001 | 9781400830169 | ||
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020 | |a 9781400830169 | ||
024 | 7 | |a 10.1515/9781400830169 |2 doi | |
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040 | |a DE-B1597 |b eng |c DE-B1597 |e rda | ||
041 | 0 | |a eng | |
044 | |a nju |c US-NJ | ||
050 | 4 | |a HG230.3.W66 2003 | |
072 | 7 | |a BUS069020 |2 bisacsh | |
082 | 0 | 4 | |a 332.4/6 |
100 | 1 | |a Woodford, Michael, |e author. |4 aut |4 http://id.loc.gov/vocabulary/relators/aut | |
245 | 1 | 0 | |a Interest and Prices : |b Foundations of a Theory of Monetary Policy / |c Michael Woodford. |
264 | 1 | |a Princeton, NJ : |b Princeton University Press, |c [2011] | |
264 | 4 | |c ©2004 | |
300 | |a 1 online resource (808 p.) : |b 42 line illus. 6 tables. | ||
336 | |a text |b txt |2 rdacontent | ||
337 | |a computer |b c |2 rdamedia | ||
338 | |a online resource |b cr |2 rdacarrier | ||
347 | |a text file |b PDF |2 rda | ||
505 | 0 | 0 | |t Frontmatter -- |t CONTENTS -- |t PREFACE -- |t CHAPTER 1 The Return of Monetary Rules -- |t PART I Analytical Framework -- |t CHAPTER 2 Price-LevelDetermination under Interest-Rate Rules -- |t CHAPTER 3 Optimizing Models with Nominal Rigidities -- |t CHAPTER 4 A Neo-Wicksellian Framework for the Analysis of Monetary Policy -- |t CHAPTER 5 Dynamics of the Response to Monetary Policy -- |t PART II Optimal Policy -- |t CHAPTER 6 Inflation Stabilization and Welfare -- |t CHAPTER 7 Gains from Commitment to a Policy Rule -- |t CHAPTER 8 Optimal Monetary Policy Rules -- |t APPENDIXES -- |t REFERENCES -- |t INDEX |
506 | 0 | |a restricted access |u http://purl.org/coar/access_right/c_16ec |f online access with authorization |2 star | |
520 | |a 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. | ||
538 | |a Mode of access: Internet via World Wide Web. | ||
546 | |a In English. | ||
588 | 0 | |a Description based on online resource; title from PDF title page (publisher's Web site, viewed 01. Dez 2022) | |
650 | 0 | |a Economic policy. | |
650 | 0 | |a Interest. | |
650 | 0 | |a Monetary policy. | |
650 | 0 | |a Prices. | |
650 | 7 | |a BUSINESS & ECONOMICS / International / Economics. |2 bisacsh | |
653 | |a Account (accountancy). | ||
653 | |a Addition. | ||
653 | |a Aggregate demand. | ||
653 | |a Aggregate expenditure. | ||
653 | |a Aggregate supply. | ||
653 | |a Approximation. | ||
653 | |a Autocorrelation. | ||
653 | |a Budget constraint. | ||
653 | |a Calculation. | ||
653 | |a Central bank. | ||
653 | |a Characteristic polynomial. | ||
653 | |a Coefficient. | ||
653 | |a Conditional expectation. | ||
653 | |a Consumption (economics). | ||
653 | |a Cost curve. | ||
653 | |a Currency. | ||
653 | |a Deflation. | ||
653 | |a Demand curve. | ||
653 | |a Determinacy. | ||
653 | |a Determinant. | ||
653 | |a Economic equilibrium. | ||
653 | |a Economics. | ||
653 | |a Economy. | ||
653 | |a Eigenvalues and eigenvectors. | ||
653 | |a Elasticity of substitution. | ||
653 | |a Estimation. | ||
653 | |a Expected value. | ||
653 | |a Expenditure. | ||
653 | |a Factor market. | ||
653 | |a Federal funds rate. | ||
653 | |a Fiscal policy. | ||
653 | |a Forecasting. | ||
653 | |a GDP deflator. | ||
653 | |a IS–LM model. | ||
653 | |a Impulse response. | ||
653 | |a Income. | ||
653 | |a Indexation. | ||
653 | |a Inflation targeting. | ||
653 | |a Inflation. | ||
653 | |a Initial condition. | ||
653 | |a Interest rate. | ||
653 | |a Interest. | ||
653 | |a Intertemporal budget constraint. | ||
653 | |a Investment. | ||
653 | |a Lagrange multiplier. | ||
653 | |a Long run and short run. | ||
653 | |a Loss function. | ||
653 | |a Marginal cost. | ||
653 | |a Marginal rate of substitution. | ||
653 | |a Marginal utility. | ||
653 | |a Market liquidity. | ||
653 | |a Market power. | ||
653 | |a Market rate. | ||
653 | |a Markup (business). | ||
653 | |a Mathematical optimization. | ||
653 | |a Monetary base. | ||
653 | |a Monetary policy. | ||
653 | |a Monetary transmission mechanism. | ||
653 | |a Money supply. | ||
653 | |a New Keynesian economics. | ||
653 | |a Nominal interest rate. | ||
653 | |a Nominal rigidity. | ||
653 | |a Optimization problem. | ||
653 | |a Output gap. | ||
653 | |a Partial derivative. | ||
653 | |a Percentage point. | ||
653 | |a Percentage. | ||
653 | |a Phillips curve. | ||
653 | |a Potential output. | ||
653 | |a Prediction. | ||
653 | |a Present value. | ||
653 | |a Price Change. | ||
653 | |a Price index. | ||
653 | |a Price level. | ||
653 | |a Pricing. | ||
653 | |a Private sector. | ||
653 | |a Probability. | ||
653 | |a Production function. | ||
653 | |a Quantity. | ||
653 | |a Real Rate Of Return. | ||
653 | |a Real gross domestic product. | ||
653 | |a Real income. | ||
653 | |a Real interest rate. | ||
653 | |a Real versus nominal value (economics). | ||
653 | |a Real wages. | ||
653 | |a Relative price. | ||
653 | |a Requirement. | ||
653 | |a Stabilization policy. | ||
653 | |a State of the World (book series). | ||
653 | |a Stochastic discount factor. | ||
653 | |a Stochastic process. | ||
653 | |a Stock. | ||
653 | |a Structural equation modeling. | ||
653 | |a Supply (economics). | ||
653 | |a Tax rate. | ||
653 | |a Tax. | ||
653 | |a Taylor rule. | ||
653 | |a Time preference. | ||
653 | |a Trade-off. | ||
653 | |a Utility. | ||
773 | 0 | 8 | |i Title is part of eBook package: |d De Gruyter |t Princeton University Press eBook-Package Backlist 2000-2013 |z 9783110442502 |
856 | 4 | 0 | |u https://doi.org/10.1515/9781400830169?locatt=mode:legacy |
856 | 4 | 0 | |u https://www.degruyter.com/isbn/9781400830169 |
856 | 4 | 2 | |3 Cover |u https://www.degruyter.com/document/cover/isbn/9781400830169/original |
912 | |a 978-3-11-044250-2 Princeton University Press eBook-Package Backlist 2000-2013 |c 2000 |d 2013 | ||
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