Library Catalog
Amazon cover image
Image from Amazon.com

Interest and Prices : Foundations of a Theory of Monetary Policy / Michael Woodford.

By: Material type: TextTextPublisher: Princeton, NJ : Princeton University Press, [2011]Copyright date: ©2004Description: 1 online resource (808 p.) : 42 line illus. 6 tablesContent type:
Media type:
Carrier type:
ISBN:
  • 9781400830169
Subject(s): DDC classification:
  • 332.4/6
LOC classification:
  • HG230.3.W66 2003
Other classification:
  • online - DeGruyter
Online resources:
Contents:
Frontmatter -- CONTENTS -- PREFACE -- CHAPTER 1 The Return of Monetary Rules -- PART I Analytical Framework -- CHAPTER 2 Price-LevelDetermination under Interest-Rate Rules -- CHAPTER 3 Optimizing Models with Nominal Rigidities -- CHAPTER 4 A Neo-Wicksellian Framework for the Analysis of Monetary Policy -- CHAPTER 5 Dynamics of the Response to Monetary Policy -- PART II Optimal Policy -- CHAPTER 6 Inflation Stabilization and Welfare -- CHAPTER 7 Gains from Commitment to a Policy Rule -- CHAPTER 8 Optimal Monetary Policy Rules -- APPENDIXES -- REFERENCES -- INDEX
Summary: 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.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9781400830169

Frontmatter -- CONTENTS -- PREFACE -- CHAPTER 1 The Return of Monetary Rules -- PART I Analytical Framework -- CHAPTER 2 Price-LevelDetermination under Interest-Rate Rules -- CHAPTER 3 Optimizing Models with Nominal Rigidities -- CHAPTER 4 A Neo-Wicksellian Framework for the Analysis of Monetary Policy -- CHAPTER 5 Dynamics of the Response to Monetary Policy -- PART II Optimal Policy -- CHAPTER 6 Inflation Stabilization and Welfare -- CHAPTER 7 Gains from Commitment to a Policy Rule -- CHAPTER 8 Optimal Monetary Policy Rules -- APPENDIXES -- REFERENCES -- INDEX

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

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.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 01. Dez 2022)