TY  - BOOK
AU  - Woodford,Michael
TI  - Interest and Prices: Foundations of a Theory of Monetary Policy 
SN  - 9781400830169
AV  - HG230.3.W66 2003 
U1  - 332.4/6 
PY  - 2011///]
CY  - Princeton, NJ : 
PB  - Princeton University Press, 
KW  - Economic policy
KW  - Interest
KW  - Monetary policy
KW  - Prices
KW  - BUSINESS & ECONOMICS / International / Economics
KW  - bisacsh
KW  - Account (accountancy)
KW  - Addition
KW  - Aggregate demand
KW  - Aggregate expenditure
KW  - Aggregate supply
KW  - Approximation
KW  - Autocorrelation
KW  - Budget constraint
KW  - Calculation
KW  - Central bank
KW  - Characteristic polynomial
KW  - Coefficient
KW  - Conditional expectation
KW  - Consumption (economics)
KW  - Cost curve
KW  - Currency
KW  - Deflation
KW  - Demand curve
KW  - Determinacy
KW  - Determinant
KW  - Economic equilibrium
KW  - Economics
KW  - Economy
KW  - Eigenvalues and eigenvectors
KW  - Elasticity of substitution
KW  - Estimation
KW  - Expected value
KW  - Expenditure
KW  - Factor market
KW  - Federal funds rate
KW  - Fiscal policy
KW  - Forecasting
KW  - GDP deflator
KW  - IS–LM model
KW  - Impulse response
KW  - Income
KW  - Indexation
KW  - Inflation targeting
KW  - Inflation
KW  - Initial condition
KW  - Interest rate
KW  - Intertemporal budget constraint
KW  - Investment
KW  - Lagrange multiplier
KW  - Long run and short run
KW  - Loss function
KW  - Marginal cost
KW  - Marginal rate of substitution
KW  - Marginal utility
KW  - Market liquidity
KW  - Market power
KW  - Market rate
KW  - Markup (business)
KW  - Mathematical optimization
KW  - Monetary base
KW  - Monetary transmission mechanism
KW  - Money supply
KW  - New Keynesian economics
KW  - Nominal interest rate
KW  - Nominal rigidity
KW  - Optimization problem
KW  - Output gap
KW  - Partial derivative
KW  - Percentage point
KW  - Percentage
KW  - Phillips curve
KW  - Potential output
KW  - Prediction
KW  - Present value
KW  - Price Change
KW  - Price index
KW  - Price level
KW  - Pricing
KW  - Private sector
KW  - Probability
KW  - Production function
KW  - Quantity
KW  - Real Rate Of Return
KW  - Real gross domestic product
KW  - Real income
KW  - Real interest rate
KW  - Real versus nominal value (economics)
KW  - Real wages
KW  - Relative price
KW  - Requirement
KW  - Stabilization policy
KW  - State of the World (book series)
KW  - Stochastic discount factor
KW  - Stochastic process
KW  - Stock
KW  - Structural equation modeling
KW  - Supply (economics)
KW  - Tax rate
KW  - Tax
KW  - Taylor rule
KW  - Time preference
KW  - Trade-off
KW  - Utility
N1  - 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
N2  - 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
UR  - https://doi.org/10.1515/9781400830169?locatt=mode:legacy
UR  - https://www.degruyter.com/isbn/9781400830169
UR  - https://www.degruyter.com/document/cover/isbn/9781400830169/original
ER  -