Optimal monetary policy under uncertainty:
Gespeichert in:
Hauptverfasser: | , |
---|---|
Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cheltenham [u.a.]
Elgar
2007
|
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis Klappentext |
Beschreibung: | VII, 332 S. graph. Darst. |
ISBN: | 9781845429645 |
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adam_text | Optimal
Monetary Policy
under Uncertainty
Recently there has been a resurgence of interest in the study of optimal
monetary policy under uncertainty. This book provides a thorough survey of
the literature that has resulted from this renewed interest. The authors ground
recent contributions on the science of monetary policy in the literature of
the
1970s,
which viewed optimal monetary policy as primarily a question of
the best use of information, and studies in the
1980s
that gave primacy to time
inconsistency problems. This broad focus leads to a better understanding of
current issues such as discretion versus commitment, target versus instrument
rules, and the merits of delegation of policy authority.
Casting a wide net. the authors survey the recent literature on the New
Keynesian approach to optimal monetary policy in the context of the earlier
literature. They emphasize the relationship between policy decisions and the
information set available to the policymaker, a central focus of the earlier
literature, which is obscured in much recent work. Optimal policy questions are
considered in open as well as closed economy models and the often confusing
terminology in the literature is sorted and clarified. Questions are considered
within easily analysed models and the authors clearly show why these models
lead to different (or equivalent) policy conclusions. Recent policy issues such
as desirability of inflation targeting and the relative merits of target versus
instrument rules are covered in detail.
Economists in
academia
and in policymaking organizations who want to learn
about recent developments in the area of optimal monetary policy, as well
as graduate and advanced undergraduate students in
macroeconomic
and
monetary economics, will find this volume a clear and thorough examination
of the topic.
Richard T. Froyen is Professor of Economics at the University of North
Carolina. Chapel Hill. USA and Alfred V. Guender :s Associate
Professor
at the University of Canterbury.
Nev; Zea ard.
Contents
Preface
vi
Acknowledgements
vii
PART
1
IMPERFECT INFORMATION, RESPONSES
TO SHOCKS, AND CREDIBILITY ISSUES
1
Introduction, Part
1 3
2
A basic model and some early results
7
3
The strategy of monetary policy: targets, instruments and
information variables
29
4
A variable price level, supply shocks and rational
expectations
53
5
Optimal monetary and exchange rate policy in the open
economy
78
6
Monetary policy credibility
104
PART
2
RECENT DEVELOPMENTS IN MONETARY
POLICY
7
Introduction, Part
2 135
8
The Phillips Curve: recent incarnations
144
9
The forward-looking model: the closed economy
163
10
The forward-looking model: additional topics
193
11
The forward-looking model: the open economy
241
12
The New Keynesian model: the backward-looking case
273
References
307
Index
323
|
adam_txt |
Optimal
Monetary Policy
under Uncertainty
Recently there has been a resurgence of interest in the study of optimal
monetary policy under uncertainty. This book provides a thorough survey of
the literature that has resulted from this renewed interest. The authors ground
recent contributions on the "science of monetary policy" in the literature of
the
1970s,
which viewed optimal monetary policy as primarily a question of
the best use of information, and studies in the
1980s
that gave primacy to time
inconsistency problems. This broad focus leads to a better understanding of
current issues such as discretion versus commitment, target versus instrument
rules, and the merits of delegation of policy authority.
Casting a wide net. the authors survey the recent literature on the New
Keynesian approach to optimal monetary policy in the context of the earlier
literature. They emphasize the relationship between policy decisions and the
information set available to the policymaker, a central focus of the earlier
literature, which is obscured in much recent work. Optimal policy questions are
considered in open as well as closed economy models and the often confusing
terminology in the literature is sorted and clarified. Questions are considered
within easily analysed models and the authors clearly show why these models
lead to different (or equivalent) policy conclusions. Recent policy issues such
as desirability of inflation targeting and the relative merits of target versus
instrument rules are covered in detail.
Economists in
academia
and in policymaking organizations who want to learn
about recent developments in the area of optimal monetary policy, as well
as graduate and advanced undergraduate students in
macroeconomic
and
monetary economics, will find this volume a clear and thorough examination
of the topic.
Richard T. Froyen is Professor of Economics at the University of North
Carolina. Chapel Hill. USA and Alfred V. Guender :s Associate
Professor
at the University of Canterbury.
Nev; Zea'ard.
Contents
Preface
vi
Acknowledgements
vii
PART
1
IMPERFECT INFORMATION, RESPONSES
TO SHOCKS, AND CREDIBILITY ISSUES
1
Introduction, Part
1 3
2
A basic model and some early results
7
3
The strategy of monetary policy: targets, instruments and
information variables
29
4
A variable price level, supply shocks and rational
expectations
53
5
Optimal monetary and exchange rate policy in the open
economy
78
6
Monetary policy credibility
104
PART
2
RECENT DEVELOPMENTS IN MONETARY
POLICY
7
Introduction, Part
2 135
8
The Phillips Curve: recent incarnations
144
9
The forward-looking model: the closed economy
163
10
The forward-looking model: additional topics
193
11
The forward-looking model: the open economy
241
12
The New Keynesian model: the backward-looking case
273
References
307
Index
323 |
any_adam_object | 1 |
any_adam_object_boolean | 1 |
author | Froyen, Richard T. ca. 20./21. Jh Guender, Alfred V. |
author_GND | (DE-588)170129179 (DE-588)171257103 |
author_facet | Froyen, Richard T. ca. 20./21. Jh Guender, Alfred V. |
author_role | aut aut |
author_sort | Froyen, Richard T. ca. 20./21. Jh |
author_variant | r t f rt rtf a v g av avg |
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spelling | Froyen, Richard T. ca. 20./21. Jh. Verfasser (DE-588)170129179 aut Optimal monetary policy under uncertainty Richard T. Froyen ; Alfred V. Guender Cheltenham [u.a.] Elgar 2007 VII, 332 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Mathematisches Modell Mathematical optimization Monetary policy Mathematical models Uncertainty Unsicherheit (DE-588)4186957-6 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf Mathematisches Modell (DE-588)4114528-8 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Unvollkommene Information (DE-588)4140474-9 gnd rswk-swf Geldpolitik (DE-588)4019902-2 s Geldtheorie (DE-588)4121333-6 s Unsicherheit (DE-588)4186957-6 s Unvollkommene Information (DE-588)4140474-9 s DE-604 Entscheidung bei Unsicherheit (DE-588)4070864-0 s Mathematisches Modell (DE-588)4114528-8 s DE-188 Guender, Alfred V. Verfasser (DE-588)171257103 aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015731793&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015731793&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
spellingShingle | Froyen, Richard T. ca. 20./21. Jh Guender, Alfred V. Optimal monetary policy under uncertainty Mathematisches Modell Mathematical optimization Monetary policy Mathematical models Uncertainty Unsicherheit (DE-588)4186957-6 gnd Geldtheorie (DE-588)4121333-6 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Mathematisches Modell (DE-588)4114528-8 gnd Geldpolitik (DE-588)4019902-2 gnd Unvollkommene Information (DE-588)4140474-9 gnd |
subject_GND | (DE-588)4186957-6 (DE-588)4121333-6 (DE-588)4070864-0 (DE-588)4114528-8 (DE-588)4019902-2 (DE-588)4140474-9 |
title | Optimal monetary policy under uncertainty |
title_auth | Optimal monetary policy under uncertainty |
title_exact_search | Optimal monetary policy under uncertainty |
title_exact_search_txtP | Optimal monetary policy under uncertainty |
title_full | Optimal monetary policy under uncertainty Richard T. Froyen ; Alfred V. Guender |
title_fullStr | Optimal monetary policy under uncertainty Richard T. Froyen ; Alfred V. Guender |
title_full_unstemmed | Optimal monetary policy under uncertainty Richard T. Froyen ; Alfred V. Guender |
title_short | Optimal monetary policy under uncertainty |
title_sort | optimal monetary policy under uncertainty |
topic | Mathematisches Modell Mathematical optimization Monetary policy Mathematical models Uncertainty Unsicherheit (DE-588)4186957-6 gnd Geldtheorie (DE-588)4121333-6 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Mathematisches Modell (DE-588)4114528-8 gnd Geldpolitik (DE-588)4019902-2 gnd Unvollkommene Information (DE-588)4140474-9 gnd |
topic_facet | Mathematisches Modell Mathematical optimization Monetary policy Mathematical models Uncertainty Unsicherheit Geldtheorie Entscheidung bei Unsicherheit Geldpolitik Unvollkommene Information |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015731793&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015731793&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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