Monetary theory and policy:
Gespeichert in:
1. Verfasser: | |
---|---|
Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cambridge, Mass.
MIT Press
2010
|
Ausgabe: | 3. ed. |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XXI, 613 S. graph. Darst. |
ISBN: | 9780262013772 |
Internformat
MARC
LEADER | 00000nam a2200000 c 4500 | ||
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020 | |a 9780262013772 |c hardcover : alk. paper |9 978-0-262-01377-2 | ||
035 | |a (OCoLC)601516384 | ||
035 | |a (DE-599)BVBBV036048105 | ||
040 | |a DE-604 |b ger |e aacr | ||
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100 | 1 | |a Walsh, Carl E. |d 1949- |e Verfasser |0 (DE-588)143460943 |4 aut | |
245 | 1 | 0 | |a Monetary theory and policy |c Carl E. Walsh |
250 | |a 3. ed. | ||
264 | 1 | |a Cambridge, Mass. |b MIT Press |c 2010 | |
300 | |a XXI, 613 S. |b graph. Darst. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
338 | |b nc |2 rdacarrier | ||
650 | 4 | |a Monetary policy | |
650 | 4 | |a Money | |
650 | 0 | 7 | |a Geldpolitik |0 (DE-588)4019902-2 |2 gnd |9 rswk-swf |
650 | 0 | 7 | |a Geldtheorie |0 (DE-588)4121333-6 |2 gnd |9 rswk-swf |
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689 | 0 | 1 | |a Geldpolitik |0 (DE-588)4019902-2 |D s |
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999 | |a oai:aleph.bib-bvb.de:BVB01-018939847 |
Datensatz im Suchindex
_version_ | 1804141084068020224 |
---|---|
adam_text | Contents
Preface
xi
Introduction
xvii
Empirical
Evidence on
Money, Prices, and Output
1
1.1
Introduction
1
1.2
Some Basic Correlations
1
1.2.1
Long-Run Relationships
1
1.2.2
Short-Run Relationships
4
1.3
Estimating the Effect of Money on Output
9
1.3.1
The Evidence of Friedman and Schwartz
10
1.3.2
Granger Causality
14
1.3.3
Policy Uses
15
1.3.4
The
VAR
Approach
18
1.3.5
Structural Econometric Models
27
1.3.6
Alternative Approaches
28
1.4
Summary
31
Money-in-the-Utility Function
33
2.1
Introduction
33
2.2
The Basic MIU Model
35
2.2.1
Steady-State Equilibrium
41
2.2.2
Steady States with a Time-Varying Money Stock
46
2.2.3
The Interest Elasticity of Money Demand
48
2.2.4
Limitations
52
2.3
The Welfare Cost of Inflation
53
2.4
Extensions
58
2.4.1
Interest on Money
58
2.4.2
Nonsuperneutrality
59
2.5
Dynamics in an MIU Model
61
2.5.1
The Decision Problem
2.5.2
The Steady State
2.5.3
The Linear Approximation
2.5.4
Calibration
2.5.5
Simulation Results
2.6
Summary
2.7
Appendix: Solving the MIU Model
2.7.1
The Linear Approximation
2.7.2
Collecting All Equations
2.7.3
Solving Linear Rational-Expectations Models with
Forward-Looking Variables
2.8
Problems
Contents
62
65
66
71
72
75
76
78
85
86
87
Money and Transactions
91
3.1
Introduction
91
3.2
Resource Costs of Transacting
92
3.2.1
Shopping-Time Models
92
3.2.2
Real Resource Costs
97
3.3
CIA Models
98
3.3.1
The Certainty Case
99
3.3.2
A Stochastic CIA Model
108
3.4
Search
115
3.5
Summary
126
3.6
Appendix: The CIA Approximation
126
3.6.1
The Steady State
127
3.6.2
The Linear Approximation
128
3.7
Problems
130
Money and Public Finance
135
4.1
Introduction
135
4.2
Budget Accounting
136
4.2.1
Intertemporal
Budget Balance
141
4.3
Money and Fiscal Policy Frameworks
142
4.4
Deficits and Inflation
144
4.4.1
Ricardian and (Traditional) Non-Ricardian Fiscal
Policies
146
4.4.2
The Government Budget Constraint and the Nominal
Rate of Interest
150
4.4.3
Equilibrium Seigniorage
152
4.4.4
Cagan s Model
156
4.4.5
Rational Hyperinflation
159
Contents
vii
4.5 The
Fiscal
Theory of the Price
Level 162
4.5.1
Multiple Equilibria
163
4.5.2
The Fiscal Theory
165
4.6
Optimal Taxation and Seigniorage
170
4.6.1
A Partial Equilibrium Model
171
4.6.2
Optimal Seigniorage and Temporary Shocks
174
4.6.3
Friedman s Rule Revisited
175
4.6.4
Nonindexed Tax Systems
188
4.7
Summary
191
4.8
Problems
191
Money in the Short Run: Informational and Portfolio Rigidities
195
5.1
Introduction
195
5.2
Informational Frictions
196
5.2.1
Imperfect Information
196
5.2.2
The Lucas Model
197
5.2.3
Sticky Information
203
5.2.4
Learning
207
5.3
Limited Participation and Liquidity Effects
209
5.3.1
A Basic Limited-Participation Model
211
5.3.2
Endogenous Market Segmentation
215
5.3.3
Assessment
218
5.4
Summary
218
5.5
Appendix: An Imperfect-Information Model
219
5.6
Problems
223
Money in the Short Run: Nominal Price and Wage Rigidities
225
6.1
Introduction
225
6.2
Sticky Prices and Wages
225
6.2.1
An Example of Nominal Rigidities in General
Equilibrium
226
6.2.2
Early Models of
Intertemporal
Nominal Adjustment
231
6.2.3
Imperfect Competition
234
6.2.4
Time-Dependent Pricing (TDP) Models
237
6.2.5
State-Dependent Pricing
(SDP)
Models
243
6.2.6
Summary on Models of Price Adjustment
249
6.3
Assessing Alternatives
250
6.3.1
Microeconomic Evidence
250
6.3.2
Evidence on the New Keynesian Phillips Curve
252
6.3.3
Sticky Prices versus Sticky Information
261
6.4
Summary
262
Contents
6.5 Appendix:
A Sticky Wage MIU Model
262
6.6
Problems
264
Discretionary Policy and Time Inconsistency
269
7.1
Introduction
269
7.2
Inflation under Discretionary Policy
271
7.2.1
Policy Objectives
271
7.2.2
The Economy
273
7.2.3
Equilibrium Inflation
275
7.3
Solutions to the Inflation Bias
283
7.3.1
Reputation
284
7.3.2
Preferences
297
7.3.3
Contracts
301
7.3.4
Institutions
307
7.3.5
Targeting Rules
309
7.4
Is the Inflation Bias Important?
316
7.5
Summary
323
7.6
Problems
323
New Keynesian Monetary Economics
329
8.1
Introduction
329
8.2
The Basic Model
330
8.2.1
Households
331
8.2.2
Firms
333
8.3
A Linearized New Keynesian Model
336
8.3.1
The Linearized Phillips Curve
336
8.3.2
The Linearized IS Curve
339
8.3.3
Uniqueness of the Equilibrium
341
8.3.4
The Monetary Transmission Mechanism
344
8.3.5
Adding Economic Disturbances
347
8.3.6
Sticky Wages and Prices
351
8.4
Monetary Policy Analysis in New Keynesian Models
352
8.4.1
Policy Objectives
352
8.4.2
Policy Trade-offs
355
8.4.3
Optimal Commitment and Discretion
357
8.4.4
Commitment to a Rule
364
8.4.5
Endogenous Persistence
366
8.4.6
Targeting Regimes and Instrument Rules
370
8.4.7
Model Uncertainty
375
8.5
Summary
378
8.6
Appendix
379
Contents
¡x
8.6.1 The New Keynesian Phillips
Curve
379
8.6.2
Approximating
Utility 381
8.7 Problems 387
9
Money and the Open Economy
395
9.1
Introduction
395
9.2
The Obstfeld-Rogoff Two-Country Model
396
9.2.1
The Linear Approximation
400
9.2.2
Equilibrium with Flexible Prices
401
9.2.3
Sticky Prices
408
9.3
Policy Coordination
413
9.3.1
The Basic Model
414
9.3.2
Equilibrium with Coordination
418
9.3.3
Equilibrium without Coordination
419
9.4
The Small Open Economy
422
9.4.1
Flexible Exchange Rates
424
9.4.2
Fixed Exchange Rates
427
9.5
Open-Economy Models with Optimizing Agents and Nominal
Rigidities
429
9.5.1
A Model of the Small Open Economy
430
9.5.2
The Relationship to the Closed-Economy NK Model
440
9.5.3
Imperfect Pass-Through
442
9.6
Summary
443
9.7
Appendix
444
9.7.1
The Obstfeld-Rogoff Model
444
9.7.2
The Small-Open-Economy Model
447
9.8
Problems
449
10
Financial Markets and Monetary Policy
453
10.1
Introduction
453
10.2
Interest Rates and Monetary Policy
453
10.2.1
Interest Rate Rules and the Price Level
454
10.2.2
Interest Rate Policies in General Equilibrium
457
10.2.3
Liquidity Traps
461
10.3
The Term Structure of Interest Rates
465
10.3.1
The Expectations Theory of the Term Structure
465
10.3.2
Policy and the Term Structure
468
10.3.3
Expected Inflation and the Term Structure
473
10.4
Macrofinance
475
10.5
Financial Frictions in Credit Markets
477
Contents
10.5.1
Adverse
Selection
479
10.5.2
Moral Hazard
483
10.5.3
Monitoring Costs
484
10.5.4
Agency Costs
489
10.5.5
Macroeconomic
Implications
492
10.6
Does Credit Matter?
502
10.6.1
The Bank Lending Channel
504
10.6.2
The Broad Credit Channel
507
10.7
Summary
508
10.8
Problems
509
11
Monetary Policy Operating Procedures
511
11.1
Introduction
511
11.2
From Instruments to Goals
512
11.3
The Instrument Choice Problem
513
11.3.1
Poole s Analysis
513
11.3.2
Policy Rules and Information
518
11.3.3
Intermediate Targets
521
11.3.4
Real Effects of Operating Procedures
529
11.4
Operating Procedures and Policy Measures
530
11.4.1
Money Multipliers
531
11.4.2
The Reserve Market
533
11.4.3
A Simple Model of a Channel System
543
11.5
A Brief History of Fed Operating Procedures
547
11.5.1 1972-1979 548
11.5.2 1979-1982 549
11.5.3 1982-1988 551
11.5.4
After
1988 552
11.6
Other Countries
553
11.7
Problems
555
References
559
Name Index
597
Subject Index
605
|
any_adam_object | 1 |
author | Walsh, Carl E. 1949- |
author_GND | (DE-588)143460943 |
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ctrlnum | (OCoLC)601516384 (DE-599)BVBBV036048105 |
dewey-full | 332.4/6 |
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dewey-ones | 332 - Financial economics |
dewey-raw | 332.4/6 |
dewey-search | 332.4/6 |
dewey-sort | 3332.4 16 |
dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
edition | 3. ed. |
format | Book |
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illustrated | Illustrated |
indexdate | 2024-07-09T22:10:15Z |
institution | BVB |
isbn | 9780262013772 |
language | English |
lccn | 2009028431 |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-018939847 |
oclc_num | 601516384 |
open_access_boolean | |
owner | DE-355 DE-BY-UBR DE-11 DE-92 DE-N2 DE-19 DE-BY-UBM DE-20 DE-384 DE-188 DE-29 DE-91 DE-BY-TUM DE-83 |
owner_facet | DE-355 DE-BY-UBR DE-11 DE-92 DE-N2 DE-19 DE-BY-UBM DE-20 DE-384 DE-188 DE-29 DE-91 DE-BY-TUM DE-83 |
physical | XXI, 613 S. graph. Darst. |
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spelling | Walsh, Carl E. 1949- Verfasser (DE-588)143460943 aut Monetary theory and policy Carl E. Walsh 3. ed. Cambridge, Mass. MIT Press 2010 XXI, 613 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Monetary policy Money Geldpolitik (DE-588)4019902-2 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Geldtheorie (DE-588)4121333-6 s Geldpolitik (DE-588)4019902-2 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018939847&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Walsh, Carl E. 1949- Monetary theory and policy Monetary policy Money Geldpolitik (DE-588)4019902-2 gnd Geldtheorie (DE-588)4121333-6 gnd |
subject_GND | (DE-588)4019902-2 (DE-588)4121333-6 |
title | Monetary theory and policy |
title_auth | Monetary theory and policy |
title_exact_search | Monetary theory and policy |
title_full | Monetary theory and policy Carl E. Walsh |
title_fullStr | Monetary theory and policy Carl E. Walsh |
title_full_unstemmed | Monetary theory and policy Carl E. Walsh |
title_short | Monetary theory and policy |
title_sort | monetary theory and policy |
topic | Monetary policy Money Geldpolitik (DE-588)4019902-2 gnd Geldtheorie (DE-588)4121333-6 gnd |
topic_facet | Monetary policy Money Geldpolitik Geldtheorie |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018939847&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT walshcarle monetarytheoryandpolicy |