Monetary theory and policy:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Massachusetts
The MIT Press
[2017]
|
| Ausgabe: | Fourth edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Enthält Literaturangaben und Index |
| Beschreibung: | xxi, 661 Seiten Diagramme |
| ISBN: | 9780262035811 |
Internformat
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| 245 | 1 | 0 | |a Monetary theory and policy |c Carl E. Walsh |
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Datensatz im Suchindex
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| adam_text | Titel: Monetary theory and policy
Autor: Walsh, Carl E
Jahr: 2017
Contents
Preface xiii
Introduction xvii
1 Evidence on Money, Prices, and Output 1
1.1 Introduction 1
1.2 Some Basic Correlations 1
1.3 Estimating the Effect of Monetary Policy on Output and Inflation 8
1.3.1 The Evidence of Friedman and Schwartz 9
1.3.2 Granger Causality 13
1.3.3 Policy Uses 14
1.3.4 The VAR Approach 17
1.3.5 Structural Econometric Models 25
1.3.6 Alternative Approaches 27
1.4 Monetary Policy at Very Low Interest Rates 31
1.4.1 Measuring Policy at the Effective Lower Bound (ELB) 32
1.4.2 The Effects of Quantitative Easing (QE) Policies 33
1.5 Summary 40
2 Money-in-the-Utility Function 41
2.1 Introduction 41
2.2 The Basic MIU Model 43
2.2.1 Steady-State Equilibrium 48
2.2.2 Multiple Equilibria in Monetary Models 55
2.2.3 The Interest Elasticity of Money Demand 57
2.2.4 Limitations 61
2.3 The Welfare Cost of Inflation 61
2.4 Extensions 66
2.4.1 Interest on Money 66
2.4.2 Nonsuperneutrality 67
2.5 Dynamics in an MTU Model 69
2.5.1 The Decision Problem 70
2.5.2 The Steady State 73
2.5.3 The Linear Approximation 74
2.5.4 Calibration 78
2.5.5 Simulation Results 80
2.6 Summary 83
2.7 Appendix: Solving the MIU Model 83
2.7.1 The Linear Approximation 85
2.7.2 Collecting all Equations 90
2.7.3 Solving Linear Rational-Expectations Models with
Forward-Looking Variables 91
2.8 Problems 94
3 Money and Transactions 97
3.1 Introduction 97
3.2 Resource Costs of Transacting 98
3.2.1 Shopping-Time Models 98
3.2.2 Real Resource Costs 102
3.3 Cash-in-Advance (CIA) Models 103
3.3.1 The Certainty Case 104
3.3.2 A Stochastic CIA Model 113
3.4 Search 120
3.4.1 Centralized and Decentralized Markets 122
3.4.2 The Welfare Costs of Inflation 127
3.5 Summary 129
3.6 Appendix: The CIA Approximation 130
3.6.1 The Steady State 130
3.6.2 The Linear Approximation 130
3.7 Problems 132
4 Money and Public Finance 137
4.1 Introduction 137
4.2 Budget Accounting 138
4.2.1 Intertemporal Budget Balance 143
4.3 Money and Fiscal Policy Frameworks 144
4.4 Deficits and Inflation 145
4.4.1 Ricardian and (Traditional) Non-Ricardian Fiscal Policies 148
4.4.2 The Government Budget Constraint and the Nominal Rate
of Interest 151
4.4.3 Equilibrium Seigniorage 153
4.4.4 Cagan s Model 157
4.4.5 Rational Hyperinflation 159
4.5 The Fiscal Theory of the Price Level 162
4.5.1 Multiple Equilibria 163
4.5.2 The Basic Idea of the Fiscal Theory 164
4.5.3 Empirical Evidence on the Fiscal Theory 168
4.6 Optimal Taxation and Seigniorage 169
4.6.1 A Partial Equilibrium Model 170
4.6.2 Optimal Seigniorage and Temporary Shocks 173
4.6.3 Friedman s Rule Revisited 174
4.6.4 Nonindexed Tax Systems 186
4.7 Summary 188
4.8 Problems 189
5 Informational and Portfolio Rigidities 193
5.1 Introduction 193
5.2 Informational Frictions 194
5.2.1 Imperfect Information 194
5.2.2 The Lucas Model 195
5.2.3 Sticky Information 200
5.2.4 Learning 204
5.3 Limited Participation and Liquidity Effects 206
5.3.1 A Basic Limited-Participation Model 208
5.3.2 Endogenous Market Segmentation 212
5.3.3 Assessment 214
5.4 Summary 215
5.5 Appendix: An Imperfect-Information Model 215
5.6 Problems 219
6 Discretionary Policy and Time Inconsistency 221
6.1 Introduction 221
6.2 Inflation under Discretionary Policy 223
6.2.1 Policy Objectives 223
6.2.2 The Economy 225
6.2.3 Equilibrium Inflation 227
6.3 Solutions to the Inflation Bias 234
6.3.1 Reputation 235
6.3.2 Preferences 247
6.3.3 Contracts 251
6.3.4 Institutions 256
6.3.5 Targeting Rules 259
6.4 Is the Inflation Bias Important? 264
6.5 Summary 271
6.6 Problems 271
7 Nominal Price and Wage Rigidities 277
7.1 Introduction 277
7.2 Sticky Prices and Wages 277
7.2.1 An Example of Nominal Rigidities in General Equilibrium 278
7.2.2 Early Models of Intertemporal Nominal Adjustment 282
7.2.3 Imperfect Competition 285
7.2.4 Time-Dependent Pricing (TOP) Models 288
7.2.5 State-Dependent Pricing (SDP) Models 295
7.2.6 Frictions in the Timing of Price Adjustment or in the
Adjustment of Prices? 300
7.3 Assessing Alternatives 301
7.3.1 Microeconomic Evidence 302
7.3.2 Evidence on the New Keynesian Phillips Curve 304
7.3.3 Sticky Prices versus Sticky Information 312
7.4 Summary 313
7.5 Appendix: A Sticky-Wage MIU Model 314
7.6 Problems 316
8 New Keynesian Monetary Economics 319
8.1 Introduction 319
8.2 The Basic Model 320
8.2.1 Households 321
8.2.2 Firms 323
8.2.3 Market Clearing 325
8.3 A Linearized New Keynesian Model 327
8.3.1 The Linearized Phillips Curve 327
8.3.2 The Linearized IS Curve 331
8.3.3 Local Uniqueness of the Equilibrium 332
8.3.4 The Monetary Transmission Mechanism 336
8.3.5 Adding Economic Disturbances 339
8.4 Monetary Policy Analysis in New Keynesian Models 341
8.4.1 Policy Objectives 342
8.4.2 Policy Trade-offs 344
8.4.3 Optimal Commitment and Discretion 346
8.4.4 Commitment to a Rule 353
8.4.5 Endogenous Persistence 354
8.4.6 Targeting Regimes and Instrument Rules 358
8.4.7 Model Uncertainty 363
8.5 Labor Market Frictions and Unemployment 365
8.5.1 Sticky Wages and Prices 366
8.5.2 Unemployment 369
8.6 Summary 377
8.7 Appendix 378
8.7.1 The New Keynesian Phillips Curve 378
8.7.2 Approximating Utility 381
8.8 Problems 388
9 Monetary Policy in the Open Economy 397
9.1 Introduction 397
9.2 A Two-Country Open-Economy Model 398
9.2.1 Households 398
9.2.2 International Consumption Risk Sharing 401
9.2.3 Firms 402
9.2.4 Equilibrium 404
9.2.5 Optimal Policy 414
9.3 A Model of the Small Open Economy 424
9.3.1 Households 424
9.3.2 International Risk Sharing and Uncovered Interest
Parity 428
9.3.3 Domestic Firms 429
9.3.4 Equilibrium Conditions 430
9.3.5 Monetary Policy in the Linear Model 433
9.4 Additional Sources of Nominal Distortions 437
9.4.1 Imperfect Pass-Through 437
9.4.2 Local Currency Pricing 440
9.4.3 Sticky Tradeable and Nontradeable Goods Prices 442
9.5 Currency Unions 442
9.6 Summary 447
9.7 Appendix 448
9.8 Problems 449
10 Financial Markets and Monetary Policy
10.1 Introduction 455
10.2 Interest Rates and Monetary Policy 456
10.2.1 Interest Rate Rules and the Price Level 456
10.2.2 Interest Rate Policies in General Equilibrium 459
10.3 The Term Structure of Interest Rates 462
10.3.1 The Basic Expectations Theory 463
10.3.2 Expected Inflation and the Term Structure 465
10.4 Macrofinance 467
10.4.1 Afflne Models of the Term Structure 467
10.4.2 A Preferred Habitat Term Structure Model 469
10.5 Policy and the Term Structure 473
10.5.1 A Simple Example 473
10.5.2 An Afflne Example 476
10.6 Financial Frictions in Credit Markets 478
10.6.1 Adverse Selection 480
10.6.2 Moral Hazard 482
10.6.3 Monitoring Costs 484
10.6.4 Agency Costs 488
10.6.5 Intermediary-to-intermediary Credit Flows 491
10.7 Macroeconomic Implications 495
10.7.1 General Equilibrium Models 496
10.7.2 Agency Costs and General Equilibrium 501
10.7.3 Agency Costs and Sticky Prices 504
10.8 Summary 505
10.9 Problems 505
11 The Effective Lower Bound and Balance Sheet Policies 509
11.1 Introduction 509
11.2 The Effective Lower Bound 510
11.3 Liquidity Traps 512
11.4 Conventional Policies at the ELB 515
11.4.1 Equilibria at the ELB 516
11.4.2 Analytics at the ELB 518
11.4.3 Commitment and Forward Guidance 522
11.4.4 Summary on the ELB 531
11.5 Balance Sheet Policies 532
11.5.1 Asset Pricing Wedges 534
11.5.2 Market Segmentation and Transaction Costs 538
11.5.3 Costly Intermediation 543
11.5.4 Moral Hazard in Banking 547
11.5.5 Resaleability Constraints 552
11.5.6 Summary on Balance Sheet Policies 556
11.6 Appendix: Derivation of the Asset Pricing Wedges 556
11.7 Problems 557
12 Monetary Policy Operating Procedures 561
12.1 Introduction 561
12.2 From Instruments to Goals 562
12.3 The Instrument Choice Problem 563
12.3.1 Poole s Analysis 563
12.3.2 Policy Rules and Information 568
12.3.3 Intermediate Targets 570
12.3.4 Real Effects of Operating Procedures 578
12.4 Operating Procedures and Policy Measures 579
12.4.1 Money Multipliers 579
12.4.2 The Reserve Market 581
12.5 Interest on Reserves in a Channel System 590
12.6 A Brief History of Fed Operating Procedures 595
12.6.1 1972-1979 595
12.6.2 1979-1982 596
12.6.3 1982-1988 599
12.6.4 1988-2008 599
12.6.5 2009-2016 600
12.7 Other Countries 603
12.8 Summary 605
12.9 Problems 605
References 609
Name Index 645
Subject Index 651
|
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| spelling | Walsh, Carl E. 1949- Verfasser (DE-588)143460943 aut Monetary theory and policy Carl E. Walsh Fourth edition Cambridge, Massachusetts The MIT Press [2017] © 2017 xxi, 661 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Enthält Literaturangaben und Index 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 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029651950&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| 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 |
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