Interest and prices : foundations of a theory of monetary policy / Michael Woodford.

Author
Woodford, Michael, 1955- [Browse]
Format
Book
Language
English
Published/​Created
Princeton, N.J. ; Woodstock, Oxfordshire [England] : Princeton University Press, ©2003.
Description
xv, 785 p. : ill. ; 24 cm.

Availability

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Firestone Library - Stacks HG230.3 .W662 2003 Browse related items Request

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    Subject(s)
    Summary note
    • "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."--Jacket.
    Bibliographic references
    Includes bibliogrphical references (p. 747-764) and index.
    Contents
    • The return of monetary rules
    • Price-level determination under interest-rate rules
    • Optimizing models with nominal rigidities
    • A neo-Wicksellian framework for the analysis of monetary policy
    • Dynamics of the response to monetary policy
    • Inflation stabilization and welfare
    • Gains from commitment to a policy rule
    • Optimal monetary policy rules.
    ISBN
    • 0691010498 (((alk. paper))
    • 9780691010496 (((alk. paper))
    LCCN
    2003106560
    OCLC
    52738755
    International Article Number
    • 9780691010496
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