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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
Available Online
De Gruyter Princeton University Press eBook-Package Backlist 2000-2013
Copies in the Library
Location
Call Number
Status
Location Service
Notes
Firestone Library - Stacks
HG230.3 .W662 2003
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Subject(s)
Monetary policy
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Economic policy
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Interest
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Prices
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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.
Show 5 more Contents items
ISBN
0691010498 (((alk. paper))
9780691010496 (((alk. paper))
LCCN
2003106560
OCLC
52738755
International Article Number
9780691010496
Statement on language in description
Princeton University Library aims to describe library materials in a manner that is respectful to the individuals and communities who create, use, and are represented in the collections we manage.
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Interest and prices : foundations of a theory of monetary policy / Michael Woodford.
id
99129013308206421
Interest and prices : foundations of a theory of monetary policy / Michael Woodford.
id
SCSB-8733349