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Interest and Prices
Michael Woodford
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account?
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.
Kundenbewertungen
Currency, Initial condition, Determinacy, Marginal cost, Monetary policy, Mathematical optimization, Marginal utility, Relative price, Stochastic process, Phillips curve, Supply (economics), Estimation, Price index, Real interest rate, Indexation, Inflation targeting, Money supply, Impulse response, Income, Price Change, Taylor rule, Demand curve, Market liquidity, Monetary base, New Keynesian economics, Federal funds rate, Markup (business), Utility, Loss function, Present value, Aggregate demand, Economy, Pricing, Determinant, Real versus nominal value (economics), Approximation, Coefficient, Eigenvalues and eigenvectors, Interest rate, Aggregate expenditure, Nominal rigidity, Trade-off, Market power, Stabilization policy, Economic equilibrium, Forecasting, Real wages, Interest, Central bank, Quantity, Elasticity of substitution, Stochastic discount factor, Time preference, Lagrange multiplier, Expenditure, Requirement, Calculation, Aggregate supply, Economics, Long run and short run, Output gap, Tax rate, Monetary transmission mechanism, Price level, Real Rate Of Return, Fiscal policy, Expected value, Inflation, Investment, Nominal interest rate