Author: Michael Woodford
Publisher: Princeton University Press
ISBN: 1400830168
Category : Business & Economics
Languages : en
Pages : 805
Book Description
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.
Interest and Prices
Author: Michael Woodford
Publisher: Princeton University Press
ISBN: 1400830168
Category : Business & Economics
Languages : en
Pages : 805
Book Description
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.
Publisher: Princeton University Press
ISBN: 1400830168
Category : Business & Economics
Languages : en
Pages : 805
Book Description
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.
Foundations of Monetary Economics
Author: Denis P. O'Brien
Publisher:
ISBN: 9781851961900
Category : Monetary policy
Languages : en
Pages : 345
Book Description
Contains key texts from the range of literature in the field, providing a valuable resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon, Hume, Malthus, Torrens, J S Mill, Tooke, and covers the nineteenth-century debates on bullion, currency and monetary control through to monetary non- conformists.
Publisher:
ISBN: 9781851961900
Category : Monetary policy
Languages : en
Pages : 345
Book Description
Contains key texts from the range of literature in the field, providing a valuable resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon, Hume, Malthus, Torrens, J S Mill, Tooke, and covers the nineteenth-century debates on bullion, currency and monetary control through to monetary non- conformists.
Foundations of Monetary Economics
Author: Denis Patrick O'Brien
Publisher: Routledge
ISBN: 9781138753631
Category : Monetary policy
Languages : en
Pages : 1776
Book Description
A multi-volume work which examines key texts from literature, providing a useful resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon and Hume.
Publisher: Routledge
ISBN: 9781138753631
Category : Monetary policy
Languages : en
Pages : 1776
Book Description
A multi-volume work which examines key texts from literature, providing a useful resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon and Hume.
Foundations for Financial Economics
Author: Chi-fu Huang
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 394
Book Description
Based on formal derivations of financial theory, this volume provides a rigorous exploration of individual's consumption and portfolio decisions under uncertainty. Features in-depth coverage of such topics as: concepts of risk aversion and stochastic dominance; mathematical properties of a portfolio frontier; distributional conditions for mutual fund separation; capital asset pricing models and arbitrage pricing models; general pricing rules for securities that pay off in more than one state of nature; the pricing of options; rational expectation models of risky asset prices; signaling models; how multiperiod dynamic economies can be modeled; a multiperiod economy with emphasis on valuation by arbitrage; econometric issues associated with testing capital asset pricing models.
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 394
Book Description
Based on formal derivations of financial theory, this volume provides a rigorous exploration of individual's consumption and portfolio decisions under uncertainty. Features in-depth coverage of such topics as: concepts of risk aversion and stochastic dominance; mathematical properties of a portfolio frontier; distributional conditions for mutual fund separation; capital asset pricing models and arbitrage pricing models; general pricing rules for securities that pay off in more than one state of nature; the pricing of options; rational expectation models of risky asset prices; signaling models; how multiperiod dynamic economies can be modeled; a multiperiod economy with emphasis on valuation by arbitrage; econometric issues associated with testing capital asset pricing models.
Foundations of Monetary Economics: The bullionists
Author: Dennis Patrick O'Brien
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 0
Book Description
Money, Interest and Capital
Author: Colin Rogers
Publisher: Cambridge University Press
ISBN: 9780521359566
Category : Business & Economics
Languages : en
Pages : 340
Book Description
The novel feature of this study is the application of Keynes' principle of effective demand to demonstrate the existence of a long-run unemployment equilibrium without the assumption of rigid wages.
Publisher: Cambridge University Press
ISBN: 9780521359566
Category : Business & Economics
Languages : en
Pages : 340
Book Description
The novel feature of this study is the application of Keynes' principle of effective demand to demonstrate the existence of a long-run unemployment equilibrium without the assumption of rigid wages.
The Ontology and Function of Money
Author: Leonidas Zelmanovitz
Publisher: Lexington Books
ISBN: 0739195123
Category : Business & Economics
Languages : en
Pages : 471
Book Description
The central thesis of the book is that in order to evaluate monetary policy, one should have a clear idea about the characteristics and functions of money as it evolved and in its current form. That is to say that without an understanding about how money evolved as a social institution, what it is today, and what is possible to know about monetary phenomena, it is not possible to develop a meaningful ethics for money; or, to put it differently, to find what kind of institutional arrangements may be deemed good money for the kind of society we are in. And without that, one faces severe limitations in offering a normative position about monetary policy. The project is, consequently, an interdisciplinary one. Its main thread is an inquiry of moral philosophy and its foundations, as applied to money, in order to create tools to evaluate public policy in regard to money, banking, and public finance; and the views of different schools on those topics are discussed. The book is organized in parts on metaphysics, epistemology, ethics and politics of money to facilitate the presentation of all the subjects discussed to an educated readership (and not necessarily just one with a background in economics).
Publisher: Lexington Books
ISBN: 0739195123
Category : Business & Economics
Languages : en
Pages : 471
Book Description
The central thesis of the book is that in order to evaluate monetary policy, one should have a clear idea about the characteristics and functions of money as it evolved and in its current form. That is to say that without an understanding about how money evolved as a social institution, what it is today, and what is possible to know about monetary phenomena, it is not possible to develop a meaningful ethics for money; or, to put it differently, to find what kind of institutional arrangements may be deemed good money for the kind of society we are in. And without that, one faces severe limitations in offering a normative position about monetary policy. The project is, consequently, an interdisciplinary one. Its main thread is an inquiry of moral philosophy and its foundations, as applied to money, in order to create tools to evaluate public policy in regard to money, banking, and public finance; and the views of different schools on those topics are discussed. The book is organized in parts on metaphysics, epistemology, ethics and politics of money to facilitate the presentation of all the subjects discussed to an educated readership (and not necessarily just one with a background in economics).
Foundations of Monetary Economics, Vol. 2
Author: D P O'Brien
Publisher: Taylor & Francis
ISBN: 1040248985
Category : Business & Economics
Languages : en
Pages : 283
Book Description
A multi-volume work which examines key texts from literature, providing a useful resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon and Hume.
Publisher: Taylor & Francis
ISBN: 1040248985
Category : Business & Economics
Languages : en
Pages : 283
Book Description
A multi-volume work which examines key texts from literature, providing a useful resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon and Hume.
The Foundations of Monetary Economics
Author: David E. W. Laidler
Publisher:
ISBN: 9781858989976
Category : Monetary policy
Languages : en
Pages :
Book Description
Publisher:
ISBN: 9781858989976
Category : Monetary policy
Languages : en
Pages :
Book Description
Foundations of Monetary Economics, Vol. 1
Author: D P O'Brien
Publisher: Taylor & Francis
ISBN: 1040251188
Category : Business & Economics
Languages : en
Pages : 255
Book Description
A multi-volume work which examines key texts from literature, providing a useful resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon and Hume.
Publisher: Taylor & Francis
ISBN: 1040251188
Category : Business & Economics
Languages : en
Pages : 255
Book Description
A multi-volume work which examines key texts from literature, providing a useful resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon and Hume.