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An important recent advance in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinacy and liquidity effects. In Money, Interest, and Policy, Jean-Pascal Benassy argues that moving from the standard DSGE models - which he calls "Ricardian" because they have the famous "Ricardian equivalence" property-to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and Benassy demonstrates that a single modification-the assumption that new agents are born over time (which makes the model non-Ricardian)-can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other.After comparing Ricardian and non-Ricardian models, Benassy introduces a model that synthesizes the two approaches, incorporating both infinite lives and the birth of new agents. Using this model, he considers a number of issues in monetary policy, including liquidity effects, interest rate rules and price determinacy, global determinacy, the Taylor principle, and the fiscal theory of the price level. Finally, using a simple overlapping generations model, he analyzes optimal monetary and fiscal policies, with a special emphasis on optimal interest rate rules.

Money --- Equilibrium (Economics) --- Mathematical models --- AA / International- internationaal --- 305.7 --- 333.80 --- -Equilibrium (Economics) --- -339.53 --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Econometrie van het gedrag van de financiële tussenpersonen. Monetaire econometrische modellen. Monetaire agregaten. vraag voor geld. Krediet. Rente. --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Mathematical models. --- ECONOMICS/Political Economy --- ECONOMICS/Macroeconomics --- 339.53 --- Econometrie van het gedrag van de financiële tussenpersonen. Monetaire econometrische modellen. Monetaire agregaten. vraag voor geld. Krediet. Rente --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- Money - Mathematical models --- Equilibrium (Economics) - Mathematical models

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For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward.This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this b

AA / International- internationaal --- 333.80 --- Monetary policy --- 339.53 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Monetary policy. --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- POLITICAL SCIENCE --- BUSINESS & ECONOMICS --- Economic Conditions --- Economics&delete& --- Macroeconomics --- E-books

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This book was first published in 2002. The transmission mechanism of monetary policy explains how monetary policy works - which variables respond to interest rate changes, when, why, how, how much and how predictably. It is vital that central banks and their observers, worldwide, understand the transmission mechanism so that they know what monetary policy can do and what it should do to stabilize inflation and output. The volume sets out different aspects of the transmission mechanism. Some chapters scrutinize the relevance of practical issues such as asymmetries, recent structural changes and estimation errors using data on the USA, the Euro area and developing countries. Other chapters focus on modelling crucial aspects such as productivity, the exchange rate and the monetary sector. These issues are counterpointed by contributions that analyse monetary policy in Japan and the UK.

Banks and banking, Central. --- Monetary policy - Congresses. --- Business, Economy and Management --- Economics --- AA / International- internationaal --- 333.80 --- 333.846.0 --- NBB congres --- Banks and banking, Central --- -Capital movements --- -Monetary policy --- -Foreign exchange rates --- -339.53 --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- International finance --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden. --- Rates --- Conferences - Meetings --- Capital movements --- Monetary policy --- Foreign exchange rates --- 339.53 --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden

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When turmoil strikes world monetary and financial markets, leaders invariably call for 'a new Bretton Woods' to prevent catastrophic economic disorder and defuse political conflict. The name of the remote New Hampshire town where representatives of forty-four nations gathered in July 1944, in the midst of the century's second great war, has become shorthand for enlightened globalization. The actual story surrounding the historic Bretton Woods accords, however, is full of startling drama, intrigue, and rivalry, which are vividly brought to life in Benn Steil's epic account. Upending the conventional wisdom that Bretton Woods was the product of an amiable Anglo-American collaboration, Steil shows that it was in reality part of a much more ambitious geopolitical agenda hatched within President Franklin D. Roosevelt's Treasury and aimed at eliminating Britain as an economic and political rival. At the heart of the drama were the antipodal characters of John Maynard Keynes, the renowned and revolutionary British economist, and Harry Dexter White, the dogged, self-made American technocrat. Bringing to bear new and striking archival evidence, Steil offers the most compelling portrait yet of the complex and controversial figure of White--the architect of the dollar's privileged place in the Bretton Woods monetary system, who also, very privately, admired Soviet economic planning and engaged in clandestine communications with Soviet intelligence officials and agents over many years. A remarkably deft work of storytelling that reveals how the blueprint for the postwar economic order was actually drawn, The Battle of Bretton Woods is destined to become a classic of economic and political history.

International finance - History - 20th century. --- Keynes, John Maynard. --- Monetary policy - History - 20th century. --- White, Harry Dexter. --- Monetary policy --- International finance --- Finance --- Business & Economics --- Money --- 20th century --- History --- Keynes, John Maynard, --- White, Harry Dexter, --- United Nations Monetary and Financial Conference --- Monetary management --- Keĭns, Dzhon Maĭnard, --- Kʻai-yin-ssŭ, --- Kʻai-en-ssu, --- Keynes, J. M. --- Kenis, C. M., --- Keyns, C. M., --- Bretton Woods Conference --- Conférence monétaire et financière des Nations Unies, --- Conferencia Monetaria Internacional de Bretton-Woods --- Conferencia Monetaria y Financiera de las Naciones Unidos --- Monetary and Financial Conference, United Nations --- Rengōkoku Tsūka Kinʼyū Kaigi --- United Nations Monetary & Financial Conference --- United nations monetary and financial conference, --- Economic policy --- Currency boards --- Money supply --- 20th century. --- United Nations Monetary and Financial Conference. --- E-books --- -International finance --- -339.53 --- International monetary system --- International money --- International economic relations --- -History --- -Keynes, John Maynard --- Keynes, J. Maynard --- Keynes, J.M.

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White, Harry Dexter, --- United Nations Monetary and Financial Conference --- Accords de Bretton Woods (1944) --- -International finance --- 333.44 --- 339.53 --- -20th century --- -Monetaire congressen, conferenties en onderzoeken. --- Bretton Woods Conference --- Conférence monétaire et financière des Nations Unies, --- Conferencia Monetaria Internacional de Bretton-Woods --- Conferencia Monetaria y Financiera de las Naciones Unidos --- Monetary and Financial Conference, United Nations --- Rengōkoku Tsūka Kinʼyū Kaigi --- United Nations Monetary & Financial Conference --- United nations monetary and financial conference, --- Politique monétaire --- Finances internationales --- Keynes, John Maynard, --- International finance --- Monetary policy --- 331.157 --- 333.432.8 --- AA / International- internationaal --- 336.7 <09> --- Monetary management --- Economic policy --- Currency boards --- Money supply --- International monetary system --- International money --- Finance --- International economic relations --- 336.7 <09> Geschiedenis van het bankwezen --- Geschiedenis van het bankwezen --- History&delete& --- 20th century --- Geldwezen sedert 1945 --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Monetaire congressen, conferenties en onderzoeken --- Economic schools --- Keynes, John Maynard --- Politique monétaire --- History --- Histoire --- White, Harry Dexter --- Keynes, J. Maynard --- Keynes, J.M.