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This book presents important aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision-making of central bankers today. Bridging the theory and practice of monetary policy, it provides an exposition on the key elements of the New-Keynesian approach, outlines important lessons for policymakers, and points to new directions for further research. Important policy implications of the New-Keynesian approach such as the case for forecast targeting as a strategy for monetary policy, the combination of model-based forecasts with cyclical analysis, and strategies for cross-checking model-based policy recommendations are presented in detail. The book brings together new contributions from leading scientists and experienced policymakers presented at an academic symposium on the occasion of the awarding of the Deutsche Bank Prize in Financial Economics 2007 to Professor Michael Woodford. With contributions by: Josef Ackermann, Deutsche Bank AG; Günter Beck, Goethe University Frankfurt; Jordi Galí, Universitat Pompeu Fabra; Stefan Gerlach, Goethe University Frankfurt; Domenico Giannone, European Central Bank; Otmar Issing, Goethe University Frankfurt; Hermann-Josef Lamberti, Deutsche Bank AG; Patrick Lane, The Economist; Bennet T. McCallum, Carnegie Mellon University; Frederic Mishkin, Columbia Business School; Francesca Monti, Université Libre de Bruxelles; Lucrezia Reichlin, London Business School; Norbert Walter, Deutsche Bank AG; Celia Wieland, wieland EconConsult; Volker Wieland, Goethe University Frankfurt; Michael Woodford, Columbia University

Economics/Management Science. --- Financial Economics. --- Finance /Banking. --- Economics. --- Finance. --- Banks and banking. --- Economie politique --- Finances --- Banques --- Monetary policy --- -Keynesian economics --- -332.46 --- Post-Keynesian economics --- Schools of economics --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Policy sciences --- 332.46 --- Policy-making --- Policymaking --- Public policy management --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy

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Money. Monetary policy --- Monetary policy --- Money --- AA / International- internationaal --- 333.80 --- 305.7 --- 333.820 --- 333.846.0 --- 336 --- monetaire politiek --- muntwezen --- 332.46 --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Econometrie van het gedrag van de financiële tussenpersonen. Monetaire econometrische modellen. Monetaire agregaten. vraag voor geld. Krediet. Rente. --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden. --- Financien. Openbare financien. Bank- en geldwezen --(internationale financien zie {339.7}) --- Monetary policy. --- Money. --- 336 Financien. Openbare financien. Bank- en geldwezen --(internationale financien zie {339.7}) --- 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 --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden --- Money market. Capital market