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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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Time and Money argues persuasively that the troubles which characterise modern capital-intensive economies, particularly the episodes of boom and bust, may best be analysed with the aid of a capital-based macroeconomics. The primary focus of this text is the intertemporal structure of capital, an area that until now has been neglected in favour of labour and money-based macroeconomics.
Money --- Capital --- Macroeconomics --- 339.53 --- Economics --- Capital assets --- Fixed assets --- Capitalism --- Infrastructure (Economics) --- Wealth --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Money. --- Capital. --- Macroeconomics. --- E-books
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Monetary policy --- Inflation (Finance) --- Macroeconomics --- AA / International- internationaal --- 333.80 --- 339.53 --- Economics --- Finance --- Natural rate of unemployment --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden
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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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Inflation targeting --- International finance --- 339.53 --- 333.481 --- 333.841 --- 333.846.2 --- 334.151.1 --- AA / International- internationaal --- Targeting, Inflation --- Monetary policy --- International monetary system --- International money --- Finance --- International economic relations --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Inflatie --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- EG : economisch en monetair beleid --- Money. Monetary policy
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All central banks manage the supply of money and credit in their countries, increasing and decreasing them as needed to provide what economies need to keep growing. The way central banks typically handle that job involves short-term interest rates. But when inflation is low, central banks can't use their usual methods to get money and credit into an economy that needs it. Several essays in this volume describe the work of economists who have investigated problems that central banks might have when inflation gets low. Other essays investigate related questions such as whether an economy suffers when it moves from high inflation to low inflation, what the costs of inflation are to economic welfare, and whether a little bit of inflation can actually be good for economic growth.
Inflation (Finance) --- Monetary policy --- 339.53 --- 333.841 --- 333.846.2 --- AA / International- internationaal --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Finance --- Natural rate of unemployment --- Inflatie --- Verband tussen de geld-, bank- en kredietpolitiek en de prijzen --- Monetary policy. --- Business, Economy and Management --- Economics
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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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A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, empirical evidence, and extensive case studies.
Monetary policy --- 336 --- 339.5 --- Financiën. Openbare financiën. Bank- en geldwezen --- Buitenlandse handel. Internationale handel. Ruilvoet --- 339.5 Buitenlandse handel. Internationale handel. Ruilvoet --- 339.53 --- 333.80 --- 333.820 --- AA / International- internationaal --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Money. Monetary policy --- E-books --- Monetary policy. --- Finance --- Business & Economics --- Money --- ECONOMICS/Macroeconomics
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Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. Lucas's contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on economic fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit. The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of economic modeling and to advance economics as a pure and applied science.
Monetary policy. --- Money. --- BUSINESS & ECONOMICS / Economics / Macroeconomics --- POLITICAL SCIENCE / Economic Conditions --- 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 --- Lucas, Robert E. --- E-books --- Monetary policy --- Money --- Lucas, Robert E., --- Lucas, Robert --- 339.53 --- 331.031 --- 333.403 --- 333.80 --- AA / International- internationaal --- Louter monetaire theorieën i.v.m. conjunctuurschommelingen --- Monetaire theorieën. Kwantitatieve theorie. Theorie van de incasso's. Optiek van de uitgaven en inkomens --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden
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A new approach for introducing unemployment into the New Keynesian framework.The past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as monopolistic competition and nominal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this anomaly. In this book, Jordi Gali, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework. Gali's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place. Gali develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between economic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy.
Unemployment --- -Monetary policy --- Keynesian economics --- AA / International- internationaal --- 331.05 --- 331.31 --- 332.630 --- 333.846.4 --- 339.53 --- Post-Keynesian economics --- Schools of economics --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Joblessness --- Employment (Economic theory) --- Full employment policies --- Labor supply --- Manpower policy --- Right to labor --- Underemployment --- Government policy --- Econometrische analyse van de economische bewegingen en cycli. --- Economisch beleid. --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid. --- Verband tussen de geld-, bank- en kredietpolitiek en de productie en werkgelegenheid. --- Keynesian economics. --- Monetary policy. --- Unemployment. --- Government policy. --- Monetary policy --- E-books --- Econometrische analyse van de economische bewegingen en cycli --- Economisch beleid --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid --- Verband tussen de geld-, bank- en kredietpolitiek en de productie en werkgelegenheid --- ECONOMICS/Macroeconomics --- ECONOMICS/Labor Studies
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