Interest and Prices: Foundations of a Theory of Monetary Policy

Valutazione media 4,3
( su 10 valutazioni fornite da Goodreads )
 
9780691010496: Interest and Prices: Foundations of a Theory of Monetary Policy

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.

Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.

From the Back Cover:

"This long-awaited book by master macroeconomist Michael Woodford belongs on the bookshelf of every economist. Woodford is well-known as one of the world's current most original thinkers in economics. In this book you will find not only a unified treatment of the theoretical foundations of monetary policy, optimal policy inertia, indicator variables for optimal policy, monetary policy in a world without money, fiscal requirements for price stability, optimal rules for setting interest rates, and much more, but also practical details of implementation such as methods used by various central banks for controlling interest rates."--William A. Brock, University of Wisconsin, Madison

"Michael Woodford's Interest and Prices is a major contribution to economics. The book it most resembles is Patinkin's classic Money, Interest, and Prices now nearly 40 years old--and it may well have the same impact. Woodford's book illustrates the immense progress that macroeconomics has made in the past generation, from its careful treatment of dynamics and of optimizing behavior, to its discussion of optimal monetary policy. It is an impressive intellectual achievement, all the way from abstract theory to Taylor rules for central banks. I have gone to it, pen and paper in hand, many times over the past few years when it was still a manuscript. Each time, I found it illuminating. This book is a classic."--Olivier Blanchard, Massachusetts Institute of Technology

"The ideas contained in Michael Woodford's book Interest and Prices have influenced the way central bank economists-to say nothing of academic economists-in every corner of the world think about the conduct of monetary policy. These ideas form the most significant original book-length contribution to monetary economics since Don Patinkin's Money, Interest, and Prices. Woodford's insights into a cashless world will prove enduring."--Fumio Hayashi, University of Tokyo, author of Econometrics

"This is the most important book in monetary theory in at least two decades, illustrating all the major conceptual ideas in modern monetary economics, and then some. Woodford's book is especially commendable for its forward-looking elements, such as how to conduct monetary policy in a near cashless society, and how international currencies may coexist when global financial markets become truly integrated. Some of the individual chapters are already firmly established as standard technical references for modern methods in monetary policy economics. By showing how to stretch the limits of purely analytical methods, the book also builds a bridge from classical monetary theory to modern computational macroeconomics, possibly pointing the way to a new generation of medium-scale macroeconomic models."--Kenneth Rogoff, Economic Counselor and Director of Research, International Monetary Fund

"This book is a masterpiece. Michael Woodford provides a lucid dynamic synthesis of two schools of thought--Monetarism versus New Keynesianism--that have recently been the subject of a remarkable convergence of thinking among macroeconomists."--Assaf Razin, Tel Aviv University, author of Fiscal Policies and Growth in the World Economy

"This is a landmark work that reevaluates monetary theory and policy in an intertemporal optimization framework with sticky prices. Well written, it systematically revisits classic issues in monetary theory and allows rigorous welfare analyses."--Maurice Obstfeld, University of California, Berkeley, coauthor of Foundations of International Macroeconomics

"A new landmark treatise on monetary theory. A must read for econo-nerds."--N. Gregory Mankiw, Chairman of the Council of Economic Advisors, citing his "favorite purchase of 2003" in The New York Times

About the Author:

Michael Woodford is the Harold H. Helm '20 Professor of Economics and Banking at Princeton University. He is the coeditor, with John B. Taylor, of The Handbook of Macroeconomics.

Le informazioni nella sezione "Su questo libro" possono far riferimento a edizioni diverse di questo titolo.

I migliori risultati di ricerca su AbeBooks

1.

Woodford, Michael
Editore: Princeton University Press (2003)
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Quantità: > 20
Da
Books2Anywhere
(Fairford, GLOS, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Princeton University Press, 2003. HRD. Condizione libro: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Codice libro della libreria WP-9780691010496

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 66,84
Convertire valuta

Aggiungere al carrello

Spese di spedizione: EUR 9,85
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

2.

Michael Woodford
Editore: Princeton University Press 2003-09-19, Princeton, N.J. |Woodstock, Oxfordshire [England] (2003)
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Rilegato Quantità: 5
Da
Blackwell's
(Oxford, OX, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Princeton University Press 2003-09-19, Princeton, N.J. |Woodstock, Oxfordshire [England], 2003. hardback. Condizione libro: New. Codice libro della libreria 9780691010496

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 77,41
Convertire valuta

Aggiungere al carrello

Spese di spedizione: EUR 3,28
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

3.

Michael Woodford
Editore: Princeton University Press 2003-09-07 (2003)
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Rilegato Quantità: 5
Da
Chiron Media
(Wallingford, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Princeton University Press 2003-09-07, 2003. Hardcover. Condizione libro: New. Codice libro della libreria NU-GRD-05125062

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 78,98
Convertire valuta

Aggiungere al carrello

Spese di spedizione: EUR 3,27
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

4.

Michael Woodford
Editore: Princeton University Press, United States (2003)
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Rilegato Quantità: 1
Da
The Book Depository
(London, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Princeton University Press, United States, 2003. Hardback. Condizione libro: New. Language: English . Brand New Book. 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. Codice libro della libreria AAZ9780691010496

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 84,53
Convertire valuta

Aggiungere al carrello

Spese di spedizione: GRATIS
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

5.

Michael Woodford
Editore: Princeton University Press, United States (2003)
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Rilegato Quantità: 1
Da
The Book Depository US
(London, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Princeton University Press, United States, 2003. Hardback. Condizione libro: New. Language: English . Brand New Book. 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. Codice libro della libreria AAZ9780691010496

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 84,63
Convertire valuta

Aggiungere al carrello

Spese di spedizione: GRATIS
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

6.

Michael Woodford
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Quantità: 3
Da
Speedy Hen LLC
(Sunrise, FL, U.S.A.)
Valutazione libreria
[?]

Descrizione libro Condizione libro: New. Bookseller Inventory # ST0691010498. Codice libro della libreria ST0691010498

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 85,94
Convertire valuta

Aggiungere al carrello

Spese di spedizione: GRATIS
In U.S.A.
Destinazione, tempi e costi

7.

Woodford, Michael
Editore: Princeton University Press (2003)
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Rilegato Quantità: 6
Valutazione libreria
[?]

Descrizione libro Princeton University Press, 2003. Condizione libro: New. 2003. Hardcover. Offers theoretical foundations for a rule-based approach to monetary policy for a world of communications and efficient financial markets. This book examines the foundations of monetary economics, showing how interest-rate policy can be used to achieve an inflation target in the absence of either commodity control of a monetary aggregate. Num Pages: 808 pages, 42 line illus. 6 tables. BIC Classification: KCBM. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 239 x 167 x 47. Weight in Grams: 1282. . . . . . . Codice libro della libreria V9780691010496

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 90,76
Convertire valuta

Aggiungere al carrello

Spese di spedizione: GRATIS
Da: Irlanda a: U.S.A.
Destinazione, tempi e costi

8.

Michael Woodford
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Quantità: 5
Da
Speedy Hen
(London, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Condizione libro: New. Bookseller Inventory # ST0691010498. Codice libro della libreria ST0691010498

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 71,32
Convertire valuta

Aggiungere al carrello

Spese di spedizione: EUR 20,80
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

9.

Michael Woodford
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Rilegato Quantità: 6
Da
Ria Christie Collections
(Uxbridge, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Hardback. Condizione libro: New. Not Signed; 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 cu. book. Codice libro della libreria ria9780691010496_rkm

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 90,59
Convertire valuta

Aggiungere al carrello

Spese di spedizione: EUR 4,24
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

10.

Michael Woodford
Editore: Princeton University Press
ISBN 10: 0691010498 ISBN 13: 9780691010496
Nuovi Rilegato Quantità: 9
Da
THE SAINT BOOKSTORE
(Southport, Regno Unito)
Valutazione libreria
[?]

Descrizione libro Princeton University Press. Hardback. Condizione libro: new. BRAND NEW, Interest and Prices: Foundations of a Theory of Monetary Policy, Michael Woodford, 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. Codice libro della libreria B9780691010496

Maggiori informazioni su questa libreria | Fare una domanda alla libreria

Compra nuovo
EUR 87,51
Convertire valuta

Aggiungere al carrello

Spese di spedizione: EUR 7,61
Da: Regno Unito a: U.S.A.
Destinazione, tempi e costi

Vedi altre copie di questo libro

Vedi tutti i risultati per questo libro