Monetary theory and policy book

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monetary theory and policy book

Monetary Theory Definition

The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates. This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach.
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Published 31.12.2018

18. Monetary Policy

Monetary Theory and Policy, Fourth Edition

University of California, Santa Cruz. Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mtp:titles See general information about how to correct material in RePEc. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kristin Waites.

Skip to main content Skip to table of contents. Advertisement Hide. Conference proceedings. Papers Table of contents 14 papers About About these proceedings Table of contents Search within book. Front Matter Pages Speculative Markets and Macroeconomic Controversy. Pages


It argues that central banks , which control the levers of monetary policy , can exert much power over economic growth rates by tinkering with the amount of currency and other liquid instruments circulating in a country's economy. According to monetary theory, if a nation's supply of money increases, economic activity will rise, too, and vice versa. M represents the money supply, V is the velocity number of times per year the average dollar is spent , P is the price of goods and services, and Q is the number of goods and services. When there is slack in the economy, Q will increase at a faster rate than P under monetary theory. In many developing economies, monetary theory is controlled by the central government, which may also be conducting most of the monetary policy decisions. In the U. The FRB operates on a monetary theory that focuses on maintaining stable prices low inflation , promoting full employment, and achieving steady growth in gross domestic product GDP.

It seems that you're in Germany. We have a dedicated site for Germany. Monetary Theory and Policy Experience offers a broad context for the question of why governments prefer to limit themselves to a specific inflation target. Academic specialists and senior officials of the European Central Bank, the OECK and national central banks look beyond inflation targeting as the goal of monetary policy. Nobel Laureate Robert Mundell, surveys the history and prospects of the sovereignty of the state over money, while Michael Bordo and Lars Jonung use data of fourteen industrialized countries over the past century to show relationships between fiscal and monetary regimes. JavaScript is currently disabled, this site works much better if you enable JavaScript in your browser.



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