Interest and Prices: Foundations of a Theory of Monetary Policy

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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.

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Winner of the 2003 Award for Best Professional/Scholarly Book in Economics, Association of American Publishers

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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.


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Descripción Princeton University Press, United States, 2003. Hardback. Estado de conservación: New. 234 x 166 mm. 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. Nº de ref. de la librería AAZ9780691010496

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Descripción Princeton University Press, United States, 2003. Hardback. Estado de conservación: New. 234 x 166 mm. 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. Nº de ref. de la librería AAZ9780691010496

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Descripción Princeton University Press 2003-09-19, Princeton, N.J. |Woodstock, Oxfordshire [England], 2003. hardback. Estado de conservación: New. Nº de ref. de la librería 9780691010496

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Descripción Princeton University Press 2003-09-07, 2003. Estado de conservación: New. Brand new book, sourced directly from publisher. Dispatch time is 24-48 hours from our warehouse. Book will be sent in robust, secure packaging to ensure it reaches you securely. Nº de ref. de la librería NU-GRD-05125062

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Descripción Princeton University Press. Hardback. Estado de conservación: 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. Nº de ref. de la librería B9780691010496

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Woodford, Michael
Editorial: Princeton University Press (2003)
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Descripción Princeton University Press, 2003. Estado de conservación: 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. . . . . . . Nº de ref. de la librería V9780691010496

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Descripción Estado de conservación: New. Depending on your location, this item may ship from the US or UK. Nº de ref. de la librería 97806910104960000000

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