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Full Description
What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.
Contents
The Mechanism Design Approach to Monetary Theory--Neil Wallace
New Monetarist Economics: Models--Stephen Williamson and Randall Wright
Money and Inflation: Some Critical Issues--Bennett T. McCallum and Edward Nelson
Rational Inattention and Monetary Economics--Christopher A. Sims
Imperfect Information and Aggregate Supply--N. Gregory Mankiw and Ricardo Reis
Microeconomic Evidence on Price-Setting--Peter J. Klenow and Benjamin A. Malin
DSGE Models for Monetary Policy Analysis--Lawrence J. Christiano, Mathias Trabandt and Karl Walentin
How Has the Monetary Transmission Mechanism Evolved over Time?--Jean Boivin, Michael T. Kiley and Frederick S. Mishkin
Inflation Persistence--Jeffrey C. Fuhrer
Monetary Policy and Unemployment--Jordi Gali
Financial Intermediation and Credit Policy in Business Cycle Analysis--Mark Gertler and Nobuhiro Kiyotaki
Financial Intermediaries and Monetary Economics--Tobias Adrian and Hyung Song Shin