Interest and Prices
Foundations of a Theory of Monetary Policy
By (author) Michael Woodford
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Interest and Prices by Michael Woodford
Book DescriptionWith 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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Book DetailsISBN: 9780691010496
(229mm x 152mm x 49mm)
Imprint: Princeton University Press
Publisher: Princeton University Press
Publish Date: 18-Aug-2003
Country of Publication: United States
Books By Author Michael Woodford
NBER Macroeconomics Annual 2013, Hardback (June 2014)
Includes two papers that tackle fiscal and monetary policy, asking how interest rates and inflation can remain low despite fiscal policy behavior that appears inconsistent with a monetary policy regime focused only on inflation and output and not on fiscal balances.
NBER Macroeconomics Annual, Paperback (July 2013)View all books by Michael Woodford
Features two papers that illuminate causes of the financial crisis: how firms accessed credit during the financial crisis and how changing price and treatment of risk in mortgage lending was measured in the UK in the decades before the crisis.
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Author Biography - Michael Woodford
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".
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