Synopses & Reviews
In
Monetary Policy, leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central banking actions.
Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanismand#8212;the channel through which the central bank's actions affect spending on goods and servicesand#8212;with a special focus on the reduction in bank lending that must accompany a reduction in reserves.
This new research will be of special interest to central bankers and academic economists.
Synopsis
Acknowledgments Introduction by N. Gregory Mankiw 1: The Use of a Monetary Aggregate to Target Nominal GDP Martin Feldstein, James H. Stock. 2: Nominal Income Targeting Robert E. Hall, N. Gregory Mankiw. 3: Nonstandard Indicators for Monetary Policy: Can Their Usefulness Be Judged from Forecasting Regressions? Michael Woodford 4: On Sticky Prices: Academic Theories Meet the Real World Alan S. Blinder 5: What Determines the Sacrifice Ratio? Laurence Ball 6: Measuring Core Inflation Michael F. Bryan, Stephen G. Cecchetti. 7: Monetary Policy and Bank Lending Anil K. Kashyap, Jeremy C. Stein. 8: Historical Perspectives on the Monetary Transmission Mechanism Jeffrey A. Miron, Christina D. Romer, David N. Weil. 9: Federal Reserve Policy: Cause and Effect Matthew D. Shapiro Contributors Author Index Subject Index
Synopsis
In this book, leading economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central bank actions. This volume makes an important contribution to monetary policy research and will be of special interest to central bankers and academic economists.
Table of Contents
Acknowledgments
Introduction by N. Gregory Mankiw
1: The Use of a Monetary Aggregate to Target Nominal GDP
Martin Feldstein, James H. Stock.
2: Nominal Income Targeting
Robert E. Hall, N. Gregory Mankiw.
3: Nonstandard Indicators for Monetary Policy: Can Their Usefulness Be Judged from Forecasting Regressions?
Michael Woodford
4: On Sticky Prices: Academic Theories Meet the Real World
Alan S. Blinder
5: What Determines the Sacrifice Ratio?
Laurence Ball
6: Measuring Core Inflation
Michael F. Bryan, Stephen G. Cecchetti.
7: Monetary Policy and Bank Lending
Anil K. Kashyap, Jeremy C. Stein.
8: Historical Perspectives on the Monetary Transmission Mechanism
Jeffrey A. Miron, Christina D. Romer, David N. Weil.
9: Federal Reserve Policy: Cause and Effect
Matthew D. Shapiro
Contributors
Author Index
Subject Index