Interest and Prices: Foundations of a Theory of Monetary Policy by Michael Woodford (Hardback, 2003)
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- 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 ecomics, 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 macroecomic 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 t 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.
- Author BiographyMichael 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 .
- PrizesWinner of Association of American Publishers/Professional and Scholarly Publishing Awards: Economics 2003.
- Author(s)Michael Woodford
- PublisherPrinceton University Press
- Date of Publication18/08/2003
- SubjectEconomics: Professional & General
- Place of PublicationNew Jersey
- Country of PublicationUnited States
- ImprintPrinceton University Press
- Content Note42 line illus. 6 tables.
- Weight1228 g
- Width152 mm
- Height229 mm
- Spine49 mm
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