In this text leading monetary ecomists discuss applied aspects of monetary policy and offer practical research on the timing, magnitude, and channels of central banking actions. The contributors evaluate a variety of policy rules based on monetary aggregates, minal income, commodity prices, and other ecomic variables. They also analyze price behaviour and inflation, particularly the short-run behaviour of prices. Other papers examine the monetary transmission mechanism - the channel through which the central bank's actions affect spending on goods and services - with a special focus on the reduction in bank lending that must accompany a reduction in reserves. The book is intended for monetary specialists, graduate students and ecomists.
N. Gregory Mankiw
The University of Chicago Press
Date of Publication
Economics: Professional & General
National Bureau of Economic Research Studies in Business Cycles