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Interest and Prices: Foundations of a Theory of Monetary Policy. Woodford**

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Last updated on 09 May, 2025 19:10:38 BSTView all revisionsView all revisions

Item specifics

Condition
New: A new, unread, unused book in perfect condition with no missing or damaged pages. See the ...
PublishedOn
2003-09-07
Title
Interest and Prices: Foundations of a Theory of Monetary Policy
Artist
Not Specified
ISBN
9780691010496
Publication Year
2003
Type
Textbook
Format
Hardcover
Language
English
Publication Name
Interest and Prices: Foundations of a Theory of Monetary Policy
Item Height
235 mm
Author
Michael Woodford
Publisher
Princeton University Press
Subject
Economics
Item Weight
1247 g
Item Width
152 mm
Number of Pages
808 Pages

About this product

Product Information

With 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.

Product Identifiers

Publisher
Princeton University Press
ISBN-13
9780691010496
eBay Product ID (ePID)
90931722

Product Key Features

Number of Pages
808 Pages
Language
English
Publication Name
Interest and Prices: Foundations of a Theory of Monetary Policy
Publication Year
2003
Subject
Economics
Type
Textbook
Author
Michael Woodford
Format
Hardcover

Dimensions

Item Height
235 mm
Item Weight
1247 g
Item Width
152 mm

Additional Product Features

Country/Region of Manufacture
United States
Title_Author
Michael Woodford

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