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What tools are available for setting and analyzing monetary policy? This title examines evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism.
List of contents
The Mechanism Design Approach to Monetary Theory--Neil Wallace New Monetarist Economics: Models--Stephen Williamson and Randall Wright Money and Inflation: Some Critical Issues--Bennett T. McCallum and Edward Nelson Rational Inattention and Monetary Economics--Christopher A. Sims Imperfect Information and Aggregate Supply--N. Gregory Mankiw and Ricardo Reis Microeconomic Evidence on Price-Setting--Peter J. Klenow and Benjamin A. Malin DSGE Models for Monetary Policy Analysis--Lawrence J. Christiano, Mathias Trabandt and Karl Walentin How Has the Monetary Transmission Mechanism Evolved over Time?--Jean Boivin, Michael T. Kiley and Frederick S. Mishkin Inflation Persistence--Jeffrey C. Fuhrer Monetary Policy and Unemployment--Jordi Gali Financial Intermediation and Credit Policy in Business Cycle Analysis--Mark Gertler and Nobuhiro Kiyotaki Financial Intermediaries and Monetary Economics--Tobias Adrian and Hyung Song Shin
Report
"This volume is a must for anyone interested in the current state of the development of monetary theory as viewed by the community of most of the distinguished monetary economists. Both the work on monetary theory and the understanding of its importance have exploded in the last 20 years. This valuable compendium shows the enormous and detailed developments made recently. It highlights the problems in blending theory with institutions. It is a contribution of note." -- Martin Shubik, Yale University
"Monetary Economics has made great strides since the HANDBOOK OF MONETARY ECONOMICS, Volumes 1 and 2 was published. In Volumes 3A and 3B you will find surveys, written by leaders in their fields, of new work on foundations, the transmission mechanism, adaptive learning and expectation formation, optimal monetary policy, constraints on monetary policy, robustness in macroeconomics, monetary policy in practice, and much more, as well as applications to the latest crises. Every economist will want these volumes placed within easy reach on their bookshelf." -- William A. Brock, University of Wisconsin, Madison
