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What are the goals of monetary policy and how are they transmitted? This title summarizes evidence on the roles of money in the economy, the effects of information, and the growing importance of nonbank financial institutions.
List of contents
The Optimal Rate of Inflation--Stephanie Schmitt-Grohe and Martin Uribe Optimal Monetary Stabilization Policy--Michael Woodford Simple and Robust Rules for Monetary Policy--John B. Taylor and John C. Williams Optimal Monetary Policy in Open Economies--Giancarlo Corsetti, Luca Dedola and Sylvain Leduc The Interaction Between Monetary and Fiscal Policy--Matthew Canzoneri, Robert Cumby and Behzad Diba The Politics of Monetary Policy--Alberto Alesina and Andrea Stella Inflation Expectation, Adaptive Learning and Optimal Monetary Policy--Vitor Gaspar, Frank Smets and David Vestin Wanting Robustness in Macroeconomics--Lars Peter Hansen and Thomas J. Sargent Monetary Policy Regimes and Economic Performance: The Historical Record, 1979-2008--Luca Benati and Charles Goodhart Inflation Targeting--Lars E.O. Svensson The Performance of Alternative Monetary Regimes--Laurence Ball The Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?--Benjamin M. Friedman and Kenneth N. Kuttner Monetary Policy in Emerging Markets--Jeffrey Frankel
Report
"This, the companion volume provides the counterpoint to the Monetary Analysis writings in Volume 3A. Here the theme of macroeconomic engineering confronting politico-economic and socio-economic reality comes to the fore. The politics of monetary policy, inflation targeting, the clash between monetary and fiscal policy are all addressed. The question of robustness in macroeconomic policy making is considered. This volume provides a valuable source for those concerned with increasing our understanding of the links between theory and practice." --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
