Money Output And Prices

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Interest and Prices

Author : Michael Woodford
Publisher : Princeton University Press
ISBN 13 : 1400830168
Total Pages : 805 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Interest and Prices by : Michael Woodford

Download or read book Interest and Prices written by Michael Woodford and published by Princeton University Press. This book was released on 2011-12-12 with total page 805 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Money, Output, and Prices

Author : Julio J. Rotemberg
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (249 download)

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Book Synopsis Money, Output, and Prices by : Julio J. Rotemberg

Download or read book Money, Output, and Prices written by Julio J. Rotemberg and published by . This book was released on 1991 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Prices and Production

Author : Friedrich August Hayek
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.:/5 (3 download)

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Book Synopsis Prices and Production by : Friedrich August Hayek

Download or read book Prices and Production written by Friedrich August Hayek and published by . This book was released on 1951 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Relationship Between Money, Output and Prices

Author :
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Relationship Between Money, Output and Prices by :

Download or read book Relationship Between Money, Output and Prices written by and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Inflation, Nominal Interest Rates, and the Variability of Output

Author : Mr.Bankim Chadha
Publisher : International Monetary Fund
ISBN 13 : 1451853165
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Inflation, Nominal Interest Rates, and the Variability of Output by : Mr.Bankim Chadha

Download or read book Inflation, Nominal Interest Rates, and the Variability of Output written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1996-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. When both disturbances are significant, there exists, in general, a critical non-zero trend inflation rate that minimizes the variance of output.

Classical Theories of Money, Output and Inflation

Author : Roy Green
Publisher : Springer
ISBN 13 : 1349223883
Total Pages : 275 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Classical Theories of Money, Output and Inflation by : Roy Green

Download or read book Classical Theories of Money, Output and Inflation written by Roy Green and published by Springer. This book was released on 2016-07-27 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the conventional view that monetarism is a necessary part of classical economics and shows, in an historical account of monetary controversy, that the framework upon which classical analysis is based suggests an alternative account of the inflationary process. A corollary of the argument is that the monetarist approach is a logically necessary component of neoclassical analysis and that any attempt to criticise that approach in a fundamental way must involve an explicit rejection of the conceptual structure of neoclassical economics.

Money, Output, and Prices Evidence From a New Monetary Aggregate

Author : Julio Rotemberg
Publisher : Forgotten Books
ISBN 13 : 9781330418819
Total Pages : 59 pages
Book Rating : 4.4/5 (188 download)

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Book Synopsis Money, Output, and Prices Evidence From a New Monetary Aggregate by : Julio Rotemberg

Download or read book Money, Output, and Prices Evidence From a New Monetary Aggregate written by Julio Rotemberg and published by Forgotten Books. This book was released on 2015-07-23 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Money, Output, and Prices Evidence From a New Monetary Aggregate How monetary shocks affect prices and real activity are two of the central questions in macroeconomics. The implications of various theoretical models addressing these issues have been explored in literally hundreds of empirical papers. Despite the substantial interest in what money does, there is little consensus on what money is. Most previous empirical studies use relatively arbitrary rules in deciding which assets are monetary, and which are not. By choosing to study how the monetary base, or M1, or M2, affects prices and real activity, researchers implicitly made judgments about the identity of monetary assets. Narrow definitions of money, such as the base, exclude a variety of assets that provide liquidity services. Broader definitions, such as M2, give equal weight to a variety of assets with arguably quite different liquidities. This is hardly more defensible than constructing a measure of GNP by adding together the physical volume of output in different industries! A more attractive approach involves weighting different assets by the value of the monetary services they provide. This principle underlies Barnett's(1980) derivation of Divisia monetary aggregates. The continued widespread use of conventional aggregates is particularly surprising, since research has repeatedly shown Divisia aggregates to be at least as good at predicting GNP. In this paper we propose a new monetary aggregate, the currency-equivalent (CE) aggregate, which is related to the Divisia aggregates. The CE aggregate is a time-varying weighted average of the stocks of different monetary assets, with weights which depend on each asset's yield relative to that on a benchmark "zero liquidity" asset. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Why Does Money Affect Output?

Author : Olivier J. Blanchard
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (255 download)

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Book Synopsis Why Does Money Affect Output? by : Olivier J. Blanchard

Download or read book Why Does Money Affect Output? written by Olivier J. Blanchard and published by . This book was released on 1987 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why movements in nominal money appear to have strong and lasting effects on real activity is one of the most difficult questions in macroeconomics. The paper surveys the state of knowledge on the issue. with a focus on recent developments. The paper starts by reviewing the evolution of thought from Keynes' emphasis on wages to the "wage price mechanism" of the early 1970's. as well as the facts on the relation between money. prices and output. Prom this review. it concludes that the intellectual crisis of the 1970's came not from the inability of the prevailing theory to explain the facts -which it had mostly right-. but from the weakness of its theoretical foundations. The paper then examines the reconstruction effort. Two alternative strategies have been followed. The first has been to break with previous research and explore how far models based on perfect competition and imperfect information could go in explaining the effects of money on activity. This strategy has largely fizzled and its proponents moved away from the money-output issue. The second has been instead to explore whether the many insights of previous research could be made more rigorous and has focused on the potential role of imperfect competition in labor and goods markets ; substantial progress has been made. but no grand synthesis has emerged. nor is likely to in the foreseeable future

Money, Output, and Prices Evidence From a New Monetary Aggregate (Classic Reprint)

Author : Julio Rotemberg
Publisher : Forgotten Books
ISBN 13 : 9780428342364
Total Pages : 58 pages
Book Rating : 4.3/5 (423 download)

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Book Synopsis Money, Output, and Prices Evidence From a New Monetary Aggregate (Classic Reprint) by : Julio Rotemberg

Download or read book Money, Output, and Prices Evidence From a New Monetary Aggregate (Classic Reprint) written by Julio Rotemberg and published by Forgotten Books. This book was released on 2018-01-04 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Money, Output, and Prices Evidence From a New Monetary Aggregate Some assets can readily be used for transactions. Individuals pay for the liquidity that these assets offer by foregoing the higher expected returns that are available on other, less liquid assets. Holding one dollar in currency costs more than holding one dollar in a now account, and it presumably generates greater liquidity services. We formalize this idea by assuming that individuals derive utility from holding certain assets. Our results could also be obtained by assuming that individuals and firms incur transactions costs which depend negatively on asset-holdings and positively on the volume of transactions. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Money, Prices and the Real Economy

Author : Geoffrey Wood
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781959244
Total Pages : 136 pages
Book Rating : 4.9/5 (592 download)

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Book Synopsis Money, Prices and the Real Economy by : Geoffrey Wood

Download or read book Money, Prices and the Real Economy written by Geoffrey Wood and published by Edward Elgar Publishing. This book was released on with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sets out, in straightforward, accessible terms, crucial aspects of monetary economics. It opens with an exposition of the fundamental question of what money is and what it does. Distinguished contributors then examine the key role of price stability and how to achieve it. Core issues addressed include: an examination of the long run effect of money on prices an analysis of the complex and variable relationship between money and fluctuations in the real economy an investigation of inflation and its dangerous consequences an analysis of the effect of regulation on the stability of financial systems in developed and developing countries the relationship between the money supply regime and economic performance the effect of monetary fluctuations on the interest rate the choice of targets for monetary policy. This book will be extremely useful to practising economists, students and scholars of financial and monetary economics.

Money, Exchange Rates, and Output

Author : Guillermo A. Calvo
Publisher : MIT Press
ISBN 13 : 9780262032360
Total Pages : 536 pages
Book Rating : 4.0/5 (323 download)

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Book Synopsis Money, Exchange Rates, and Output by : Guillermo A. Calvo

Download or read book Money, Exchange Rates, and Output written by Guillermo A. Calvo and published by MIT Press. This book was released on 1996 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroeconomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and survey the current state of macroeconomic theory. Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition economics.

Money, Output, and Prices--Evidence from a New Monetary Aggregate / By Julio J. Rotemberg, John C. Driscoll, and James M. Poterba

Author : Julio Rotemberg
Publisher : Palala Press
ISBN 13 : 9781342281272
Total Pages : 62 pages
Book Rating : 4.2/5 (812 download)

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Book Synopsis Money, Output, and Prices--Evidence from a New Monetary Aggregate / By Julio J. Rotemberg, John C. Driscoll, and James M. Poterba by : Julio Rotemberg

Download or read book Money, Output, and Prices--Evidence from a New Monetary Aggregate / By Julio J. Rotemberg, John C. Driscoll, and James M. Poterba written by Julio Rotemberg and published by Palala Press. This book was released on 2015-09-11 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Predetermined Prices and the Persistent Effects of Money on Output

Author : Michael B. Devereux
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis Predetermined Prices and the Persistent Effects of Money on Output by : Michael B. Devereux

Download or read book Predetermined Prices and the Persistent Effects of Money on Output written by Michael B. Devereux and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence. Moreover, in response to a money shock, the aggregate dynamics are very similar to those under a specification of fixed prices, the assumption underlying most recent dynamic sticky-price models.

Inflation and the Theory of Money

Author : Robert James Ball
Publisher : Transaction Publishers
ISBN 13 : 0202366820
Total Pages : 314 pages
Book Rating : 4.2/5 (23 download)

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Book Synopsis Inflation and the Theory of Money by : Robert James Ball

Download or read book Inflation and the Theory of Money written by Robert James Ball and published by Transaction Publishers. This book was released on with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one."The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macro-economics that: 1) assesses the implications of inflationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of "demand inflation" and "cost inflation"; and 4) analyzes the determination and behavior of the general price level in an exchange economy. The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level. The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework."--Provided by publisher.

The Relationship Between Money, Output and Prices

Author : Francesco Caramazza
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Relationship Between Money, Output and Prices by : Francesco Caramazza

Download or read book The Relationship Between Money, Output and Prices written by Francesco Caramazza and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Prices and Production and Otherworks

Author : Friedrich August von Hayek
Publisher : Bubok
ISBN 13 : 8468628956
Total Pages : 594 pages
Book Rating : 4.4/5 (686 download)

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Book Synopsis Prices and Production and Otherworks by : Friedrich August von Hayek

Download or read book Prices and Production and Otherworks written by Friedrich August von Hayek and published by Bubok. This book was released on 2012-10-23 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics never labels anything any more. Well, more accurately, it does; only now it hardly ever uses labels formed from people?s names. In part, this is due to the smorgasbord approach to ideas taken by economics. Like many other academic disciplines, economics ruthlessly mixes and matches, customizes and adapts, rips and mashes the most penetrating insights, the most appropriate models from all different sources, applying them to whichever economic problem is currently being addressed. In those circumstances the message gets through to the practitioner economist that it is more useful to know an idea itself, and how to apply and modify it, than to peer into its provenance or to understand how the originator of that idea thought about three or five other substantively different problems.

Economic Analysis of Production Price Indexes

Author : Franklin M. Fisher
Publisher : Cambridge University Press
ISBN 13 : 9780521556231
Total Pages : 242 pages
Book Rating : 4.5/5 (562 download)

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Book Synopsis Economic Analysis of Production Price Indexes by : Franklin M. Fisher

Download or read book Economic Analysis of Production Price Indexes written by Franklin M. Fisher and published by Cambridge University Press. This book was released on 1998 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work on index-number construction focuses on production indexes, including output and input deflators that can be used for constructing real output and real input. The authors treat separately the different production units: the firm, the industry, and the economy, as well as the different forms of industrial organization: monopoly, monopsony, and competition. Only in the simplest cases is the appropriate theory isomorphic to that of the cost-of-living index because of the interlinkages among the various production units. A firm cannot always assume that the behaviour of its competitors, suppliers, and customers will be unaffected by price changes and only in special cases can an industry take supply and demand conditions as given.