Long Run Monetary Neutrality And Contemporary Policy Analysis

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Long-run Monetary Neutrality and Contemporary Policy Analysis

Author : Bennett T. McCallum
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Long-run Monetary Neutrality and Contemporary Policy Analysis by : Bennett T. McCallum

Download or read book Long-run Monetary Neutrality and Contemporary Policy Analysis written by Bennett T. McCallum and published by . This book was released on 2004 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arguments are developed concerning a number of topics including long-run monetary neutrality, superneutrality, the natural-rate hypothesis, the quantity theory of money, the equation of exchange, the Fisher equation, and purchasing power parity. These are basic, fundamental topics that all students of monetary economics refer to frequently, but there is evidently considerable disagreement concerning their exact nature. Some of the disagreement has likely been generated by the recent practice by monetary economists of conducting monetary policy analysis in models that include no mention of any monetary variable such as M1 or the monetary base-thereby reflecting the actual policy practice of most central banks. It is argued that these models are consistent in most important ways with highly traditional monetary analysis. More generally, relationships among the various topics are developed and the validity of empirical tests (e.g., cointegration tests) relating to several of the topics are reconsidered.

Interest and Prices

Author : Knut Wicksell
Publisher : Ludwig von Mises Institute
ISBN 13 : 1610164253
Total Pages : 275 pages
Book Rating : 4.6/5 (11 download)

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Book Synopsis Interest and Prices by : Knut Wicksell

Download or read book Interest and Prices written by Knut Wicksell and published by Ludwig von Mises Institute. This book was released on 1936 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Milton Friedman & Economic Debate in the United States, 1932–1972: Volume 1

Author : Edward Nelson
Publisher : University of Chicago Press
ISBN 13 : 022668380X
Total Pages : 758 pages
Book Rating : 4.2/5 (266 download)

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Book Synopsis Milton Friedman & Economic Debate in the United States, 1932–1972: Volume 1 by : Edward Nelson

Download or read book Milton Friedman & Economic Debate in the United States, 1932–1972: Volume 1 written by Edward Nelson and published by University of Chicago Press. This book was released on 2020-11-06 with total page 758 pages. Available in PDF, EPUB and Kindle. Book excerpt: First in a two-volume study of Friedman’s long career: “No previous biographer has Nelson’s deep and sophisticated understanding of monetary economics.” —Economic History This study is the first to distill Nobel Prize winner Milton Friedman’s vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman’s research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. This first volume in the two-volume account takes the story through 1960, covering the period in which Friedman began and developed his research on monetary policy. It traces Friedman’s thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day. “Magisterial . . . For anyone wanting to understand the ideas that Friedman generated over his research career, this book is, and will remain for some time, the essential guide.” —Financial World

Milton Friedman & Economic Debate in the United States, 1932–1972: Volume 2

Author : Edward Nelson
Publisher : University of Chicago Press
ISBN 13 : 022668492X
Total Pages : 602 pages
Book Rating : 4.2/5 (266 download)

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Book Synopsis Milton Friedman & Economic Debate in the United States, 1932–1972: Volume 2 by : Edward Nelson

Download or read book Milton Friedman & Economic Debate in the United States, 1932–1972: Volume 2 written by Edward Nelson and published by University of Chicago Press. This book was released on 2020-11-06 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt: Second in a two-volume study of the Nobel Prize winner’s long career: “Nelson knows more about Milton Friedman’s economics than anyone else alive.” —Business Economics This study is the first to distill Nobel Prize winner Milton Friedman’s vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman’s research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. This second volume covers the years between 1960 and 1972—years that saw the publication of Friedman and Anna Schwartz’s Monetary History of the United States. The book also covers Friedman’s involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day. “No previous biographer has Nelson’s deep and sophisticated understanding of monetary economics.” —Economic History

On the Balance of Trade

Author : David Hume
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781522783992
Total Pages : 28 pages
Book Rating : 4.7/5 (839 download)

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Book Synopsis On the Balance of Trade by : David Hume

Download or read book On the Balance of Trade written by David Hume and published by Createspace Independent Publishing Platform. This book was released on 2015-12-16 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Hume (7 May 1711- 25 August 1776) was a Scottish philosopher, historian, economist, and essayist, known especially for his philosophical empiricism and skepticism. He is regarded as one of the most important figures in the history of Western philosophy and the Scottish Enlightenment. Hume is often grouped with John Locke, George Berkeley, and a handful of others as a British Empiricist. Beginning with his A Treatise of Human Nature (1739), Hume strove to create a total naturalistic "science of man" that examined the psychological basis of human nature. In stark opposition to the rationalists who preceded him, most notably Descartes, he concluded that desire rather than reason governed human behaviour, saying: "Reason is, and ought only to be the slave of the passions." A prominent figure in the skeptical philosophical tradition and a strong empiricist, he argued against the existence of innate ideas, concluding instead that humans have knowledge only of things they directly experience. Thus he divides perceptions between strong and lively "impressions" or direct sensations and fainter "ideas," which are copied from impressions. He developed the position that mental behaviour is governed by "custom"; our use of induction, for example, is justified only by our idea of the "constant conjunction" of causes and effects. Hume held notoriously ambiguous views of Christianity, but he famously challenged the argument from design in his Dialogues Concerning Natural Religion (1779).

Basic Methods of Policy Analysis and Planning

Author : Carl Patton
Publisher : Routledge
ISBN 13 : 1317350006
Total Pages : 481 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis Basic Methods of Policy Analysis and Planning by : Carl Patton

Download or read book Basic Methods of Policy Analysis and Planning written by Carl Patton and published by Routledge. This book was released on 2015-08-26 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated in its 3rd edition, Basic Methods of Policy Analysis and Planning presents quickly applied methods for analyzing and resolving planning and policy issues at state, regional, and urban levels. Divided into two parts, Methods which presents quick methods in nine chapters and is organized around the steps in the policy analysis process, and Cases which presents seven policy cases, ranging in degree of complexity, the text provides readers with the resources they need for effective policy planning and analysis. Quantitative and qualitative methods are systematically combined to address policy dilemmas and urban planning problems. Readers and analysts utilizing this text gain comprehensive skills and background needed to impact public policy.

The Fiscal Theory of the Price Level

Author : John H. Cochrane
Publisher : Princeton University Press
ISBN 13 : 0691243247
Total Pages : 585 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Fiscal Theory of the Price Level by : John H. Cochrane

Download or read book The Fiscal Theory of the Price Level written by John H. Cochrane and published by Princeton University Press. This book was released on 2023-01-17 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.

Inflation Expectations

Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis Inflation Expectations by : Peter J. N. Sinclair

Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

The New Palgrave Dictionary of Economics

Author :
Publisher : Springer
ISBN 13 : 1349588024
Total Pages : 7493 pages
Book Rating : 4.3/5 (495 download)

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Book Synopsis The New Palgrave Dictionary of Economics by :

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.

Monetarist Economics

Author : Milton Friedman
Publisher : Wiley-Blackwell
ISBN 13 : 9780631171119
Total Pages : 188 pages
Book Rating : 4.1/5 (711 download)

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Book Synopsis Monetarist Economics by : Milton Friedman

Download or read book Monetarist Economics written by Milton Friedman and published by Wiley-Blackwell. This book was released on 1991-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Modern Money Theory

Author : L. Randall Wray
Publisher : Springer
ISBN 13 : 1137539925
Total Pages : 322 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Modern Money Theory by : L. Randall Wray

Download or read book Modern Money Theory written by L. Randall Wray and published by Springer. This book was released on 2015-09-22 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

Monetary Policy, Inflation, and the Business Cycle

Author : Jordi Galí
Publisher : Princeton University Press
ISBN 13 : 1400866278
Total Pages : 295 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí

Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts

Inflation Dynamics in the CEMAC Region

Author : Carlos Caceres
Publisher : International Monetary Fund
ISBN 13 : 1463921969
Total Pages : 31 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Inflation Dynamics in the CEMAC Region by : Carlos Caceres

Download or read book Inflation Dynamics in the CEMAC Region written by Carlos Caceres and published by International Monetary Fund. This book was released on 2011-10-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses inflation dynamics in the Central African Economic and Monetary Community (CEMAC) using a constructed dataset for country-specific commodity price indices and panel cointegrated vector autoregressive (VAR) models. Imported commodity price shocks are significant in explaining inflation in the region. Governments are another driving force of inflation dynamics mainly through controlled prices and the role of capital expenditure in domestic activity. In most CEMAC countries, the largest effect of global food and fuel prices occurs after four or five quarters in noncore inflation and then decays substantially over time. Second-round effects are significant only in Cameroon and to a lesser extent in the Republic of Congo.

Collected Papers on Monetary Theory

Author : Robert E. Lucas Jr.
Publisher : Harvard University Press
ISBN 13 : 0674071212
Total Pages : 517 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis Collected Papers on Monetary Theory by : Robert E. Lucas Jr.

Download or read book Collected Papers on Monetary Theory written by Robert E. Lucas Jr. and published by Harvard University Press. This book was released on 2013-01-07 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. Lucas’s contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on economic fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit. The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of economic modeling and to advance economics as a pure and applied science.

Monetary and Economic Studies

Author :
Publisher :
ISBN 13 :
Total Pages : 734 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Monetary and Economic Studies by :

Download or read book Monetary and Economic Studies written by and published by . This book was released on 2004 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regional Monetary Policy

Author : Carlos J. Rodríguez Fuentes
Publisher : Psychology Press
ISBN 13 : 9780415327633
Total Pages : 232 pages
Book Rating : 4.3/5 (276 download)

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Book Synopsis Regional Monetary Policy by : Carlos J. Rodríguez Fuentes

Download or read book Regional Monetary Policy written by Carlos J. Rodríguez Fuentes and published by Psychology Press. This book was released on 2006 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rising star of Spanish economics, Carlos Rodriguez Fuentes, has produced a work of impressive clarity which analyses the effects of regional monetary policy - with particular reference to European Monetary Union.

Karl Brunner and Monetarism

Author : Thomas Moser
Publisher : MIT Press
ISBN 13 : 0262369680
Total Pages : 505 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Karl Brunner and Monetarism by : Thomas Moser

Download or read book Karl Brunner and Monetarism written by Thomas Moser and published by MIT Press. This book was released on 2022-03-15 with total page 505 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists consider the legacy of Karl Brunner’s monetarism and its influence on current debates over monetary policy. Monetarism emerged in the 1950s and 1960s as a school of economic thought that questioned certain tenets of Keynesianism. Emphasizing the monetary nature of inflation and the responsibility of central banks for price stability, monetarism held sway in the inflation-plagued 1970s, but saw its influence begin to decline in the 1980s. Although Milton Friedman is the economist most closely associated with the development of monetarism, it was Karl Brunner (1916–1989) who introduced the term into the current vocabulary of economics and shaped its meaning. In this volume, leading economists—many of them Brunner’s friends and former colleagues—consider the influence of Brunner’s monetarism on current debates over monetary policy. Some contributors were participants in debates between Keynesians and monetarists; others analyze specific aspects of monetarism as theorized by Brunner and his close collaborator Allan Meltzer, or address its influence on US and European monetary policy. Others take the opportunity to examine Brunner-Meltzer monetarism through the lens of contemporary macroeconomics and monetary models. The book grows out of a symposium that marked the 100th anniversary of Brunner’s birth. Contributors Ernst Baltensperger, Michael D. Bordo, Pierrick Clerc, Alex Cukierman, Michel De Vroey, James Forder, Benjamin M. Friedman, Kevin D. Hoover, Thomas J. Jordan, David Laidler, Allan H. Meltzer, Thomas Moser, Edward Nelson, Juan Pablo Nicolini, Charles I. Plosser, Kenneth Rogoff, Marcel Savioz, Jürgen von Hagen, Stephen Williamson