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Economics / / Michael Parkin, Melanie Powell, Kent Matthews
| Economics / / Michael Parkin, Melanie Powell, Kent Matthews |
| Autore | Parkin Michael |
| Edizione | [9th edition.] |
| Pubbl/distr/stampa | Harlow : , : Pearson, , 2014 |
| Descrizione fisica | 1 online resource (815 pages) : illustrations (some color), photographs, tables, graphs |
| Disciplina | 330 |
| Collana | Always learning |
| Soggetto topico | Economics |
| ISBN |
9781292009513 (PDF)
9781292009537 (eText) 1292009519 1292009454 1306463807 9781292009452 (print) |
| Formato | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Cover -- Contents -- Guided Tour for Students -- Preface -- 1 What Is Economics? -- A Definition of Economics -- Two Big Economic Questions -- What, How and For Whom? -- Does the Pursuit of Self-interest Unintentionally Promote the Social Interest? -- The Economic Way of Thinking -- A Choice Is a Trade-Off -- Making a Rational Choice -- Benefit: What You Gain -- Cost: What You Must Give Up -- How Much? Choosing at the Margin -- Choices Respond to Incentives -- Economics as a Social Science and Policy Tool -- Economist as Social Scientist -- Economist as Policy Adviser -- SUMMARY -- STUDY PLAN PROBLEMS AND APPLICATIONS -- ADDITIONAL PROBLEMS AND APPLICATIONS -- CHAPTER 1 APPENDIX: Graphs in Economics -- Graphing Data -- Scatter Diagrams -- Breaks in the Axes -- Misleading Graphs -- Correlation and Causation -- Graphs Used in Economic Models -- Variables That Move in the SameDirection -- Variables That Move in Opposite Directions -- Variables That Have a Maximum or a Minimum -- Variables That Are Unrelated -- The Slope of a Relationship -- The Slope of a Straight Line -- The Slope of a Curved Line -- Graphing Relationships Among More Than Two Variables -- Ceteris Paribus -- When Other Things Change -- MATHEMATICAL NOTE: Equations of Straight Lines -- 2 The Economic Problem -- Production Possibilities and Opportunity Cost -- Production Possibilities Frontier -- Production Efficiency -- Trade-Off Along the PPF -- Opportunity Cost -- Using Resources Efficiently -- The PPF and Marginal Cost -- Preferences and Marginal Benefit -- Efficient Use of Resources -- Economic Growth -- The Cost of Economic Growth -- Gains from Trade -- Comparative Advantage and Absolute Advantage -- Achieving the Gains from Trade -- Economic Coordination -- Firms -- Markets -- Property Rights -- Money -- Circular Flows Through Markets -- Coordinating Decisions.
READING BETWEEN THE LINES: The Rising Opportunity Cost of Food -- 3 Demand and Supply -- Markets and Prices -- A Competitive Market -- Demand -- The Law of Demand -- Demand Curve and Demand Schedule -- A Change in Demand -- A Change in the Quantity Demanded versus a Change in Demand -- Supply -- The Law of Supply -- Supply Curve and Supply Schedule -- A Change in Supply -- A Change in the Quantity Supplied versus a Change in Supply -- Market Equilibrium -- Price as a Regulator -- Price Adjustments -- Predicting Changes in Price and Quantity -- An Increase in Demand -- A Decrease in Demand -- An Increase in Supply -- A Decrease in Supply -- All the Possible Changes in Demand and Supply -- READING BETWEEN THE LINES: Demand and Supply: The Price of a Loaf -- MATHEMATICAL NOTE: Demand, Supply and Equilibrium -- 4 Elasticity -- Price Elasticity of Demand -- Calculating Price Elasticity of Demand -- Inelastic and Elastic Demand -- The Factors That Influence the Elasticity of Demand -- Elasticity Along a Linear Demand Curve -- Total Revenue and Elasticity -- Your Expenditure and Your Elasticity -- More Elasticities of Demand -- Income Elasticity of Demand -- Cross Elasticity of Demand -- Elasticity of Supply -- Calculating the Elasticity of Supply -- The Factors That Influence the Elasticity of Supply -- READING BETWEEN THE LINES: Elasticity: Demand for Wine -- 5 Efficiency and Equity -- Resource Allocation Methods -- Market Price -- Command -- Majority Rule -- Contest -- First-Come, First-Served -- Lottery -- Personal Characteristics -- Force -- Benefit, Cost and Surplus -- Demand, Willingness to Pay and Value -- Individual Demand and Market Demand -- Consumer Surplus -- Supply and Marginal Cost -- Supply, Cost and Minimum Supply-Price -- Individual Supply and Market Supply -- Producer Surplus -- Is the Competitive Market Efficient?. Efficiency of Competitive Equilibrium -- Market Failure -- Sources of Market Failure -- Alternatives to the Market -- Is the Competitive Market Fair? -- It's Not Fair if the Result Isn't Fair -- It's Not Fair if the Rules Aren't Fair -- Case Study: A Shortage of HotelRooms in a Natural Disaster -- READING BETWEEN THE LINES: Making Traffic Flow Efficiently -- 6 Government Actions in Markets -- A Housing Market with a Rent Ceiling -- A Housing Shortage -- Increased Search Activity -- Black Market -- Inefficiency of Rent Ceilings -- Are Rent Ceilings Fair? -- Allocating Housing Among Demanders -- A Labour Market with a Minimum Wage -- Minimum Wage Brings Unemployment -- Is the Minimum Wage Fair? -- Inefficiency of a Minimum Wage -- Taxes -- Tax Incidence -- A Tax on Sellers -- A Tax on Buyers -- Equivalence of Tax on Buyers and Sellers -- Tax Incidence and Elasticity of Demand -- Tax Incidence and Elasticity of Supply -- Taxes and Efficiency -- Taxes and Fairness -- Production Quotas and Subsidies and Price Supports -- Production Quotas -- Production Subsidies -- Price Supports -- Markets for Illegal Goods -- READING BETWEEN THE LINES: Inefficient Farm Subsidies -- 7 Global Markets in Action -- How Global Markets Work -- International Trade Today -- What Drives International Trade? -- Why the UK Imports Cars -- Why the UK Exports Chemicals -- Winners, Losers and the Net Gain from Trade -- Gains and Losses from Imports -- Gains and Losses from Exports -- Gains for All -- International Trade Restrictions -- Tariffs -- Import Quotas -- Export Subsidies -- Other Import Barriers -- The Case Against Protection -- Helps an Infant Industry Grow -- Counteracts Dumping -- Saves Domestic Jobs -- Allows Us to Compete with Cheap Foreign Labour -- Penalises Lax Environmental Standards -- Prevents Rich Countries from Exploiting Developing Countries. Reduces Offshore Outsourcing that Sends Good UK Jobs Abroad -- Avoiding Trade Wars -- Why Is International Trade Restricted? -- Compensating Losers -- READING BETWEEN THE LINES: EU-Korea Free Trade Deal -- 8 Households' Choices -- Consumption Possibilities -- The Budget Line -- The Budget Equation -- Preferences and Indifference Curves -- Marginal Rate of Substitution -- Degree of Substitutability -- Predicting Consumer Behaviour -- Best Affordable Choice -- A Change in Price -- A Change in Income -- Substitution Effect and Income Effect -- New Ways of Explaining Households' Choices -- Behavioural Economics -- Neuroeconomics -- Controversy -- READING BETWEEN THE LINES: Prime Beef versus Value Steak -- 9 Organising Production -- The Firm and Its Economic Problem -- The Firm's Goal -- Accounting Profit -- Economic Accounting -- Opportunity Cost of Production -- Economic Accounting: A Summary -- The Firm's Decisions -- The Firm's Constraints -- Technological and Economic Efficiency -- Technological Efficiency -- Economic Efficiency -- Information and Organisation -- Command Systems -- Incentive Systems -- The Principal-Agent Problem -- Coping with the Principal-Agent Problem -- Types of Business Organisations -- Pros and Cons of Different Types of Firms -- Markets and the Competitive Environment -- Identifying a Market Structure -- UK Market Structures -- Produce or Outsource? Firms and Markets -- Firm Coordination -- Market Coordination -- Why Firms? -- READING BETWEEN THE LINES: Competition in Markets for Internet Advertising -- 10 Output and Costs -- Time Frames for Decisions -- The Short Run -- The Long Run -- Short-Run Technology Constraint -- Product Schedules -- Product Curves -- Total Product Curve -- Marginal Product Curve -- Average Product Curve -- Short-Run Cost -- Total Cost -- Marginal Cost -- Average Cost -- Marginal Cost and Average Cost. Why the Average Total Cost Curve Is U-Shaped -- Cost Curves and Product Curves -- Shifts in the Cost Curves -- Long-Run Cost -- The Production Function -- Short-Run Cost and Long-Run Cost -- The Long-Run Average Cost Curve -- Economies and Diseconomies of Scale -- READING BETWEEN THE LINES: JLR Expanding Engine Plant Capacity -- CHAPTER 10 APPENDIX: Producing at Least Cost -- Isoquants and Factor Substitution -- An Isoquant Map -- The Marginal Rate of Substitution -- Isocost Lines -- The Isocost Equation -- The Isocost Map -- The Effect of Factor Prices -- The Least-Cost Technique -- Marginal Rate of Substitution and Marginal Products -- Marginal Cost -- Making Connections -- 11 Perfect Competition -- What Is Perfect Competition? -- How Perfect Competition Arises -- Price Takers -- Economic Profit and Revenue -- The Firm's Decisions -- The Firm's Output Decision -- Marginal Analysis -- Temporary Shutdown Decision -- The Firm's Short-Run Supply Curve -- Output, Price and Profit in the Short Run -- Market Supply in the Short Run -- Short-Run Equilibrium -- A Change in Demand -- Profits and Losses in the Short Run -- Output, Price and Profit in the Long Run -- Entry and Exit -- A Closer Look at Entry -- A Closer Look at Exit -- Long-Run Equilibrium -- Changes in Demand and Supply as Technology Advances -- An Increase in Demand -- A Decrease in Demand -- Technological Advances Change Supply -- Competition and Efficiency -- Efficient Use of Resources -- Choices, Equilibrium and Efficiency -- READING BETWEEN THE LINES: Perfect Competition in iPhone 'Apps' -- 12 Monopoly -- Monopoly and How It Arises -- How Monopoly Arises -- Monopoly Price-Setting Strategies -- A Single-Price Monopoly's Output and Price Decision -- Price and Marginal Revenue -- Marginal Revenue and Elasticity -- Price and Output Decision -- Single-Price Monopoly and Competition Compared. Comparing Price and Output. |
| Record Nr. | UNINA-9910153061503321 |
Parkin Michael
|
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| Harlow : , : Pearson, , 2014 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
The economics of money, banking and financial markets / / Frederick S. Mishkin, Kent Matthews, Massimo Giuliodori
| The economics of money, banking and financial markets / / Frederick S. Mishkin, Kent Matthews, Massimo Giuliodori |
| Autore | Mishkin Frederic S. |
| Edizione | [European edition.] |
| Pubbl/distr/stampa | Harlow, England : , : Pearson, , [2013] |
| Descrizione fisica | 1 online resource (656 pages) |
| Disciplina | 332 |
| Collana | Always learning |
| Soggetto topico |
Finance
Money Banks and banking |
| ISBN | 0-273-79299-7 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Cover -- Contents -- Preface -- About the authors -- Guided tour -- Guided tour to MyEconLab -- Publisher's acknowledgements -- PART 1 INTRODUCTION -- CHAPTER 1 Why study money, banking and financial markets? -- Why study financial markets? -- Why study financial institutions and banking? -- Why study money and monetary policy? -- Why study international finance? -- How we will study money, banking and financial markets -- Concluding remarks -- Web exercise -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- APPENDIX TO CHAPTER 1 Defining aggregate output, income, the price level and the inflation rate -- CHAPTER 2 An overview of the financial system -- Function of financial markets -- Structure of financial markets -- Financial market instruments -- Internationalization of financial markets -- Function of financial intermediaries: indirect finance -- Types of financial intermediaries -- Regulation of the financial system -- Summary -- Key terms -- Questions and problems -- Web exercises -- Note -- Useful websites -- CHAPTER 3 What is money? A comparative approach to measuring money -- Meaning of money -- Functions of money -- Evolution of the payments system -- Measuring money -- Which is the most accurate monetary aggregate? -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 2 FINANCIAL MARKETS -- CHAPTER 4 Understanding interest rates -- Measuring interest rates -- The distinction between interest rates and returns -- The distinction between real and nominal interest rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 5 The behaviour of interest rates -- Determinants of asset demand -- Supply and demand in the bond market -- Changes in equilibrium interest rates.
Supply and demand in the market for money: the liquidity preference framework -- Changes in equilibrium interest rates in the liquidity preference framework -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 6 The risk and term structure of interest rates -- Risk structure of interest rates -- Term structure of interest rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 7 The stock market, the theory of rational expectations and the efficient market hypothesis -- Computing the price of common stock -- How the market sets stock prices -- The theory of rational expectations -- The efficient market hypothesis: rational expectations in financial markets -- Behavioural finance -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 3 FINANCIAL INSTITUTIONS -- CHAPTER 8 An economic analysis of financial structure -- Basic facts about financial structure throughout the world -- Transaction costs -- Asymmetric information: adverse selection and moral hazard -- The lemons problem: how adverse selection influences financial structure -- How moral hazard affects the choice between debt and equity contracts -- How moral hazard influences financial structure in debt markets -- Conflicts of interest -- Summary -- Key terms -- Questions and problems -- Web exercise -- Notes -- Useful website -- CHAPTER 9 Financial crises and the subprime meltdown -- Factors causing financial crises -- Dynamics of past financial crises in developed countries -- The subprime financial crisis of 2007-8 -- Dynamics of financial crises in emerging market economies -- Dynamics of the eurozone financial crisis -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites. CHAPTER 10 Banking and the management of financial institutions -- The bank balance sheet -- Basic banking -- General principles of bank management -- Managing credit risk -- Managing interest-rate risk -- Off-balance-sheet activities -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 11 Economic analysis of financial regulation -- Asymmetric information and financial regulation -- Advantages and disadvantages of bank regulation -- Banking crises throughout the world -- Whither financial regulation after the subprime financial crisis? -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 12 Banking industry: structure and competition -- The single banking market in Europe -- Competition and bank consolidation -- Financial innovation and the growth of the 'shadow banking system' -- Structure of the European commercial banking industry -- International banking -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 4 CENTRAL BANKING -- CHAPTER 13 The goals and structure of central banks -- The price stability goal and the nominal anchor -- Other possible goals of monetary policy -- Should price stability be the primary goal of monetary policy? -- Structure of central banks -- The Bank of England -- The Federal Reserve System -- The European Central Bank -- Other central banks around the world -- Should the central banks be independent? -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 14 The money supply process -- Three players in the money creation process -- The central bank's balance sheet -- Control of the monetary base -- Multiple deposit creation: a simple model -- The money multiplier -- Factors that determine the money supply. Overview of the money creation process -- Limits of the central bank's ability to control the money supply -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 15 The tools of monetary policy -- The market for reserves and the overnight interest rate -- Open market operations -- Standing facilities -- Reserve requirements -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 16 The conduct of monetary policy: strategy and tactics -- Monetary targeting -- Inflation targeting -- Monetary policy with an implicit nominal anchor -- Tactics: choosing the policy instrument -- Tactics: the Taylor rule -- Central banks' response to asset-price bubbles: lessons from the subprime crisis -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 5 INTERNATIONAL FINANCE AND MONETARY POLICY -- CHAPTER 17 The foreign exchange market: exchange rates and applications -- Foreign exchange market -- Exchange rates in the long run -- Exchange rates in the short run: a supply and demand analysis -- Explaining changes in exchange rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- APPENDIX TO CHAPTER 17: The interest parity condition -- CHAPTER 18 The international financial system -- Intervention in the foreign exchange market -- Balance of payments -- Exchange rate regimes in the international financial system -- Capital controls -- The role of the IMF -- International considerations and monetary policy -- To peg or not to peg: exchange-rate targeting as an alternative monetary policy strategy -- Currency boards, dollarization and monetary unions -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 6 MONETARY THEORY. CHAPTER 19 The demand for money -- Quantity theory of money -- Is velocity a constant? -- Keynes's liquidity preference theory -- Further developments in the Keynesian approach -- Friedman's modern quantity theory of money -- Distinguishing between the Friedman and Keynesian theories -- Empirical evidence on the demand for money -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 20 The ISLM model -- Determination of aggregate output -- The ISLM model -- ISLM approach to aggregate output and interest rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 21 Monetary and fiscal policy in the ISLM model -- Factors that cause the IS curve to shift -- Factors that cause the LM curve to shift -- Changes in equilibrium level of the interest rate and aggregate output -- Effectiveness of monetary versus fiscal policy -- ISLM model in the long run -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 22 Aggregate demand andsupply analysis -- Aggregate demand -- Aggregate supply -- Equilibrium in aggregate demand and supply analysis -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 23 Transmission mechanisms of monetary policy: the evidence -- Framework for evaluating empirical evidence -- Transmission mechanisms of monetary policy -- Lessons for monetary policy -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 24 Money and inflation -- Money and inflation: evidence -- Meaning of inflation -- Views of inflation -- Origins of inflationary monetary policy -- The discretionary/non-discretionary policy debate -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes. Useful websites. |
| Record Nr. | UNINA-9910151651703321 |
|
Mishkin Frederic S.
|
||
| Harlow, England : , : Pearson, , [2013] | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
Issues in monetary policy [[electronic resource] ] : the relationship between money and the financial markets / / edited by Kent Matthews, Philip Booth
| Issues in monetary policy [[electronic resource] ] : the relationship between money and the financial markets / / edited by Kent Matthews, Philip Booth |
| Pubbl/distr/stampa | Chichester, England, : John Wiley, c2006 |
| Descrizione fisica | 1 online resource (212 p.) |
| Disciplina |
332.46
339.5/3 |
| Altri autori (Persone) |
MatthewsKent
BoothP <1964-> (Philip) |
| Soggetto topico | Monetary policy |
| Soggetto genere / forma | Electronic books. |
| ISBN |
1-119-20581-6
1-280-36227-8 9786610362271 0-470-03281-2 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Issues in Monetary Policy; Contents; List of Contributors; 1 Issues in Monetary Policy; 1.1 Introduction; 1.2 The monetarist counter-revolution; 1.3 Practice ahead of theory; 1.4 The dangers of practice without theory; References; 2 Monetary Policy: Practice Ahead of Theory; 2.1 Introduction; 2.2 What can monetary policy do?; 2.3 Learning and its implication for monetary policy; 2.4 Inflation targeting as a framework which accommodates learning; 2.5 Conclusion; References; 3 Are the Structure and Responsibilities of the Bank of England Optimal and If Not, Does It Matter?; 3.1 Introduction
3.2 Current arrangements3.3 The conventional theoretical macro model (CTMM); 3.3.1 Role of interest rates in the CTMM; 3.3.2 Time series considerations; 3.4 How the Bank's main macro model constrained the monetary debate; 3.5 The new Bank of England quarterly model; 3.6 The monetarist case for a big central bank; 3.7 Lessons from Britain's monetary history; 3.8 Main conclusions; References; 4 Why Price-Level Targeting is better than Inflation Targeting; 4.1 Introduction; 4.2 How do inflation targeting and price-level targeting differ?; 4.2.1 Long-term price stability 4.2.2 Short-term inflation volatility4.2.3 Output volatility; 4.3 What is there to gain from long-term price stability?; 4.4 Inflation volatility is not same thing as inflation uncertainty; 4.5 Price-level targeting generates its own credibility; 4.6 Price-level targeting is self-regulating; 4.7 Price-level targeting offers escape from a low-employment equilibrium; 4.8 The 'costs' of price-level targeting have corresponding benefits; 4.9 Price-level targeting vs. average inflation targeting; 4.10 The history of price-level targeting; 4.11 Conclusion; References 5 A Price Targeting Regime Compared to a Non Price Targeting Regime. Is Price Stability a Good Idea?5.1 Introduction; 5.2 The ultimate objective of economic policy; 5.3 Modeling economic shocks; 5.3.1 Assumptions of the model; 5.4 The model; 5.5 Determining Equilibrium; 5.6 A money demand shock; 5.7 Aggregate demand shock; 5.8 An aggregate supply shock; 5.9 The search for an indicator; 5.10 Conclusions; References; 6 Optimal Monetary Policy with Endogenous Contracts: Is there a Case for Price-Level Targeting and Money Supply Control?; 6.1 Introduction 6.2 Considerations in designing monetary policy arrangements6.3 Monetary policy: Is inflation targeting the best we can do?; 6.4 Interest rate control - what does it do?; 6.5 Money supply targeting and feedback rules - a stochastic simulation analysis; 6.5.1 Comparing money- and price-level targeting; 6.5.2 Should we use interest rates rather than the money supply as the short-term instrument of control?; 6.5.3 How important is the zero bound in setting the inflation target rate?; 6.6 Conclusions; Annex: The representative agent model (RAM); References 7 Forecasting Inflation: The Inflation 'Fan Charts' |
| Record Nr. | UNINA-9910143733103321 |
| Chichester, England, : John Wiley, c2006 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
Issues in monetary policy [[electronic resource] ] : the relationship between money and the financial markets / / edited by Kent Matthews, Philip Booth
| Issues in monetary policy [[electronic resource] ] : the relationship between money and the financial markets / / edited by Kent Matthews, Philip Booth |
| Pubbl/distr/stampa | Chichester, England, : John Wiley, c2006 |
| Descrizione fisica | 1 online resource (212 p.) |
| Disciplina |
332.46
339.5/3 |
| Altri autori (Persone) |
MatthewsKent
BoothP <1964-> (Philip) |
| Soggetto topico | Monetary policy |
| ISBN |
1-119-20581-6
1-280-36227-8 9786610362271 0-470-03281-2 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Issues in Monetary Policy; Contents; List of Contributors; 1 Issues in Monetary Policy; 1.1 Introduction; 1.2 The monetarist counter-revolution; 1.3 Practice ahead of theory; 1.4 The dangers of practice without theory; References; 2 Monetary Policy: Practice Ahead of Theory; 2.1 Introduction; 2.2 What can monetary policy do?; 2.3 Learning and its implication for monetary policy; 2.4 Inflation targeting as a framework which accommodates learning; 2.5 Conclusion; References; 3 Are the Structure and Responsibilities of the Bank of England Optimal and If Not, Does It Matter?; 3.1 Introduction
3.2 Current arrangements3.3 The conventional theoretical macro model (CTMM); 3.3.1 Role of interest rates in the CTMM; 3.3.2 Time series considerations; 3.4 How the Bank's main macro model constrained the monetary debate; 3.5 The new Bank of England quarterly model; 3.6 The monetarist case for a big central bank; 3.7 Lessons from Britain's monetary history; 3.8 Main conclusions; References; 4 Why Price-Level Targeting is better than Inflation Targeting; 4.1 Introduction; 4.2 How do inflation targeting and price-level targeting differ?; 4.2.1 Long-term price stability 4.2.2 Short-term inflation volatility4.2.3 Output volatility; 4.3 What is there to gain from long-term price stability?; 4.4 Inflation volatility is not same thing as inflation uncertainty; 4.5 Price-level targeting generates its own credibility; 4.6 Price-level targeting is self-regulating; 4.7 Price-level targeting offers escape from a low-employment equilibrium; 4.8 The 'costs' of price-level targeting have corresponding benefits; 4.9 Price-level targeting vs. average inflation targeting; 4.10 The history of price-level targeting; 4.11 Conclusion; References 5 A Price Targeting Regime Compared to a Non Price Targeting Regime. Is Price Stability a Good Idea?5.1 Introduction; 5.2 The ultimate objective of economic policy; 5.3 Modeling economic shocks; 5.3.1 Assumptions of the model; 5.4 The model; 5.5 Determining Equilibrium; 5.6 A money demand shock; 5.7 Aggregate demand shock; 5.8 An aggregate supply shock; 5.9 The search for an indicator; 5.10 Conclusions; References; 6 Optimal Monetary Policy with Endogenous Contracts: Is there a Case for Price-Level Targeting and Money Supply Control?; 6.1 Introduction 6.2 Considerations in designing monetary policy arrangements6.3 Monetary policy: Is inflation targeting the best we can do?; 6.4 Interest rate control - what does it do?; 6.5 Money supply targeting and feedback rules - a stochastic simulation analysis; 6.5.1 Comparing money- and price-level targeting; 6.5.2 Should we use interest rates rather than the money supply as the short-term instrument of control?; 6.5.3 How important is the zero bound in setting the inflation target rate?; 6.6 Conclusions; Annex: The representative agent model (RAM); References 7 Forecasting Inflation: The Inflation 'Fan Charts' |
| Record Nr. | UNINA-9910829821103321 |
| Chichester, England, : John Wiley, c2006 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
Issues in monetary policy [[electronic resource] ] : the relationship between money and the financial markets / / edited by Kent Matthews, Philip Booth
| Issues in monetary policy [[electronic resource] ] : the relationship between money and the financial markets / / edited by Kent Matthews, Philip Booth |
| Pubbl/distr/stampa | Chichester, England, : John Wiley, c2006 |
| Descrizione fisica | 1 online resource (212 p.) |
| Disciplina |
332.46
339.5/3 |
| Altri autori (Persone) |
MatthewsKent
BoothP <1964-> (Philip) |
| Soggetto topico | Monetary policy |
| ISBN |
1-119-20581-6
1-280-36227-8 9786610362271 0-470-03281-2 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Issues in Monetary Policy; Contents; List of Contributors; 1 Issues in Monetary Policy; 1.1 Introduction; 1.2 The monetarist counter-revolution; 1.3 Practice ahead of theory; 1.4 The dangers of practice without theory; References; 2 Monetary Policy: Practice Ahead of Theory; 2.1 Introduction; 2.2 What can monetary policy do?; 2.3 Learning and its implication for monetary policy; 2.4 Inflation targeting as a framework which accommodates learning; 2.5 Conclusion; References; 3 Are the Structure and Responsibilities of the Bank of England Optimal and If Not, Does It Matter?; 3.1 Introduction
3.2 Current arrangements3.3 The conventional theoretical macro model (CTMM); 3.3.1 Role of interest rates in the CTMM; 3.3.2 Time series considerations; 3.4 How the Bank's main macro model constrained the monetary debate; 3.5 The new Bank of England quarterly model; 3.6 The monetarist case for a big central bank; 3.7 Lessons from Britain's monetary history; 3.8 Main conclusions; References; 4 Why Price-Level Targeting is better than Inflation Targeting; 4.1 Introduction; 4.2 How do inflation targeting and price-level targeting differ?; 4.2.1 Long-term price stability 4.2.2 Short-term inflation volatility4.2.3 Output volatility; 4.3 What is there to gain from long-term price stability?; 4.4 Inflation volatility is not same thing as inflation uncertainty; 4.5 Price-level targeting generates its own credibility; 4.6 Price-level targeting is self-regulating; 4.7 Price-level targeting offers escape from a low-employment equilibrium; 4.8 The 'costs' of price-level targeting have corresponding benefits; 4.9 Price-level targeting vs. average inflation targeting; 4.10 The history of price-level targeting; 4.11 Conclusion; References 5 A Price Targeting Regime Compared to a Non Price Targeting Regime. Is Price Stability a Good Idea?5.1 Introduction; 5.2 The ultimate objective of economic policy; 5.3 Modeling economic shocks; 5.3.1 Assumptions of the model; 5.4 The model; 5.5 Determining Equilibrium; 5.6 A money demand shock; 5.7 Aggregate demand shock; 5.8 An aggregate supply shock; 5.9 The search for an indicator; 5.10 Conclusions; References; 6 Optimal Monetary Policy with Endogenous Contracts: Is there a Case for Price-Level Targeting and Money Supply Control?; 6.1 Introduction 6.2 Considerations in designing monetary policy arrangements6.3 Monetary policy: Is inflation targeting the best we can do?; 6.4 Interest rate control - what does it do?; 6.5 Money supply targeting and feedback rules - a stochastic simulation analysis; 6.5.1 Comparing money- and price-level targeting; 6.5.2 Should we use interest rates rather than the money supply as the short-term instrument of control?; 6.5.3 How important is the zero bound in setting the inflation target rate?; 6.6 Conclusions; Annex: The representative agent model (RAM); References 7 Forecasting Inflation: The Inflation 'Fan Charts' |
| Record Nr. | UNINA-9910841404103321 |
| Chichester, England, : John Wiley, c2006 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||