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Money: Theory and Practice

E-BookPDF1 - PDF WatermarkE-Book
406 Seiten
Englisch
Springer International Publishingerschienen am07.12.20191st ed. 2019
This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors' and intermediaries' own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation.mehr
Verfügbare Formate
BuchGebunden
EUR90,94
BuchKartoniert, Paperback
EUR64,19
E-BookPDF1 - PDF WatermarkE-Book
EUR64,19

Produkt

KlappentextThis textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors' and intermediaries' own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation.
Details
Weitere ISBN/GTIN9783030196974
ProduktartE-Book
EinbandartE-Book
FormatPDF
Format Hinweis1 - PDF Watermark
FormatE107
Erscheinungsjahr2019
Erscheinungsdatum07.12.2019
Auflage1st ed. 2019
ReiheSpringer Texts in Business and Economics
Seiten406 Seiten
SpracheEnglisch
IllustrationenXIV, 406 p. 133 illus., 85 illus. in color.
Artikel-Nr.4995755
Rubriken
Genre9200

Inhalt/Kritik

Inhaltsverzeichnis
Money and Equilibrium in the Long Run: Long Run Growth - The Basic Framework.- Money and Long Run Growth.- Interaction Between Monetary and Fiscal Policy: Active and Passive Monetary Regimes.- Monetary Policy in the Short Run: New Keynesian Macroeconomics.- Optimal Monetary Policy.- Monetary Policy Under Uncertainty.- The Liquidity Trap: Limits for Monetary Policy at the Effective Lower Bound.- Unconventional Monetary Policy, Financial Frictions and Crises: Monetary Policy in Practice.- Financial Frictions and Monetary Policy.- Monetary Policy and Financial Stability.mehr

Autor

Jin Cao is a research economist in Norges Bank, the Central Bank of Norway. He holds a PhD in economics from Ludwig Maximilians University of Munich, Germany. His research focuses on banking and finance, monetary economics, economics and institutions.

Gerhard Illing holds the chair in macroeconomics at the Ludwig Maximilian University in Munich, Germany. Previously, he was Professor at the University of Bamberg, Germany from 1993 - 1995 and at the Goethe University Frankfurt, Germany from 1995 - 2001. His research focuses on monetary theory, financial stability, systemic risk and lender of last resort policy. He has written several books on macroeconomics, monetary theory and game theory.