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Synopsis
This volume presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium models of money, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy. Among the topics covered are money-in-the-utility-function models, cash-in-advance models, money and public finance, the credit channel of money, models of time consistency, monetary policy operating procedures, and interest rates and monetary policy. The book uses dynamic simulations to evaluate quantitatively the significance of the channels through which monetary policy and inflation affect the economy. It extensively examines modern approaches to monetary policy that stress the incentives facing central banks and the strategic interactions between central banks and the private sector. Where most treatments of monetary policy emphasize money supply control and money demand, this book focuses on the implications of interest rate control for monetary policy. The book is designed for advanced graduate students in monetary economics, economic researchers, and economists working in policy institutions and central banks.
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内容説明
This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. Monetary Theory and Policy continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.
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1 人中、1人の方が、｢このレビューが参考になった｣と投票しています。
形式:ハードカバー|Amazonが確認した購入
現代マクロ経済学までの歴史的な流れが、理論・実証両側面から
丁寧に解説されています。
とりわけ、2章や3章に関しては、動学的確率的一般均衡モデルを
数値的に解くためのdynareコードが著者ホームページで公開され
ています。
動学的最適化や対数線形近似などの数学の手法については、あま
り説明されていませんので、初学者は、別テキストで補足する必
要があります。
丁寧に解説されています。
とりわけ、2章や3章に関しては、動学的確率的一般均衡モデルを
数値的に解くためのdynareコードが著者ホームページで公開され
ています。
動学的最適化や対数線形近似などの数学の手法については、あま
り説明されていませんので、初学者は、別テキストで補足する必
要があります。
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Amazon.com:
9件のカスタマーレビュー
30 人中、28人の方が、｢このレビューが参考になった｣と投票しています。
The best text on advanced macroeconomics there is.
1999/12/8
形式:ハードカバー
This is the best book length treatment of the state of the art in academic thinking about inflation and central banking, a lot of what economics is about to lay people and politicians. While this is a graduate text in macroeconomics, in no way is it unnecessarily abtruse. You'll need to be comfortable with little more than algebra, linear difference equations, and the sort of elementary statistics practical economists do. Amazingly, this book has no obvious competitors because first rate economists wrongly disdain writing books.
38 人中、34人の方が、｢このレビューが参考になった｣と投票しています。
A not so enchanted point of view
2007/8/19
形式:ハードカバー
If this book were a car, its selling would long have been forbidden! The "typos and corrections" offered by Carl E. Walsh's homepage have by now reached 10 pages. Chapter 6.5 "A Basic Open-Economy Model" has this way been completely revised by the matre. So, in case you are determined to read this book, start with a download of those typos and corrections! The publisher does not give the slightest hint of this problem within the book (Maybe, because the standard "errata-note" would have become an "errata-booklet"). This is really annoying, since you may lose a lot of time by trying to understand mathematical derivations, which are simply wrong. Weak consolation: the "typos and corrections" of Michael Woodford's supposed to be classic "Interest and Prices" sum up by now of 8 pages (Or should we say 38 pages, since "certain equations" of Woodford's chapter 5 are corrected in a separate paper? Unfortunately, I'm not kidding). However, Walsh's book does also suffer from contents-related problems: Throughout the book he derives all results based on the social planner solution of his models. He never even discusses the problem of this approach in the presence of the "wedge of inefficiency" that the usage of money can introduce in such models (Lucas, 1987, Models of Business Cycles). So after having yourself worked through Walsh's book and his typos and corrections, you cannot be sure that the conclusions and policy recommendations he draws will also hold for the market solution of his models.
13 人中、13人の方が、｢このレビューが参考になった｣と投票しています。
Great Book
2004/6/15
形式:ハードカバー
This book deals with most of the modern monetary theory issues. Eventhough it clearly says it is written for graduate students, undergraduate ones with good algebra and calculus levels could accomplish the basic acknowledgement of the book. The second edition has been improved a lot as I see it. Bonds have been added to the agent's budget constraint. This is very helpful for the interpretation of the first order conditions. Chapter 4, mainly the first part was rewritten in a most comprehensible way. There are a few things to highlight about the dark sides: In chapter 3, Professor Walsh did not include bonds in the budget constraint which would have been really useful. Besides there are a few mistakes in the appendix regarding the expected values. Chapter 7, "Macroeconomic Implications" is not very clear which assumptions have been made to approximate around the steady state. Despite there are still a few little mistakes, the book is excellent, I guess the best in Monetary Theory and Policy. Totally recommendable!!!
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