A new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field.
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.

Monetary Theory and Policy

Business & Money

Carl E. Walsh

Economics

Mit Pr

Monetary Theory and Policy 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. This second edition includes new discussions of empirical evidence on the interest elasticity of money demand, the fiscal theory of the price level, the new Keynesian model, optimal policies in forward-looking models, stability and the Taylor principle, and open economy new Keynesian models. It also expands its coverage of multiple equilibria, the role of timing assumptions in cash-in-advance models, and the Ramsey approach to optimal monetary taxation. A new chapter treats policy analysis in new Keynesisan models; the discussion includes the derivation of the policy objective function, optimal commitment and discretionary outcome, targeting rules,and instrument rules.

Access code for SmartWork, works with the Fourth Editions of Stiglitz and Walsh's Economics, Principles of Microeconomics, and Principles of Macroeconomics

JOSEPH E. STIGLITZ

W.W.Norton and Company

Principles of Economics, 2nd Australian edition, is an adaptation of an original work by internationally renowned economists Joseph Stiglitz and Carl Walsh. In addition to a thorough analysis of the contemporary economic landscape in Australia with updated statistics, figures, and political and business developments the second edition provides useful international comparisons with economies in Asia and Europe, as well as that of the United States. The adapting Australian author team has contextualised the content to suit the needs of Australian university students. Key introductory microeconomic and macroeconomics concepts are explained using the latest theory and research, with data relevant to the Australian economy. Throughout the text, these concepts are applied to contemporary local economic issues for businesses and individuals, such as: the Australian dollar the mining industry the National Broadband Network petrol prices privatisation the banking and finance sectors the automotive industry the carbon tax the ageing population skills shortages international trade. At an expanded 18 chapters for the second edition, this textbook is an ideal resource for a one semester university course in introductory economics.

Principles of Economics 2E Australian

Jeffrey Gow

Ross Guest

William Richmond

Max Tani

wiley

Monetary Theory and Policy-New Arrivals-Carl E. Walsh-2011-EDN-3

New Arrivals

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Books by Carl E. Walsh

See the best price to sell, buy, or rent books by Carl E. Walsh. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Monetary Theory and Policy

Monetary Theory and Policy

Economics

Principles of Economics 2E Australian

Monetary Theory and Policy