Monetary Theory and Policy

Hardcover | February 12, 2010

byCarl E. Walsh

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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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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 ...

Carl E. Walsh is Professor of Economics at the University of California, Santa Cruz. He is coeditor of the International Journal of Central Banking and Visiting Scholar at the Federal Reserve Bank of San Francisco.

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Format:HardcoverDimensions:640 pages, 9 × 7 × 0.85 inPublished:February 12, 2010Publisher:The MIT PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0262013770

ISBN - 13:9780262013772

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This third edition of Walsh's by-now classic on monetary economics represents a major revision and expansion of the previous edition, incorporating new developments in theory, modeling practice, and policy insights. This book is a pleasure to read and study with, thanks to the right balance of insight, rigor, and accessibility. It stands worldwide as the frontier reference text for academic and central bank researchers in monetary theory and policy. It is also a must-read for advanced undergraduate and graduate macroeconomics courses, skillfully combining theory with numerical simulations, policy insights, problem sets, and complementary simulation programs provided on the web.