Monetary Theory And Policy by Carl E. WalshMonetary Theory And Policy by Carl E. Walsh

Monetary Theory And Policy

byCarl E. Walsh

Hardcover | May 12, 2017

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The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates.

This textbook 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. Striking a balance of insight, accessibility, and rigor, the book 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.

For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach. Other new material includes discussions of price adjustment, labor market frictions and unemployment, and moral hazard frictions among financial intermediaries. References and end-of-chapter problems allow readers to extend their knowledge of the topics covered.

Monetary Theory and Policy continues to be the most 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.

Title:Monetary Theory And PolicyFormat:HardcoverDimensions:688 pages, 9 × 7 × 0.94 inPublished:May 12, 2017Publisher:The MIT PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0262035812

ISBN - 13:9780262035811

Reviews

Editorial Reviews

The latest edition of Carl Walsh's textbook is an invaluable resource for understanding the remarkably rapid evolution of monetary policy over the past decade, as major central banks have deployed new strategies, tools, and operating procedures to mitigate the effective lower bound and to facilitate the smooth withdrawal of extraordinary monetary stimulus.