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Interest and Prices: Foundations of a Theory of Monetary Policy
By (author) Michael Woodford
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normal price: R 4 055.95
Price: R 3 649.95
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| book description |
Since the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure ""fiat"" currencies be managed so as to create confidence in the stability of national units of account??;pThis text seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford re-examines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The text further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime - one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicitly welfare
| product details |
Normally shipped |
Publisher | Princeton University Press
Published date | 7 Sep 2003
Language |
Format | Hardback
Pages | 808
Dimensions | 235 x 152 x 0mm (L x W x H)
Weight | 1247g
ISBN | 978-0-6910-1049-6
Readership Age |
BISAC | business & economics / money & monetary policy
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Normally shipped |
Readership Age |
Normal Price | R 5 375.95
Price | R 4 838.95
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