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Money: Theory and Practice

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Money: Theory and Practice/ by Jin Cao, Gerhard Illing.
作者:	Cao, Jin.
其他作者:	Illing, Gerhard.
面頁冊數:	XIV, 406 p. 133 illus., 85 illus. in color.online resource. :
Contained By:	Springer Nature eBook
標題:	Macroeconomics. -
電子資源:	https://doi.org/10.1007/978-3-030-19697-4
ISBN:	9783030196974

Money: Theory and Practice
Cao, Jin.

Money: Theory and Practice[electronic resource] /by Jin Cao, Gerhard Illing. - 1st ed. 2019. - XIV, 406 p. 133 illus., 85 illus. in color.online resource. - Springer Texts in Business and Economics,2192-4333. - Springer Texts in Business and Economics,.

Money and Equilibrium in the Long Run: Long Run Growth – The Basic Framework -- Money and Long Run Growth -- Interaction Between Monetary and Fiscal Policy: Active and Passive Monetary Regimes -- Monetary Policy in the Short Run: New Keynesian Macroeconomics -- Optimal Monetary Policy -- Monetary Policy Under Uncertainty -- The Liquidity Trap: Limits for Monetary Policy at the Effective Lower Bound -- Unconventional Monetary Policy, Financial Frictions and Crises: Monetary Policy in Practice -- Financial Frictions and Monetary Policy -- Monetary Policy and Financial Stability. .

This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors’ and intermediaries’ own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation. .

ISBN: 9783030196974

Standard No.: 10.1007/978-3-030-19697-4doiSubjects--Topical Terms:

554837
Macroeconomics.

LC Class. No.: HB172.5

Dewey Class. No.: 339

Money: Theory and Practice
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