By Benjamin M Friedman; Michael Woodford (eds.)

ISBN-10: 0444532382

ISBN-13: 9780444532381

ISBN-10: 0444534547

ISBN-13: 9780444534545

ISBN-10: 0444534709

ISBN-13: 9780444534705

V. 3A. The Mechanism-design method of financial conception / Neil Wallace -- New monetarist economics: types / Stephen Williamson and Randall Wright -- funds and inflation: a few severe concerns / Bennett T. McCallum and Edward Nelson -- Foundations: info and adjustment. Rational inattention and financial economics / Christopher A. Sims -- Imperfect info and mixture provide / N. Gregory Mankiw and Ricardo Reis -- Microeconomic facts on price-setting / Peter J. Klenow and Benjamin A. Malin -- types of the financial transmission mechanism. DSGE versions for financial coverage research / Lawrence J. Christiano, Mathias Trabandt, and Karl Walentin -- How has the financial transmission mechanism advanced through the years? / Jean Boivin, Michael T. Kiley, and Frederic S. Mishkin -- Inflation endurance / Jeffrey C. Fuhrer -- financial coverage and unemployment / Jordi Gali -- monetary intermediation and credits coverage in enterprise cycle research / Mark Gertler and Nobuhiro Kiyotaki -- monetary intermediaries and financial economics / Tobias Adrian and Hyun track Shin -- v. 3B. Optical financial coverage / Stephanie Schmitt-Grohé and Martin Uribe -- optimum financial stabilization coverage / Michael Woodford -- uncomplicated and powerful ideas for financial coverage / John B. Taylor and John C. Williams -- Optical financial coverage in open economics / Giancarlo Corsetti, Luca Dedola, and Sylvain Leduc -- Constraints on financial coverage. The interplay among financial and monetary coverage / Matthew Canzoneri, Robert Cumby, and Behzad Diba -- The politics of economic coverage / Alberto Alesina and Andrea Stella -- Inflation expectancies, adaptive studying and optimum financial coverage / Vitor Gaspar, Frank Smets, and David Vestin -- in need of robustness in macroeconomics / Lars Peter Hansen and Thomas J. Sargent -- financial coverage in perform. financial coverage regimes and monetary functionality: the ancient checklist, 1979-2008 / Luca Benati and Charles Goodhart -- Inflation concentrating on / Lars E.O. Svensson -- The functionality of different financial regimes / Laurence Ball -- Implementation of financial coverage: how do primary banks set rates of interest? / Benjamin M. Friedman and Kenneth N. Kuttner -- financial coverage in rising markets / Jeffrey Frankel

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For instance, if in the deterministic model discussed thus far one restricts attention to equilibria in which the nominal interest rate is constant and preferences are log-linear in consumption and leisure, then the restricted Ramsey policy would call for price stability, Pt ¼ PtÀ1, and a positive interest rate equal to the real rate of interest, Rt ¼ 1/b. The optimality of negative inflation at a rate close to the real rate of interest is robust to adopting any of the alternative motives for holding money discussed at the beginning of this section.

FAILURE OF THE FRIEDMAN RULE DUE TO UNTAXED INCOME: THREE EXAMPLES When the government is unable to optimally tax all sources of income, positive inflation may be a desirable instrument to tax the part of income that is suboptimally taxed. The reason is that because at some point all types of private income are devoted to consumption, and because inflation acts as a tax on consumption, a positive nominal interest rate represents an indirect way to tax all sources of income. We illustrate this 667 668 Stephanie Schmitt-Grohé and Martín Uribe principle by means of three examples.

All other structural 4 The proof of this statement is similar to the one presented in Section 1 of the Appendix. For a detailed derivation see Schmitt-Grohe´ and Uribe (2004b). 671 672 Stephanie Schmitt-Grohé and Martín Uribe parameters take the same value as before. The case of perfect competition corresponds to a markup of unity. 85%. For positive values of the markup, the optimal interest rate increases as does the optimal level of inflation. S. 11%. This inflation rate is far below the inflation targets of 2% or higher maintained by central banks.

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Handbook of monetary economics. : Texte imprimé by Benjamin M Friedman; Michael Woodford (eds.)

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