Monetary PolicyN. Gregory Mankiw In Monetary Policy, leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central banking actions. Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanism—the channel through which the central bank's actions affect spending on goods and services—with a special focus on the reduction in bank lending that must accompany a reduction in reserves. This new research will be of special interest to central bankers and academic economists. |
Contents
| 1 | |
| 7 | |
2 Nominal Income Targeting | 71 |
3 Nonstandard Indicators for Monetary Policy Can Their Usefulness Be Judged from Forecasting Regressions? | 95 |
4 On Sticky Prices Academic Theories Meet the Real World | 117 |
5 What Determines the Sacrifice Ratio? | 155 |
6 Measuring Core Inflation | 195 |
7 Monetary Policy and Bank Lending | 221 |
8 Historical Perspectives on the Monetary Transmission Mechanism | 263 |
9 Federal Reserve Policy Cause and Effect | 307 |
Contributors | 335 |
| 337 | |
| 341 | |
Other editions - View all
Common terms and phrases
adjustment costs aggregate annual assets average bank loans behavior Bernanke Blinder bonds changes coefficient commercial paper commodity prices constant core inflation correlation decision to disinflate deposits deviation disinflation dummy econometric effect episodes equation errors estimates evidence example Federal funds rate Federal Reserve finance firms four-quarter Gregory Mankiw growth rate important indicators interest rates inventories Kashyap lags lending channel lending view loan supply macroeconomic Mankiw marginal cost measures monetary base monetary contractions monetary policy monetary transmission money growth National Bureau nominal GDP growth nominal income target optimal p-value parameters percent period Phillips curve policy rule postwar price adjustment price index price level quarter R-FF real GDP regression reserve requirements response Romer and Romer Romer dates sacrifice ratio sample spread stability statistic sticky prices suggest supply shocks tests theory tion transmission mechanism trimmed mean unemployment variables volatility zero Απ