Designed for advanced undergraduates in economics, this new text provides an up-to-date analysis of the practice and theory of monetary policy and discusses key models that tie in with contemporary research and policy. The transmission mechanism of monetary policy is given particular emphasis and the book discusses the behaviour of a number of central banks, in particular the Bank of England, the European Central Bank and the Federal Reserve. The worldwide credit crunch and subsequent recession and non-conventional monetary policies such as quantitative easing are also given extensive treatment.
Acknowledgements Introduction Chapter 1. Foundations of a Monetary Economy Chapter 2. Keynes, IS-LM and After Chapter 3. Consumption Chapter 4. Investment Chapter 5. Money Demand and Money Supply Chapter 6. Nominal Rigidities Chapter 7. Inflation and Unemployment Chapter 8. Time Inconsistency: Theoretical Foundations for Independent Central Banks? Chapter 9. The Social Costs of Inflation Chapter 10. Financial Intermediaries, Credit Market Imperfections and their Relevance for Monetary Policy Chapter 11. Monetary Policy in an Open Economy Chapter 12. The Term Structure of Interest Rates Chapter 13. The Stock Market Chapter 14. The Housing Market Chapter 15. Fiscal Policy Chapter 16. Evidence on the Effectiveness of Monetary Policy Chapter 17. The Targets and Instruments of Monetary Policy Chapter 18. The Transmission Mechanism. How does the Central Bank Influence the Behaviour of the Economy? Chapter 19. Monetary Policy in Practice Chapter 20. The Worldwide Credit Crunch and Recession of 2007-9 Chapter 21. Recent Innovations in Monetary Policy: Quantitative Easing Chapter 22. Monetary Policy Now and in the Future Glossary References Index
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