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An essential introduction to one of the most timely and important
subjects in economics International Macroeconomics presents a
rigorous and theoretically elegant treatment of real-world
international macroeconomic problems, incorporating the latest
economic research while maintaining a microfounded, optimizing, and
dynamic general equilibrium approach. This one-of-a-kind textbook
introduces a basic model and applies it to fundamental questions in
international economics, including the determinants of the current
account in small and large economies, processes of adjustment to
shocks, the determinants of the real exchange rate, the role of
fixed and flexible exchange rates in models with nominal
rigidities, and interactions between monetary and fiscal policy.
The book confronts theoretical predictions using actual data,
highlighting both the power and limits of given theories and
encouraging critical thinking. Provides a rigorous and elegant
treatment of fundamental questions in international macroeconomics
Brings undergraduate and master's instruction in line with modern
economic research Follows a microfounded, optimizing, and dynamic
general equilibrium approach Addresses fundamental questions in
international economics, such as the role of capital controls in
the presence of financial frictions and balance-of-payments crises
Uses real-world data to test the predictions of theoretical models
Features a wealth of exercises at the end of each chapter that
challenge students to hone their theoretical skills and scrutinize
the empirical relevance of models Accompanied by a website with
lecture slides for every chapter
This text aims to provide a survey of the state of knowledge in the
broad area that includes the theories and facts of economic growth
and economic fluctuations, as well as the consquences of monetary
and fiscal policies for general economic conditions.
This text aims to provide a survey of the state of knowledge in the
broad area that includes the theories and facts of economic growth
and economic fluctuations, as well as the consequences of of
monetary and fiscal policies for general economic conditions.
"This long-awaited book by master macroeconomist Michael Woodford
belongs on the bookshelf of every economist. Woodford is well-known
as one of the world's current most original thinkers in economics.
In this book you will find not only a unified treatment of the
theoretical foundations of monetary policy, optimal policy inertia,
indicator variables for optimal policy, monetary policy in a world
without money, fiscal requirements for price stability, optimal
rules for setting interest rates, and much more, but also practical
details of implementation such as methods used by various central
banks for controlling interest rates."--William A. Brock,
University of Wisconsin, Madison
"Michael Woodford's "Interest and Prices" is a major
contribution to economics. The book it most resembles is Patinkin's
classic "Money, Interest, and Prices" now nearly 40 years old--and
it may well have the same impact. Woodford's book illustrates the
immense progress that macroeconomics has made in the past
generation, from its careful treatment of dynamics and of
optimizing behavior, to its discussion of optimal monetary policy.
It is an impressive intellectual achievement, all the way from
abstract theory to Taylor rules for central banks. I have gone to
it, pen and paper in hand, many times over the past few years when
it was still a manuscript. Each time, I found it illuminating. This
book is a classic."--Olivier Blanchard, Massachusetts Institute of
Technology
"The ideas contained in Michael Woodford's book "Interest and
Prices" have influenced the way central bank economists-to say
nothing of academic economists-in every corner of the world think
about the conduct of monetary policy. These ideasform the most
significant original book-length contribution to monetary economics
since Don Patinkin's "Money, Interest, and Prices," Woodford's
insights into a cashless world will prove enduring."--Fumio
Hayashi, University of Tokyo, author of "Econometrics"
"This is the most important book in monetary theory in at least
two decades, illustrating all the major conceptual ideas in modern
monetary economics, and then some. Woodford's book is especially
commendable for its forward-looking elements, such as how to
conduct monetary policy in a near cashless society, and how
international currencies may coexist when global financial markets
become truly integrated. Some of the individual chapters are
already firmly established as standard technical references for
modern methods in monetary policy economics. By showing how to
stretch the limits of purely analytical methods, the book also
builds a bridge from classical monetary theory to modern
computational macroeconomics, possibly pointing the way to a new
generation of medium-scale macroeconomic models."--Kenneth Rogoff,
Economic Counselor and Director of Research, International Monetary
Fund
"This book is a masterpiece. Michael Woodford provides a lucid
dynamic synthesis of two schools of thought--Monetarism versus New
Keynesianism--that have recently been the subject of a remarkable
convergence of thinking among macroeconomists."--Assaf Razin, Tel
Aviv University, author of "Fiscal Policies and Growth in the World
Economy"
"This is a landmark work that reevaluates monetary theory and
policy in an intertemporal optimization framework with sticky
prices. Well written, it systematically revisits classic issues in
monetary theory andallows rigorous welfare analyses."--Maurice
Obstfeld, University of California, Berkeley, coauthor of
"Foundations of International Macroeconomics"
"A new landmark treatise on monetary theory. A must read for
econo-nerds."--N. Gregory Mankiw, Chairman of the Council of
Economic Advisors, citing his "favorite purchase of 2003" in "The
New York Times"
What tools are available for setting and analyzing monetary
policy?
World-renowned contributors examine recent evidence on subjects
as varied as price-setting, inflation persistence, the private
sector's formation of inflation expectations, and the monetary
policy transmission mechanism. Stopping short of advocating
conclusions about the ideal conduct of policy, the authors focus
instead on analytical methods and the changing interactions among
the ingredients and properties that inform monetary models. The
influences between economic performance and monetary policy regimes
can be both grand and muted, and this volume clarifies the present
state of this continually evolving relationship.
Explores themodels and practices used in formulating and
transmitting monetary policiesRaises new questions about the
volume, price, and availability of credit in the 2007-2010
downturnQuestions fiscal-monetary connnections and encourages new
thinking about the business cycle itselfObserves changes in the
formulation of monetary policies over the last 25 years"
It has long been recognized that an improved standard of living
results from advances in technology, not from the accumulation of
capital. It has also become clear that what truly separates
developed from less-developed countries is not just a gap in
resources or output but a gap in knowledge. In fact, the pace at
which developing countries grow is largely a function of the pace
at which they close that gap. Thus, to understand how countries
grow and develop, it is essential to know how they learn and become
more productive and what government can do to promote learning. In
Creating a Learning Society, Joseph E. Stiglitz and Bruce C.
Greenwald cast light on the significance of this insight for
economic theory and policy. Taking as a starting point Kenneth J.
Arrow's 1962 paper "Learning by Doing," they explain why the
production of knowledge differs from that of other goods and why
market economies alone typically do not produce and transmit
knowledge efficiently. Closing knowledge gaps and helping laggards
learn are central to growth and development. But creating a
learning society is equally crucial if we are to sustain improved
living standards in advanced countries. Combining accessible prose
with technical economic analysis, Stiglitz and Greenwald provide
new models of "endogenous growth," up-ending thowhe thinking about
both domestic and global policy and trade regimes. They show
well-designed government trade and industrial policies can help
create a learning society, and how poorly designed intellectual
property regimes can retard learning. They also explain how
virtually every government policy has effects, both positive and
negative, on learning, a fact that policymakers must recognize.
They demonstrate why many standard policy prescriptions, especially
those associated with "neoliberal" doctrines focusing on static
resource allocations, have impeded learning. Among the provocative
implications are that free trade may lead to stagnation whereas
broad-based industrial protection and exchange rate interventions
may bring benefits-not just to the industrial sector, but to the
entire economy. The volume concludes with brief commentaries from
Philippe Aghion and Michael Woodford, as well as from Nobel
Laureates Kenneth J. Arrow and Robert M. Solow.
This handbook aims to provide a survey of the stet of knowledge in
the broad area that includes the theories and facts of economic
growth and economic fluctuations, as well as the consequences of
monetary conditions. Macroeconomics underwent a evolution in the
70s and 80s due to the introduction of the methods of rational
expectations, dynamic optimization, and general equilibrium
analysis into macroeconomic models, to the development of new
theories of economic fluctuations, and to the introduction of
sophisticated methods for the analysis of economic time series.
These developments were both important and exciting. However, the
rapid change in methods and theories led to
considerable-disagreement, especially in the 80s, as to whether
there was any core of common beliefs, even about the defining
problems of the subject, that united macroeconomists any longer.
The 90s have also been exciting, but for a different reason. Modern
methods of analysis have progressed to the point where they are now
much better able to address practical or substantive macroeconomic
questions - whether traditional, new, empirical, or policy related.
Indeed, it is no longer necessary to choose between more powerful
methods and practical policy concerns. The editors believe that
both the progress and the focus on substantive problems has led to
a situation in macroeconomics where the area of common ground is
considerable, though they cannot yet announce a "new synthesis"
that could be endorsed by most scholars working in the field. For
this reason this handbook is organized around substantive
macroeconomic problems, and not around alternative methodological
approaches or schools of thought. The extent to which the field has
changed over the past decade is considerable. This work is a
response to the need for the survey of the current state of
macroeconomics.
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