Availability: Monetary policy in low-inflation economies

Monetary policy in low-inflation economies:

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Bibliographic Details
Other Authors:	Altig, David 1956- (Editor)
Format:	Book
Language:	English
Published:	Cambridge [u.a.] Cambridge Univ. Press 2009
Edition:	1. publ.
Subjects:	Monetary policy Inflation (Finance) Geldpolitik Inflation Konferenzschrift > 2003 > Cleveland Ohio
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017992802&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017992802&sequence=000005&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA
Item Description:	Hier auch später erschienene, unveränderte Nachdrucke Includes bibliographical references and index
Physical Description:	XXVI, 330 S. graph. Darst.
ISBN:	9780521848503

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adam_text	This volume collects the proceed¬ ings from a conference on monetary policy in low-inflation economies that was sponsored by the Federal Reserve Bank of Cleveland. The chapters make both theoretical and empirical contributions to that topic, and they fall under two broad themes. The first concerns the argument for low inflation. Several chapters reexamine the issue of inflation s costs and consequences. One advantage of the chapters col¬ lected here is that they approach the question from various theoretical perspectives. To motivate money demand, some chapters invoke standard distortions within a New Keynesian framework, one adopts an overlapping generations structure, and one a deep money perspective. The second set of chapters in this volume represents a collection of studies on diverse questions con¬ cerning the facts of operating in and transitioning to low-inflation economies. Broadly speaking, they investigate the complications (or the lack thereof) of implementing monetary policy at low rates of trend inflation; threshold effects on the costs of inflation-, and the interaction of inflation, financial markets, and intermediation. David E. Altig, senior vice president and director of research at the Federal Reserve Bank of Atlanta, was vice president and associate director of research at the Federal Reserve Bank of Cleveland when this book began to be compiled. He oversees the Atlanta Federal Reserve s blog, which is titled Macroblog. His published research focuses on tax policy, business cycle issues, and monetary policy analysis. Dr. Altig has taught at a number of universities — The University of Chicago, Case Western Reserve University, Cleveland State University, John Carroll University, and Indiana University — and lectured in the Chinese Executive MBA Program, sponsored by the University of Minnesota and Lig n a n College of Sun Yat- Sen University. Dr. Altig earned his doctor¬ ate in economics from Brown University. Ed Nosal, vice president and senior financial economist in the financial markets group at the Federal Reserve Bank of Chicago, was senior research advisor in the Research Department of the Federal Reserve Bank of Cleveland when this book began to be compiled. His research focuses on money and banking. Dr. Nosal has taught at the University of Chicago, University of Waterloo, University of British Columbia, University of New South Wales, and the National University of Singapore. Dr. Nosal earned his doctorate in economics from Queen s University in Canada. ІАСКЕТ DESIGN BY )AMES Г. BRISSON Printed in the United States of America EDITED BY DAVID E. ALTIG FEDERAL RESERVE BANK OF ATLANTA FEDERAL RESERVE BANK OF CHICAGO 1 CAMBRIDGE UNIVERSITY PRESS CONTENTS I _ PAGE CONTRIBUTORS VII ACKNOWLEDGMENTS XI INTRODUCTION XIII 1 THE WELFARE COST OF INFLATION IN THE PRESENCE OF INSIDE MONEY SCOTT FREEMAN, ESPEN R. HENRIKSEN, AND FINN E. KYDLAND 1 COMMENTARY WILBUR JOHN COLEMAN II 18 TONY YATES 21 2 AN OPEN-ECONOMY MODEL OF ENDOGENOUS PRICE FLEXIBILITY MICHAEL B. DEVEREUX 29 COMMENTARY DAVID K. BACKUS 52 MICHAEL DOTSEY 54 3 EFFICIENT INFLATION TARGETS FOR DISTORTED DYNAMIC ECONOMIES COSTAS AZARIADIS AND RAPHAEL W. K. LAM 61 COMMENTARY ERIC O N. FISHER 81 MARVIN GOODFRIEND 84 4 INFLATION AND WELFARE IN MODELS WITH TRADING FRICTIONS GUILLAUME ROCHETEAU AND RANDALL WRIGHT 89 COMMENTARY JAMES BULLARD 117 SHOUYONG SHI 121 CONTENTS 5 GOOD VERSUS BAD DEFLATION: LESSONS FROM THE GOLD STANDARD ERA MICHAEL D. BORDO, JOHN LANDON-LANE, AND ANGELA REDISH 127 COMMENTARY FRANQOIS R. VELDE 175 6 MONETARY POLICY ORIENTATION IN TIMES OF LOW INFLATION JILRGEN VON HAGEN AND BORIS HOFMANN 181 COMMENTARY JACK SELODY R 207 PIERRE L. SIKLOS 209 7 OBSERVATIONS ON DISINFLATION IN TRANSITION ECONOMIES PAUL WACHTEL AND IIKKA KORHONEN 215 COMMENTARY WERNER HERMANN 254 8 INFLATION AND FINANCIAL MARKET PERFORMANCE: WHAT HAVE WE LEARNED IN THE LAST TEN YEARS? JOHN BOYD AND BRUCE CHAMP 259 COMMENTARY NICOLA CETORELLI 302 PETER L. ROUSSEAU ? 307 INDEX 315 VI
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spellingShingle	Monetary policy in low-inflation economies Monetary policy Inflation (Finance) Geldpolitik (DE-588)4019902-2 gnd Inflation (DE-588)4026887-1 gnd
subject_GND	(DE-588)4019902-2 (DE-588)4026887-1 (DE-588)1071861417
title	Monetary policy in low-inflation economies
title_auth	Monetary policy in low-inflation economies
title_exact_search	Monetary policy in low-inflation economies
title_full	Monetary policy in low-inflation economies ed. by David E. Altig ; Ed Nosal
title_fullStr	Monetary policy in low-inflation economies ed. by David E. Altig ; Ed Nosal
title_full_unstemmed	Monetary policy in low-inflation economies ed. by David E. Altig ; Ed Nosal
title_short	Monetary policy in low-inflation economies
title_sort	monetary policy in low inflation economies
topic	Monetary policy Inflation (Finance) Geldpolitik (DE-588)4019902-2 gnd Inflation (DE-588)4026887-1 gnd
topic_facet	Monetary policy Inflation (Finance) Geldpolitik Inflation Konferenzschrift 2003 Cleveland Ohio
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