Alberto Martin's WebpageMonetary Economics: Theories, Evidence and Policy, Second Edition provides basic introduction to various aspects of monetary economics. The first chapter tackles the functions, advantages, and definitions of money. Chapter 2 deals with the monetary transmission mechanism. Chapter 3 discusses the demand for money, while Chapter 4 talks about the financial intermediaries and the supply of money. The book also covers the classical system and the neutrality of money. The Keynesian system and monetarism are then tackled.
Monetary Theory and Policy
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Monetary policy is the policy adopted by the monetary authority of a country that controls either the interest rate payable on very short-term borrowing or the money supply , often targeting inflation or the interest rate to ensure price stability and general trust in the currency. Further goals of a monetary policy are usually to contribute to the stability of gross domestic product , to achieve and maintain low unemployment , and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy. In developed countries , monetary policy has been generally formed separately from fiscal policy , which refers to taxation , government spending , and associated borrowing. Monetary policy is referred to as being either expansionary or contractionary. Expansionary policy occurs when a monetary authority uses its tools to stimulate the economy.
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models that monetary economists have employed to address topics in theory and . A book on monetary theory and policy would be seriously incomplete if it.
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Bennett T. McCallum Carnegie-Mellon University. IncludIng photocopying, recording. Such a task is not an easy one, since recent research has empha- hsher. By proceeding in this fashion, I have found it possible to handle in a McCallum. In particular, the book is novel in its emphasis on severe p.