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The Science and Practice of Monetary Policy Today

The Deutsche Bank Prize in Financial Economics 2007

  • Book
  • © 2010

Overview

Editors:
  1. Volker Wieland

    1. Department of Economics and Business Administration, Center for Financial Studies House of Finance, Frankfurt am Main, Germany

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  • Brings together contributions by leading academics and experienced policy-makers

  • Presentation and evaluation of key elements of the New-Keynesian approach to monetary policy analysis

  • Lessons and implications for practical policy design

  • Includes supplementary material: sn.pub/extras

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-x
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  2. The New-Keynesian Approach to Understanding the Economy

    1. Michael Woodford’s Contributions to Monetary Economics

      • Bennett T. McCallum
      Pages 1-8

    2. The New-Keynesian Approach to Monetary Policy Analysis: Lessons and New Directions

      • Jordi Galí
      Pages 9-19

  3. The New-Keynesian Approach in Forecasting and Monetary Policy Design

    1. The Case for Forecast Targeting as a Monetary Policy Strategy

      • Michael Woodford
      Pages 23-40

    2. Incorporating Conjunctural Analysis in Structural Models

      • Domenico Giannone, Francesca Monti, Lucrezia Reichlin
      Pages 41-57

    3. Money in Monetary Policy Design: Monetary Cross-Checking in the New-Keynesian Model

      • Guenter W. Beck, Volker Wieland
      Pages 59-77

  4. Will Monetary Policy Become More of a Science?

    1. Will Monetary Policy Become More of a Science?

      • Frederic S. Mishkin
      Pages 81-103

  5. The Deutsche Bank Prize in Financial Economics 2007: Award Ceremony and Scientific Symposium in Honor of Michael Woodford

    1. The Award of the Deutsche Bank Prize 2007

      • Josef Ackermann
      Pages 107-109

    2. Opening Speeches at the Scientific Symposium

      • Volker Wieland
      Pages 111-112

    3. Hermann-Josef Lamberti (Deutsche Bank AG)

      Pages 113-115

    4. Summary of the Scientific Symposium “The Theory and Practice of Monetary Policy Today”

      • Celia Wieland
      Pages 117-126

  6. The Theory and Practice of Monetary Policy Today — Successes, Failures and Open Questions

    1. The Theory and Practice of Monetary Policy Today — Successes, Failures and Open Questions

      • Norbert Walter
      Pages 131-145
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Keywords

About this book

This book presents important aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision-making of central bankers today. Bridging the theory and practice of monetary policy, it provides an exposition on the key elements of the New-Keynesian approach, outlines important lessons for policymakers, and points to new directions for further research. Important policy implications of the New-Keynesian approach such as the case for forecast targeting as a strategy for monetary policy, the combination of model-based forecasts with cyclical analysis, and strategies for cross-checking model-based policy recommendations are presented in detail. The book brings together new contributions from leading scientists and experienced policymakers presented at an academic symposium on the occasion of the awarding of the Deutsche Bank Prize in Financial Economics 2007 to Professor Michael Woodford.

With contributions by: Josef Ackermann, Deutsche Bank AG; Günter Beck, Goethe University Frankfurt; Jordi Galí, Universitat Pompeu Fabra; Stefan Gerlach, Goethe University Frankfurt; Domenico Giannone, European Central Bank; Otmar Issing, Goethe University Frankfurt; Hermann-Josef Lamberti, Deutsche Bank AG; Patrick Lane, The Economist; Bennet T. McCallum, Carnegie Mellon University; Frederic Mishkin, Columbia Business School; Francesca Monti, Université Libre de Bruxelles; Lucrezia Reichlin, London Business School; Norbert Walter, Deutsche Bank AG; Celia Wieland, wieland EconConsult; Volker Wieland, Goethe University Frankfurt; Michael Woodford, Columbia University

Editors and Affiliations

  • Department of Economics and Business Administration, Center for Financial Studies House of Finance, Frankfurt am Main, Germany

    Volker Wieland

Bibliographic Information

  • Book Title: The Science and Practice of Monetary Policy Today

  • Book Subtitle: The Deutsche Bank Prize in Financial Economics 2007

  • Editors: Volker Wieland

  • DOI: https://doi.org/10.1007/978-3-642-02953-0

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Springer-Verlag Berlin Heidelberg 2010

  • Hardcover ISBN: 978-3-642-02952-3Published: 10 December 2009

  • Softcover ISBN: 978-3-662-51946-2Published: 23 August 2016

  • eBook ISBN: 978-3-642-02953-0Published: 01 December 2009

  • Edition Number: 1

  • Number of Pages: X, 145

  • Topics: Macroeconomics/Monetary Economics//Financial Economics, Finance, general

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