THE ECONOMICS OF MONEY,BANKING, AND FINANCIAL MARKETS 20
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Contents
Transmission Mechanisms of Monetary
Policy . . . . . . . . . . . . . . . . . . . . . . . . . . 650
Discretionary versus Non-discretionary:
Conclusions . . . . . . . . . . . . . . . . . . . . . 687
FYI Real Business CycleTheory and the
Debate on Money and Economic
Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 651
Traditional Interest-Rate Channels. . . . . . . . 651
Other Asset Price Channels . . . . . . . . . . . . 654
Credit View . . . . . . . . . . . . . . . . . . . . . . . . 656
Why Are Credit Channels Likely to
Be Important? . . . . . . . . . . . . . . . . . . . . 659
Application Importance of Credibility to the
Bank of Canada s Victory over Inflation . . . 688
Application National Monetary Policy and
Differential Regional Effects . . . . . . . . . . . . 659
CHAPTER 27
Application The Subprime Recession . . . . . . 660
Lessons for Monetary Policy . . . . . . . . . . . . 660
Application Applying the Monetary Policy
Lessons to Japan . . . . . . . . . . . . . . . . . . . . . 662
Summary . . . .
Key Terms . . .
Questions . . .
Web Exercises
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663
664
664
665
CHAPTER 26
Money and Inflation . . . . . . . . . . . . . . . . . 666
Learning Objectives . . . . . . . . . . . . . . . . . .666
Preview . . . . . . . . . . . . . . . . . . . . . . . . . . . 666
Money and Inflation: Evidence . . . . . . . . . . 667
German Hyperinflation, 1921 1923. . . . . . . 667
Recent Episodes of Rapid Inflation . . . . . . . 668
Meaning of Inflation . . . . . . . . . . . . . . . . . . 668
Views of Inflation . . . . . . . . . . . . . . . . . . . . 669
How Money Growth Produces Inflation . . . 669
Can Other Factors Besides Money Growth
Produce a Sustained Inflation? . . . . . . . . 670
Summary. . . . . . . . . . . . . . . . . . . . . . . . . . 672
Origins of Inflationary Monetary Policy . . . . 673
Summary . . . .
Key Terms . . .
Questions . . .
Web Exercises
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689
689
689
690
Rational Expectations: Implications
for Policy . . . . . . . . . . . . . . . . . . . . . . . . . . 691
Learning Objectives . . . . . . . . . . . . . . . . . .691
Preview . . . . . . . . . . . . . . . . . . . . . . . . . . . 691
The Lucas Critique of Policy Evaluation . . . . 692
Econometric Policy Evaluation . . . . . . . . . . 692
Example: The Term Structure of
Interest Rates . . . . . . . . . . . . . . . . . . . . 693
New Classical Macroeconomic Model . . . . . 694
Effects of Unanticipated and Anticipated
Policy . . . . . . . . . . . . . . . . . . . . . . . . . . 694
FYI Proof of the Policy Ineffectiveness
Proposition . . . . . . . . . . . . . . . . . . . . . . . . . . 696
Can an Expansionary Policy Lead to a
Decline in Aggregate Output? . . . . . . . . 696
Implications for Policymakers. . . . . . . . . . . 697
New Keynesian Model . . . . . . . . . . . . . . . . 698
Effects of Unanticipated and Anticipated
Policy . . . . . . . . . . . . . . . . . . . . . . . . . . 699
Implications for Policymakers. . . . . . . . . . . 699
Comparison of the Two New Models with the
Traditional Model . . . . . . . . . . . . . . . . . . 701
Short-Run Output and Price Responses.
Stabilization Policy. . . . . . . . . . . . . . . .
Anti-Inflation Policies. . . . . . . . . . . . . .
Credibility in Fighting Inflation . . . . . . .
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701
703
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706
High Employment Targets and Inflation . . . 673
Budget Deficits and Inflation . . . . . . . . . . . 676
The Welfare Cost of Inflation . . . . . . . . . . . 680
Global Ending the Bolivian Hyperinflation:
Case Study of a Successful Anti-Inflation
Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . 707
Application Explaining the Rise in
Canadian Inflation, 1960 1980 . . . . . . . . . . . 680
Application Credibility and Budget Deficits . . 708
FYI Evidence on the Welfare Cost of
Inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681
The Discretionary/Nondiscretionary
Policy Debate . . . . . . . . . . . . . . . . . . . . 684
Responses to High Unemployment . . . . . . . 684
Discretionary and Non-discretionary
Positions. . . . . . . . . . . . . . . . . . . . . . . . 685
Expectations and Discretionary/
Non-discretionary Debate . . . . . . . . . . . 686
Impact of the Rational Expectations
Revolution . . . . . . . . . . . . . . . . .
Summary . . . . . . . . . . . . . . . . . . . .
Key Terms . . . . . . . . . . . . . . . . . . .
Questions . . . . . . . . . . . . . . . . . . .
Web Exercise . . . . . . . . . . . . . . . . .
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709
710
711
711
712
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . 713
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 727
