Handbook of monetary economics. : Texte imprimé PDF
Preview Handbook of monetary economics. : Texte imprimé
HANDBOOK OF MONETARY ECONOMICS 3B VOLUME INTRODUCTION TO THE SERIES The aim of the Handbooks in Economics series is to produce Handbooks for various branches of economics, each of which is a definitive source, reference, and teaching supplement for use by professional researchers and advanced graduate students. Each Handbook provides self-contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists on various aspects of this branch of economics. These surveys summarize not only received results but also newer developments, from recent journal articles and discussion papers. Some original material is also included, but the main goal is to provide comprehensive and accessible surveys. The Handbooks are intended to provide not only useful reference volumes for professional collections but also possible supplementary readings for advanced courses for graduate students in economics. KENNETH J. ARROW and MICHAEL D. INTRILIGATOR HANDBOOK OF MONETARY ECONOMICS 3B VOLUME Edited by BENJAMIN M. FRIEDMAN MICHAEL WOODFORD Amsterdam • Boston • Heidelberg • London • New York • Oxford Paris • San Diego • San Francisco • Singapore • Sydney • Tokyo North-Holland is an imprint of Elsevier North-Holland inanimprintof Elsevier 525 BStreet,Suite1800,San Diego,CA92101-4495,USA Radarweg 29,1000AEAmsterdam,TheNetherlands Firstedition 2011 Copyright #2011ElsevierB.V.Allrightsreserved Nopartofthispublication maybereproduced, storedinaretrievalsystem ortransmitted inany form orbyanymeanselectronic,mechanical,photocopying,recordingorotherwisewithoutthepriorwritten permissionof thepublisher PermissionsmaybesoughtdirectlyfromElsevier’sScience&TechnologyRightsDepartmentinOxford, UK: phone (+44) (0) 1865 843830; fax (+44) (0) 1865 853333; email: [email protected]. AlternativelyyoucansubmityourrequestonlinebyvisitingtheElsevierwebsiteathttp://elsevier.com/ locate/permissions,andselectingObtainingpermissiontouseElseviermaterial Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. Because of rapid advances in the medicalsciences,inparticular,independentverificationof diagnosesand drugdosagesshouldbemade Library ofCongress Cataloging-in-Publication Data A catalogrecordforthisbook isavailablefromtheLibraryofCongress BritishLibrary CataloguinginPublication Data A catalogue recordforthisbookisavailablefromtheBritishLibrary ISBN Vol3B:978-0-444-53454-5 ISBN Vol3A:978-0-444-53238-1 SETISBN:978-0-444-53470-5 Forinformationonall North-Holland publications visitourwebsiteatelsevierdirect.com Printedandbound intheUSA 11 12 13 10 9 8 7 6 5 4 3 2 1 CONTENTS-VOLUME 3B Contributors xv Preface xvii Part Four: Optimal Monetary Policy 13. The Optimal Rate of Inflation 653 Stephanie Schmitt-Grohé andMartín Uribe 1. Introduction 654 2. Money Demand andtheOptimal RateofInflation 658 3. Money Demand, Fiscal PolicyandtheOptimal RateofInflation 664 4. Failure ofthe Friedman Rule Dueto UntaxedIncome:Three Examples 667 5. AForeign Demand ForDomestic CurrencyandtheOptimal RateofInflation 675 6. Sticky PricesandtheOptimal RateofInflation 684 7. TheFriedman Rule Versus Price-Stability Trade-Off 695 8. Does theZero BoundProvide a Rationale forPositiveInflation Targets? 701 9. Downward Nominal Rigidity 704 10. Quality BiasandtheOptimal RateofInflation 706 11. Conclusion 715 References 720 14. Optimal Monetary Stabilization Policy 723 MichaelWoodford 1. Introduction 724 2. Optimal Policyin aCanonical NewKeynesian Model 726 3. Stabilization andWelfare 759 4. Generalizations ofthe BasicModel 790 5. Research Agenda 818 References 826 15. Simple and Robust Rules for Monetary Policy 829 John B. Taylor andJohn C. Williams 1. Introduction 830 2. Historical Background 830 3. Using Models toEvaluate Simple PolicyRules 833 v vi Contents-Volume3B 4. Robustness ofPolicyRules 844 5. Optimal PolicyVersusSimple Rules 850 6. Learning from Experience Before, During andaftertheGreat Moderation 852 7. Conclusion 855 References 856 16. Optimal Monetary Policy in Open Economies 861 Giancarlo Corsetti, Luca Dedola, and SylvainLeduc 1. Introduction andOverview 862 2. Part I:Optimal Stabilization PolicyandInternational RelativePrices with Frictionless AssetMarkets 869 3. ABaseline MonetaryModel ofMacroeconomic Interdependence 870 4. TheClassical View:Divine Coincidence in OpenEconomies 886 5. Skepticism on theClassicalView: LocalCurrency Price Stability ofImports 894 6. Deviations fromPolicyCooperation andConcerns with “Competitive Devaluations” 909 7. Part II: CurrencyMisalignments and Cross-Country Demand Imbalances 915 8. Macroeconomic InterdependenceUnderAsset Market Imperfections 915 9. Conclusions 928 References 929 Part Five: Constraints on Monetary Policy 17. The Interaction Between Monetary and Fiscal Policy 935 MatthewCanzoneri, RobertCumby, andBehzadDiba 1. Introduction 936 2. Positive TheoryofPrice Stability 937 3. Normative Theory ofPrice Stability: IsPrice Stability Optimal? 973 References 995 18. The Politics of Monetary Policy 1001 Alberto Alesinaand AndreaStella 1. Introduction 1002 2. Rules VersusDiscretion 1003 3. Central Bank Independence 1013 4. Political BusinessCycles 1027 5. Currency Unions 1034 6. TheEuro 1041 7. Conclusion 1046 References 1050 Contents-Volume3B vii 19. Inflation Expectations, Adaptive Learning and Optimal Monetary Policy 1055 Vitor Gaspar, FrankSmets, and DavidVestin 1. Introduction 1056 2. Recent Developmentsin Private-Sector Inflation Expectations 1059 3. ASimple New KeynesianModel ofInflationDynamics Under Rational Expectations 1061 4. Monetary PolicyRulesAnd Stability UnderAdaptiveLearning 1065 5. Optimal MonetaryPolicyUnder AdaptiveLearning 1071 6. Some FurtherReflections 1089 7. Conclusions 1091 References 1092 20. Wanting Robustness in Macroeconomics 1097 Lars Peter Hansenand ThomasJ. Sargent 1. Introduction 1098 2. Knight, Savage, Ellsberg, Gilboa-Schmeidler, andFriedman 1100 3. Formalizing a TasteforRobustness 1104 4. Calibrating aTasteforRobustness 1109 5. Learning 1117 6. Robustness inAction 1133 7. Concluding Remarks 1148 References 1155 Part Six: Monetary Policy in Practice 21. Monetary Policy Regimes and Economic Performance: The Historical Record, 1979–2008 1159 Luca Benati and CharlesGoodhart 1. Introduction 1160 2. Monetary Targetry, 1979–1982 1168 3. Inflation Targets 1183 4. The“Nice Years ,” 1993–2006 1185 5. Europe and theTransitionto theEuro 1204 6. Japan 1209 7. Financial Stability and MonetaryPolicyDuring theFinancial Crisis 1216 8. Conclusions andImplications forFuture Central BankPolicies 1221 References 1231 viii Contents-Volume3B 22. Inflation Targeting 1237 Lars E.O.Svensson 1. Introduction 1238 2. History andMacroeconomic Effects 1242 3. Theory 1250 4. Practice 1275 5. Future 1286 References 1295 23. The Performance of Alternative Monetary Regimes 1303 Laurence Ball 1. Introduction 1304 2. Some Simple Evidence 1306 3. Previous Workon InflationTargeting 1313 4. TheEuro 1318 5. TheRole ofMonetaryAggregates 1325 6. Hard CurrencyPegs 1328 7. Conclusion 1332 References 1341 24. Implementation of Monetary Policy: How Do Central Banks Set Interest Rates? 1345 Benjamin M. Friedmanand Kenneth N.Kuttner 1. Introduction 1346 2. Fundamental Issues in theModeofWicksell 1353 3. TheTraditional Understandingof “Howthey dothat” 1360 4. Observed Relationships BetweenReserves andthePolicyInterest Rate 1375 5. How, Then,Do Central BanksSet Interest Rates? 1385 6. Empirical Evidenceon ReserveDemand andSupply within the Maintenance Period 1399 7. New Possibilities Foll owingthe2007–2009 Crisis 1414 8. Conclusion 1432 References 1433 25. Monetary Policy in Emerging Markets 1439 Jeffrey Frankel 1. Introduction 1441 2. Why Do WeNeedDifferent ModelsforEmerging Markets? 1443 3. Goods Markets, Pricing, andDevaluation 1445 Contents-Volume3B ix 4. Inflation 1453 5. Nominal Targets forMonetaryPolicy 1456 6. Exchange RateRegimes 1461 7. Procyclicality 1465 8. Capital Flows 1472 9. Crises in Emerging Markets 1481 10. Summary ofConclusions 1498 References 1499 Index-Volume3B I1 Index-Volume3A I41
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