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Monetary economics and policy: (Record no. 10441)

MARC details
000 -LEADER
fixed length control field	07796nam a22002057a 4500
005 - DATE AND TIME OF LATEST TRANSACTION
control field	20251027193334.0
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field	251027b \|\|\|\|\|\|\|\| \|\|\|\| 00\| 0 eng d
020 ## - INTERNATIONAL STANDARD BOOK NUMBER
International Standard Book Number	9780691262642
082 ## - DEWEY DECIMAL CLASSIFICATION NUMBER
Classification number	332.4
Item number	BEN
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name	Benigno, Pierpaolo
245 ## - TITLE STATEMENT
Title	Monetary economics and policy:
Remainder of title	a foundation for modern currency systems
260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT)
Place of publication, distribution, etc.	New Jersey
Name of publisher, distributor, etc.	Princeton University Press
Date of publication, distribution, etc.	2025
300 ## - PHYSICAL DESCRIPTION
Extent	xxi, 410 p.
365 ## - TRADE PRICE
Price type code	USD
Price amount	49.95
500 ## - GENERAL NOTE
General note	Table of contents:<br/>Preface<br/>Part I Currency and Money<br/>Introduction<br/>1 The Value of Currency<br/>1.1 Introduction<br/>1.2 Outline of the Results<br/>1.3 Model<br/>1.3.1 Consumers<br/>1.3.2 Government<br/>1.3.3 Equilibrium<br/>1.4 Determining the Value of the Currency<br/>1.4.1 The Fiscal Theory of the Price Level<br/>1.4.2 Central Bank Theory of the Price Level<br/>1.5 Holding Gold<br/>1.6 References<br/>2 Cash as a Medium of Exchange<br/>2.1 Introduction<br/>2.2 Outline of the Results<br/>2.3 Model<br/>2.3.1 Consumers<br/>2.3.2 Government<br/>2.3.3 Equilibrium<br/>2.3.4 Seigniorage<br/>2.4 Price Determination through the Interest Rate Policy<br/>2.5 Price Determination through Money Aggregates<br/>2.6 The Gold Standard<br/>2.7 Optimal Policy<br/>2.8 Cryptocurrency Competition<br/>2.8.1 Only Government Money is Used<br/>2.8.2 Both Types of Moneys are Used<br/>2.8.3 Only Private Money is Used<br/>2.8.4 Launching a Fully Backed Cryptocurrency<br/>2.9 References<br/>3 Central Bank Digital Currency<br/>3.1 Introduction<br/>3.2 Outline of the Results<br/>3.3 Model<br/>3.3.1 Consumers<br/>3.3.2 Government<br/>3.3.3 Equilibrium<br/>3.4 Price Determination<br/>3.5 Optimal Liquidity Policy<br/>3.6 References<br/>4 Private Money<br/>4.1 Introduction<br/>4.2 Outline of the Results<br/>4.3 Model<br/>4.3.1 Consumers<br/>4.3.2 Government<br/>4.3.3 Intermediaries<br/>4.3.4 Equilibrium<br/>4.4 The Supply of Public and Private Liquidity<br/>4.5 Dominant Currency<br/>4.6 References<br/>Part II Stabilization Policies<br/>Introduction<br/>5 The Benchmark New Keynesian Model<br/>5.1 Introduction<br/>5.2 Outline of the Results<br/>5.3 Model<br/>5.3.1 Households<br/>5.3.2 Firms<br/>5.3.3 Government<br/>5.4 Equilibrium with Flexible Prices<br/>5.5 Price Rigidities<br/>5.5.1 Equilibrium with Price Rigidities<br/>5.5.2 Log-linear Approximation<br/>5.6 References<br/>6 An AS-AD Graphical Analysis<br/>6.1 Introduction<br/>6.2 Outline of the Results<br/>6.3 Productivity Shock<br/>6.3.1 A Temporary Productivity Shock<br/>6.3.2 A Permanent Productivity Shock<br/>6.3.3 Optimism or Pessimism on Future Productivity<br/>6.4 Markup Shock<br/>6.5 Public Spending Shock<br/>6.6 Preference Shock<br/>6.7 Disanchoring of Price Expectations<br/>6.8 References<br/>7 Inﬂation Targeting as an Optimal Policy<br/>7.1 Introduction<br/>7.2 Outline of the Results<br/>7.3 Optimal Policy under Commitment<br/>7.4 Optimal Policy under Discretion<br/>7.5 Interest Rate Rules<br/>7.6 Optimal Inﬂation Target<br/>7.7 References<br/>8 NK Model with a Banking Sector<br/>8.1 Introduction<br/>8.2 Outline of the Results<br/>8.3 Model<br/>8.3.1 Banking Model<br/>8.3.2 Households<br/>8.3.3 Firms<br/>8.3.4 Government<br/>8.4 Equilibrium<br/>8.5 Log-linear Approximation<br/>8.6 Optimal Policy<br/>8.7 References<br/>Part III Crisis Models<br/>Introduction<br/>9 Liquidity Trap<br/>9.1 Introduction<br/>9.2 Outline of the Results<br/>9.3 Helicopter Money<br/>9.3.1 Helicopter Money Coordinated by Monetary and Fiscal Policy<br/>9.3.2 Helicopter Money by Central Bank Only<br/>9.4 Unconventional Monetary Policy<br/>9.4.1 Irrelevance of Unconventional Open Market Operations<br/>9.4.2 Relevance of Unconventional Open Market Operations<br/>9.5 Forward Guidance<br/>9.6 Managing the Central Bank’s Reserves<br/>9.7 Other Channels for Unconventional Monetary Policies<br/>9.8 References<br/>10 Deleveraging and Credit Crunch<br/>10.1 Introduction<br/>10.2 Outline of the Results<br/>10.3 Debt Deleveraging<br/>10.4 The Credit Crunch<br/>10.5 A General Framework<br/>10.6 References<br/>11 Shortage of “Safe Assets”<br/>11.1 Introduction<br/>11.2 Outline of the Results<br/>11.3 Model<br/>11.3.1 Consumers<br/>11.3.2 Financial Intermediaries<br/>11.3.3 Government<br/>11.4 Equilibrium with the Government Satiating Liquidity<br/>11.5 Equilibrium with No Frictions in the Supply of Private Safe Assets<br/>11.6 Equilibrium with Frictions in the Supply of Private Safe Assets<br/>11.7 Government Intervention<br/>11.7.1 Government Policy with a Limit on Taxes<br/>11.7.2 Regulation of Intermediaries’ Investments<br/>11.7.3 General Discussion<br/>11.8 References<br/>Part IV Inﬂation<br/>Introduction<br/>12 The Inﬂation-Unemployment Trade Oﬀ<br/>12.1 Introduction<br/>12.2 Outline of the Results<br/>12.3 Natural Rate of Unemployment<br/>12.4 Keynesian Unemployment<br/>12.5 Short-Run Non-neutralities<br/>12.6 Persistent Monetary Non-neutralities<br/>12.7 An L-Shaped New Keynesian Phillips Curve<br/>12.8 References<br/>13 Hyperinﬂation<br/>13.1 Introduction<br/>13.2 Outline of Results<br/>13.3 Deﬁcit Financing and Inﬂation<br/>13.3.1 Money-Financed Real Fiscal Deﬁcit<br/>13.3.2 Money-Financed Nominal Fiscal Deﬁcit<br/>13.3.3 … with Interest Rate Policies<br/>13.4 Some Unpleasant Monetarist Arithmetic<br/>13.4.1 Tight Money Paradox<br/>13.5 Central Bank’s Balance Sheet and Inﬂation<br/>13.6 References<br/>Part V Conclusion<br/>The Future of Monetary Policy<br/>Part VI Appendix<br/>Appendix to Chapter 1<br/>A Derivation of Equation (1.5)<br/>Appendix to Chapter 2<br/>B Derivation of Equation (2.4)<br/>Appendix to Chapter 3<br/>C Derivation of Equation (3.4)<br/>Appendix to Chapter 5<br/>D Derivation of Equations (5.3) and (5.4)<br/>E Derivation of the Log-linear Approximations of Sections 5.5.2 of Chapter 5<br/>Appendix to Chapter 7<br/>F Derivations of the Loss Function (7.1)<br/>G Conditions for Determinacy<br/>Appendix to Chapter 8<br/>H Derivations of Approximations (8.22) and (8.23).<br/>I Derivations of the Loss Function (8.27)<br/>Bibliography<br/>Index<br/><br/>[https://press.princeton.edu/books/hardcover/9780691262642/monetary-economics-and-policy?srsltid=AfmBOoobBzoBnwaJJmf6QfoNlLKQG6TBz8Z5f4KAggummrAMntcYc1fP]
520 ## - SUMMARY, ETC.
Summary, etc.	Over the past two decades, monetary policy has been deployed in unprecedented ways, as central banks attempted to mitigate the adverse consequences of the 2007–2008 financial crisis, the COVID-19 global lockdown, and recent inflationary surges. In Monetary Economics and Policy, Pierpaolo Benigno offers a new way to understand the potency and effectiveness of monetary policy, presenting a unified modeling framework to analyze policy challenges posed by both paper and digital currency systems. He investigates current theoretical and policy controversies, drawing connections with historical themes in monetary economics.<br/><br/>Benigno examines how central banks control the value of their currency amid competition from cryptocurrencies and private money-like securities; discusses the desirability of inflation targeting for macroeconomic stabilization; and explores theoretical grounds for the unconventional monetary policies seen in the recent period of zero nominal interest rates, including forward guidance, quantitative and credit easing, and helicopter money. He accompanies his analysis with an innovative visual representation of the New Keynesian model and inflation-targeting policies.<br/><br/>Benigno’s novel framework also allows the study of monetary policy normalization through quantitative tightening toward what has become the “new normal.” He discusses the optimal provision of liquidity and the different roles of the government and financial intermediaries. Finally, he recounts historical controversies regarding the inflation-unemployment trade-off to understand the 2020s inflationary surge and delves into the causes and dynamics of hyperinflations, tracing them to the subtle, ambiguous linkages between monetary and fiscal policy and weak balance-sheet conditions for the central bank.<br/><br/>(https://press.princeton.edu/books/hardcover/9780691262642/monetary-economics-and-policy?srsltid=AfmBOoobBzoBnwaJJmf6QfoNlLKQG6TBz8Z5f4KAggummrAMntcYc1fP)
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element	Future --Monetary policy
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element	Safe Assets--Government
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Koha item type	Book
Source of classification or shelving scheme	Dewey Decimal Classification

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		Dewey Decimal Classification			Finance & Accounting	390/25-26	09-10-2025	Indian Institute of Management LRC	Indian Institute of Management LRC	General Stacks	11/02/2025	T V Enterprises	2896.10		332.4 BEN	009210	11/02/2025	1	4455.54	11/02/2025	Book