Monetary Equilibrium and Nominal Income Targeting: 1st Edition (Hardback) book cover

Monetary Equilibrium and Nominal Income Targeting

1st Edition

By Nicolás Cachanosky

Routledge

120 pages | 12 B/W Illus.

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Hardback: 9781138215023
pub: 2018-07-02
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Description

This book examines the case of nominal income targeting as a monetary policy rule. In recent years the most well-known nominal income targeting rule has been NGDP (level) Targeting, associated with a group of economists referred to as market monetarists (Scott Sumner, David Beckworth, and Lars Christensen among others).

Nominal income targeting, though not new in monetary theory, was relegated in economic theory following the Keynesian revolution, up until the financial crisis of 2008, when it began to receive renewed attention. This book fills a gap in the literature available to researchers, academics, and policy makers on the benefits of nominal income targeting against alternative monetary rules.

It starts with the theoretical foundations of monetary equilibrium. With this foundation laid, it then deals with nominal income targeting as a monetary policy rule. What are the differences between NGDP Targeting and Hayek’s rule? How do these rules stand up against other monetary rules like inflation targeting, the Taylor rule, or Friedman’s k-percent?

Nominal income targeting is a rule which is better equipped to avoid monetary disequilibrium when there is no inflation. Therefore, a book that explores the theoretical foundation of nominal income targeting, comparing it with other monetary rules, using the 2008 crisis to assess it and laying out monetary policy reforms towards a nominal income targeting rule will be timely and of interest to both academics and policy makers.

Table of Contents

Introduction; Chapter 1: Free Banking and Monetary Equilibrium; Chapter 2: Nominal Income Targeting and the Productivity Norm; Chapter 3: Nominal Income Targeting and Monetary Rules; Chapter 4: Nominal Income Targeting and Monetary Disequilibrium; Chapter 5: Nominal Income Targeting as Market Outcome versus Policy Outcome; Chapter 6: The 2008 Financial Crisis; Chapter 7: Monetary Reforms Towards Nominal Income Targeting

About the Author

Nicolás Cachanosky is Assistant Professor of Economics at Metropolitan State University of Denver, USA. His main research is on monetary policy and appears in the Journal of Institutional Economics, the Quarterly Review of Economics and Finance, and in the Review of Financial Economics among others.

About the Series

Routledge International Studies in Money and Banking

This series explores the roles of money and banking in the modern world. Banking is an increasingly important and international industry, and its interaction with money is a major concern for the world's economic policy-makers.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS004000
BUSINESS & ECONOMICS / Banks & Banking
BUS010000
BUSINESS & ECONOMICS / Business Law
BUS017000
BUSINESS & ECONOMICS / Corporate Finance
BUS027020
BUSINESS & ECONOMICS / Finance / Financial Risk Management
BUS027030
BUSINESS & ECONOMICS / Finance / Wealth Management
BUS035000
BUSINESS & ECONOMICS / International / General
BUS045000
BUSINESS & ECONOMICS / Money & Monetary Policy
BUS064010
BUSINESS & ECONOMICS / Taxation / Corporate
BUS064020
BUSINESS & ECONOMICS / International / Taxation
BUS070140
BUSINESS & ECONOMICS / Industries / Financial Services
BUS079000
BUSINESS & ECONOMICS / Government & Business
BUS104000
BUSINESS & ECONOMICS / Corporate Governance