models based on dynamic optimization and nominal rigidities in consistent general equilibrium framework.The monetary frictions or rigidities that Walsh refers include
money-in-utility function, cash-in-advance, search model of money, informational, portfolio, and nominal rigidities, and credit frictions,which are all discussed in the book.
Another essential book on the new Keynesian monetary economics, written by one of the leading researchers in the field, is the following. This might also be useful for students and central bank economists alike.
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