The Science and Practice of Monetary Policy Today, Softcover reprint of the original 1st ed. 2010 The Deutsche Bank Prize in Financial Economics 2007

This book presents important aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision making of central bankers today. The book brings together several new research contributions presented at the scientific symposium on the occasion of the award of the Deutsche Bank Prize in Financial Economics 2007 to Professor Michael Woodford. It provides an exposition of the key elements of the New Keynesian approach, draws out important lessons for policy makers, and points to new directions for further research. Students of monetary policy will find an accessible introduction to New Keynesian theory and up-to-date policy-relevant applications from leading academics and experienced policymakers.

The New-Keynesian Approach to Understanding the Economy.- Michael Woodford’s Contributions to Monetary Economics.- The New-Keynesian Approach to Monetary Policy Analysis: Lessons and New Directions.- The New-Keynesian Approach in Forecasting and Monetary Policy Design.- The Case for Forecast Targeting as a Monetary Policy Strategy.- Incorporating Conjunctural Analysis in Structural Models.- Money in Monetary Policy Design: Monetary Cross-Checking in the New-Keynesian Model.- Will Monetary Policy Become More of a Science?.- Will Monetary Policy Become More of a Science?.- The Deutsche Bank Prize in Financial Economics 2007: Award Ceremony and Scientific Symposium in Honor of Michael Woodford.- The Award of the Deutsche Bank Prize 2007.- Opening Speeches at the Scientific Symposium.- Hermann-Josef Lamberti (Deutsche Bank AG).- Summary of the Scientific Symposium “The Theory and Practice of Monetary Policy Today”.- The Theory and Practice of Monetary Policy Today — Successes, Failures and Open Questions.- The Theory and Practice of Monetary Policy Today — Successes, Failures and Open Questions.