Frontmatter -- Dedication -- Contents -- Preface -- Part I: Currency and Money -- Introduction -- 1. The Value of Currency -- 2. Cash as a Medium of Exchange -- 3. Central Bank Digital Currency -- 4. Private Money -- Part II: Stabilization Policies -- Introduction -- 5. The Benchmark New Keynesian Model -- 6. An AS-AD Graphical Analysis -- 7. Inflation Targeting as an Optimal Policy -- 8. NK Model with a Banking Sector -- Part III. Crisis Models -- Introduction -- 9. Liquidity Trap -- 10. Deleveraging and Credit Crunch -- 11. Shortage of "Safe Assets" -- Part IV: Inflation -- Introduction -- 12. The Inflation-Unemployment Trade-Off -- 13. Hyperinflation -- Part V: Conclusion -- 14. The Future of Monetary Policy -- Part VI: Appendix -- Appendix to Chapter 1 -- Appendix to Chapter 2 -- Appendix to Chapter 3 -- Appendix to Chapter 5 -- Appendix to Chapter 7 -- Appendix to Chapter 8 -- Bibliography -- Index

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

A unified framework for understanding monetary policy, including recent unprecedented interventions by central banksOver 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.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.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.

Mode of access: Internet via World Wide Web.

Pierpaolo Benigno holds the Chair of Monetary Macroeconomics at the Institute of Economics of the University of Bern, where he is deputy head of the Department of Economics.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed March 03 2026)