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baghead


Total Posts: 865
Joined: Sep 2004
 
Posted: 2016-04-27 11:50
Hi,

I am looking for recommendations for books on the academic foundations of monetary policy. Ideally, closer to real world central bank policy than just macroeconomics 305.

I trade macro for three years now and feel I have a shockingly large knowledge gap between stuff I gather from sell side research reports and El-Erian/Soros books.

any pointers much appreciated.

should I stay or should I be rocking the caspah

Tradenator


Total Posts: 1585
Joined: Sep 2006
 
Posted: 2016-04-27 12:33
Kenneth Galbraith's book on the Great Depression was good IMHO. Not a textbook, more like a narrative about events before, during and after. You can think about contemporary economics while reading that. 1928 = 2006? It probably wouldn't help you find better macro signals, though.

tbretagn


Total Posts: 251
Joined: Oct 2004
 
Posted: 2016-05-03 12:26
I'm like you, still looking for a good textbook.
But with regards to the current feeling of academia taking over, I'd read the woodford textbook. Made me understand that "the model" is the only norm.

Et meme si ce n'est pas vrai, il faut croire en l'histoire ancienne

Kitno


Total Posts: 347
Joined: Mar 2005
 
Posted: 2016-05-03 12:35
Tradenator I agree about the Great Crash. More a chronology of events and decisions.

The only thing I'd say about "it probably wouldn't help you find better macro signals" is that IIRC it has a good chart showing bond yields and the Dow. About 6 months before the Dow crash, in the spring or early summer, bond prices fall out of bed.

Salut toi, je vais au Social Club avec des amis ce soir, c'est au 142 rue Montmartre. J'ai mis ta robe préférée. Viens me trouver.

chiral3
Founding Member

Total Posts: 5022
Joined: Mar 2004
 
Posted: 2016-05-03 14:03
The best education I got on monetary policy (US, at least) was a long meeting over lunch with Vincent Reinhart when he was Chief Economist at Morgan Stanley. I am not sure about books, but discussing the federal balance sheet (the complexifiction thereof), stimulus measures, and various policies since the depression was the most enlightening experience I've had on the subject. If I recall he worked for Bernake and I think he's back in Cambridge now. Any white papers by him, if they convey any of my personal discussion, would be good.

Nonius is Satoshi Nakamoto. 物の哀れ

HankScorpio


Total Posts: 465
Joined: Mar 2007
 
Posted: 2016-05-03 15:07
He appears to have co-authored quite a few papers with his wife:

https://ideas.repec.org/e/pre75.html


Tradenator


Total Posts: 1585
Joined: Sep 2006
 
Posted: 2016-05-03 15:35
See here for Rogoff & Reinhart discussions and paper references. Seems so long ago now!

phy


Total Posts: 16
Joined: Nov 2013
 
Posted: 2016-06-02 00:16
Try these:
Carl Walsh - Monetary Theory and Policy
Jordi Gali - Monetary Policy, Inflation, and the Business Cycle
L.H. Meyer - A Term at the Fed
Alan S. Blinder - Central Banking in Theory and Practice
Bernanke - The Federal Reserve and the Financial Crisis

If you want to go deeper, try: Woodford - Interest and Prices

rickyvic


Total Posts: 117
Joined: Jul 2013
 
Posted: 2016-06-07 17:42
http://www.frbsf.org/economic-research/files/wp2015-16.pdf

see if you can find the original paper too

"amicus Plato sed magis amica Veritas"
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