Overview

This book comprehensively studies the critical role that financial frictions, and credit market imperfections in particular, play in macroeconomic models, and how they affect the effectiveness of monetary and macroprudential policies. To that effect, the book offers numerous insights into the specification and use of these models, ranging from static to dynamic stochastic general equilibrium (DSGE) and endogenous growth models. Through a blend of theoretical insights and practical applications, readers will also learn to analyze how monetary and macroprudential policies interact, and how they can be used jointly to promote macro-financial stability and contribute to social welfare. Updated with the latest developments, this edition provides fresh perspectives on a range of topics, including international macroprudential policy coordination. Addressing a broad audience of researchers, professional macroeconomists, graduate and advanced undergraduate students, this book equips readers with the technical foundations and policy insights necessary for a deep understanding of the role of monetary policy and financial regulation.

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9783032016720

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Author Information

Pierre-Richard Agénor is the Hallsworth Professor of International Macroeconomics and Development Economics at the University of Manchester, United Kingdom. He has published numerous articles in leading professional journals and made contributions to a wide range of fields and topics in economics, including international macroeconomics, development economics, growth theory, labor economics, financial regulation, gender equality, and poverty reduction. He is the author of several books, including The Economics of Adjustment and Growth (Harvard University Press), Public Capital, Growth and Welfare (Princeton University Press), and Development Macroeconomics (with P. J. Montiel, Princeton University Press).

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