Monetary economics

Template:Short description Monetary economics is the branch of economics that studies the nature, role, and impact of money and monetary institutions. It provides a framework for analyzing money and its core functions—as a medium of exchange, a store of value, and a unit of account—and examines how money can achieve widespread acceptance, including through its role as a public good.^[1]Template:R/superscript

Historically, monetary economics has both prefigured and remained closely integrated with the development of macroeconomics.^[2]Template:R/superscript The field investigates the functioning and regulation of different monetary systems, the design and role of financial institutions, and the international dimensions of monetary relations such as exchange rates and global liquidity.^[3]Template:R/superscript^[4]Template:R/superscript

Central themes in monetary economics include the analysis of inflation, the role of money supply in economic activity, the design and effectiveness of monetary policy, and the relationship between money, output, and employment. Research in this area provides the theoretical foundations for central banking and informs debates on issues such as currency regimes, financial stability, and the interaction between monetary and fiscal policy.

Modern analysis has attempted to provide microfoundations for the demand for money^[5]Template:R/superscript and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.^[6] Its methods include deriving and testing the implications of money as a substitute for other assets^[7] and as based on explicit frictions.^[8]

History

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Islamic Golden Age

At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar). Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,^[9] cheques, promissory notes,^[10] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,^[11] and banking institutions for loans and deposits.^[11]

1500s to 1700s

File:MauryanCoin.JPG

Silver coin of the Maurya Empire, known as rūpyarūpa, with symbols of wheel and elephant. 3rd century BC.

File:French issued rupee in the name of Mohammed Sha 1719 1758 for Northern India trade cast in Pondicherry.jpg

The French Indies Company issued rupees in the name of Muhammad Shah (1719–1748) for Northern India trade. This was cast in Pondicherry.

In the Indian subcontinent, Sher Shah Suri (1540–1545), introduced a silver coin called a rupiya, weighing 178 grams. Its use was continued by the Mughal rulers.^[12] The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world,^[13] along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen. The term is from rūpya, a Sanskrit term for silver coin,^[14] from Sanskrit rūpa, beautiful form.^[15]

The imperial taka was officially introduced by the monetary reforms of Muhammad bin Tughluq, the emperor of the Delhi Sultanate, in 1329. It was modeled as representative money, a concept pioneered as paper money by the Mongols in China and Persia. The tanka was minted in copper and brass. Its value was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals.^[16]

Both the Kabuli rupee and the Kandahari rupee were used as currency in Afghanistan prior to 1891, when they were standardized as the Afghan rupee. The Afghan rupee, which was subdivided into 60 paisas, was replaced by the Afghan afghani in 1925.

Until the middle of the 20th century, Tibet's official currency was also known as the Tibetan rupee.^[17]

Serious interest in the concepts behind money occurred during the dramatic period of inflation in the late 15th to early 17th centuries known as the Price Revolution, during which the value of gold fell precipitously, sometimes fluctuating wildly, because of the importation of gold from the New World, primarily by Spain.Script error: No such module "Unsubst".

At the end of this period, the first modern texts on monetary economics were beginning to appear.

During the eighteenth century, the concept of banknotes became more common in Europe. David Hume referred to it as "this new invention of paper".^[18]

In 1705, John Law in Scotland published Money and Trade Considered, which examined the failure of metal-based money during the previous hundred and fifty years. He proposed replacing that system with a land bank system of paper money based on the value of real estate. He succeeded in getting this proposal implemented. However, his bank failed due to a bubble of speculation collapsing into extreme inflation; perhaps because he failed to take the lessons of the Spanish Price Revolution seriously.Script error: No such module "Unsubst".

In 1720, Isaac Gervaise wrote The System or Theory of the Trade of the World. He criticised mercantilism and state-supported credit for the inflation problems of his era.Script error: No such module "Unsubst".

Della Moneta, was published by Ferdinando Galiani in 1751, and is arguably the first modern text on economic theory. It was printed twenty-five years before Adam Smith's more famous book, The Wealth of Nations, which touched on some of the same topics. Della Moneta covered many modern monetary concepts, including the value, origin, and regulation of money. It carefully examined the possible causes for money's value to fluctuate.

The year following, 1752, Of the Balance of Trade was published by Hume. He argued that one need not worry about the import or export of goods creating a surplus or shortage of either money or goods because an excess or shortage of money will always increase or decrease demand until equilibrium is reached. In modern economic terms, this is as equilibration through the price–specie flow mechanism.

Modern Theory of money

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The foundational concept of any modern theory of money is the understanding that the value of fiat money depends upon exchange and not weight (compare with the Arrow–Debreu model).^[19]

Research areas

Traditionally, research areas in monetary economics have included:

Empirical determinants and measurement of the money supply, whether narrowly, broadly, or index-aggregated, in relation to economic activity^[20]Template:R/superscript
Empirical determinants of the demand for money.
Credit theory of money (also called debt theory of money), concerning the relationship between credit and money.
Debt deflation and balance-sheet theories, which hypothesize that over-extension of credit associated with a subsequent asset-price fall generate business fluctuations through the wealth effect on net worth.^[21]Template:R/superscript^[22]Template:R/superscript
Monetary aspects studied by central banks.^[23]Template:R/superscript
The monetary/fiscal policy relationship to macroeconomic stability^[24]Template:R/superscript
The effect of money supply growth on inflation.
The political economy of financial regulation and monetary policy^[25]Template:R/superscript
Monetary implications of the asset-price/macroeconomic relation:^[26]Template:R/superscript the quantity theory of money,^[27] monetarism,^[28] and the importance and stability of the relation between the money supply and interest rates, the price level, and nominal and real output of an economy.^[29]

Monetary impacts on interest rates and the term structure of interest rates^[30]
Lessons of monetary/financial history^[31]

Transmission mechanisms of monetary policy as to the macroeconomy^[32]Template:R/superscript
Neutrality of money vs. money illusion as to a change in the money supply, price level, or inflation on output^[33]
Tests, testability, and implications of rational-expectations theory as to changes in output or inflation from monetary policy^[34]
Monetary implications of imperfect and asymmetric information^[35] and fraudulent finance^[36]

Game theory as a modeling paradigm for monetary and financial institutions^[37]Template:R/superscript
Possible advantages of following a monetary-policy rule to avoid inefficiencies of time inconsistency from discretionary policy^[38]Template:R/superscript

Notes

↑ • James Tobin, 1992. "money," The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79 & in 2008, The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press.
   • _____, 1961. "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987, Essays in Economics, v. 1, pp. 217-27. MIT Press.
   • Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, 66(6), pp. 467, 481-82 Script error: No such module "webarchive"..
   • John Bryan, 1980. "Transaction Demand for Money and Moral Hazard," in Models of Monetary Economies, ed. J. Kareken and N.Wallace, Federal Reserve Bank of Minneapolis, pp. 233-241 Script error: No such module "webarchive". and References, pp. 305-13. Script error: No such module "webarchive".
   • Nobuhiro Kiyotaki and Randall Wright, 1989, "On Money as a Medium of Exchange," Journal of Political Economy 97(4), pp. 927 Script error: No such module "webarchive".-54.
   • _____, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, 83(1), pp. 63-77.
↑ • Robert W. Dimand, 2008. "macroeconomics, origins and history of" (abstract) Script error: No such module "webarchive". and "monetary economics, history of" (abstract) Script error: No such module "webarchive"., The New Palgrave Dictionary of Economics. 2nd Edition.
• Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, pp. 1-6 Script error: No such module "webarchive". Abstract-links version.
• JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories.
• David Hume, 1752. "Of Money," Script error: No such module "webarchive". "Of Interest," and "Of the Balance of Trade" in Essays, Moral, Political, and Literary. Reprinted in Hume, 1955, Writings on Economics, Eugene Rotwein ed., linked Table of Contents.
• Thomas Mayer, 1980. "David Hume and Monetarism," Quarterly Journal of Economics, 95(1), pp. 89-101.
• Henry Thornton, 1802. Paper Credit. Contents, pp. ix-xii, & chapter links. Script error: No such module "webarchive". Introduction by Friedrich Hayek, 1938.
• W. Stanley Jevons, 1876 [1919]. Money and the Mechanism of Exchange. Chapter-preview links.
• Carl Menger, 1892. "On the Origin of Money," Economic Journal, 2(6), pp. 239–255. Script error: No such module "webarchive".
• Knut Wicksell, [1898] 1936. Interest and Prices, tr. R.F. Kahn. Macmillan, Chapter links, pp. v-vi.
• _____, [1906] 1929. Lectures on Political Economy, v. 2: Money, tr. E. Classen, 1935. Discussed in Lionel Robbins' Introduction to v. 1: General Theory, pp. xv-xviii.
• A.C. Pigou, 1917. "The Value of Money." Quarterly Journal of Economics, 32 (1), pp. 38-65. Reprinted in part in A.C. Pigou (1924), Essays in Applied Economics, pp. 175- 204.
• Fisher, Irving, [1911] 1922, 2nd ed.. The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises
• John Maynard Keynes, 1923. A Tract on Monetary Reform. Macmillan. Reviews, 1924 & 1996 Script error: No such module "webarchive"..
• _____, 1936. The General Theory of Employment, Interest and Money. Macmillan.
• Gary S. Becker and William J. Baumol, 1952. "The Classical Monetary Theory: The Outcome of the Discussion," Economica, NS 19(76), pp. 355 Script error: No such module "webarchive".-376.
• Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really Was," Canadian Journal of Economics, 1(1), pp. 1-15, & Collected Scientific Papers, 1972, v. III. pp. 529-543.
• Robert Clower, 1969b. "What Traditional Monetary Theory Really Wasn't," Canadian Journal of Economics. 2(2), pp. 299-302.
• David E.W. Laidler, 1991. The Golden Age of the Quantity Theory: The Development of Neoclassical Monetary Economics, 1870-1914. Princeton UP. Description and review.Script error: No such module "Unsubst".Template:Cbignore
• Bennett T. McCallum, 1989. Monetary Economics: Theory and Policy. Macmillan. Preview.
↑ • J.H. Boyd, 2008. "financial intermediation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• Sudipto Bhattacharya, Anjan V. Thakor, and Arnoud W.A. Boot, 1998. "The Economics of Bank Regulation," Journal of Money, Credit, and Banking, 30(4), pp. 745-770. Script error: No such module "webarchive".
↑ • Stanley W. Black, 2008. "international monetary institutions," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Script error: No such module "webarchive".
   • Robert A. Mundell, 1971. Monetary Theory: Interest, Inflation and Growth in the World Economy. Goodyear. Description. Script error: No such module "webarchive".
   • Bennett T. McCallum, 1996. International Monetary Economics. Oxford. Description Script error: No such module "webarchive". & chapter-preview links. Script error: No such module "webarchive".
   • Maurice Obstfeld and Kenneth S. Rogoff, 1996. Foundations of International Macroeconomics. MIT Press, Ch. 8-10. Script error: No such module "webarchive". Description. Script error: No such module "webarchive".
↑ • William J. Baumol 1952. "The Transaction Demand for Cash: An Inventory Theoretic Approach," Quarterly Journal of Economics, 66(4), pp. 545–556. Script error: No such module "webarchive".
   • James Tobin, 1956. "The Interest-Elasticity of Transactions Demand for Cash," Review of Economics and Statistics, 38(3), pp. 241-247.Script error: No such module "Unsubst".Template:Cbignore Reprinted in Tobin, Essays in Economics, v. 1, Macroeconomics, pp. 229- [1] 242.
   • _____, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies 25(1), pp. 65–86. Script error: No such module "webarchive".
   • Milton Friedman, 1956. "The Quantity Theory of Money: A Restatement," in Studies in the Quantity Theory of Money, Chicago. Reprinted in The Optimum Quantity of Money, 2005), pp. 51 Script error: No such module "webarchive".-67. Script error: No such module "webarchive".
↑ • Robert Clower, 1967. "A Reconsideration of the Microfoundations of Monetary Theory," Western Economic Journal, 6(1), pp. 1-8.
   • _____, 1987. Money and Markets. Cambridge. Description Script error: No such module "webarchive". and chapter-preview. Script error: No such module "webarchive".
   • David Laidler, 1988. "Taking Money Seriously," Canadian Journal of Economics, 21(4), pp. 687–713. JSTOR 135258
   • _____, 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description. Script error: No such module "webarchive".
   • _____, 1997. "Notes on the Microfoundations of Monetary Economics," Economic Journal, 107(443), pp. 1213–1223. JSTOR 2957862
   • Don Patinkin, 1965, 2nd ed. Money, Interest and Prices: An Integration of Monetary and Value Theory. New York: Harper and Row. Introduction to 1990 MIT edition (PDF Script error: No such module "webarchive".), and 1991 evaluation Script error: No such module "webarchive". by Stanley Fischer.
   • Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description Script error: No such module "webarchive". and Table of Contents. Script error: No such module "webarchive"..
↑ • James Tobin, 1969. "A General Equilibrium Approach To Monetary Theory," Journal of Money, Credit and Banking, 1(1), pp. 15-29. Script error: No such module "webarchive".
   • _____ with Stephen S. Golub, 1998. Money, Credit, and Capital. Irwin/McGraw-Hill. TOC. Script error: No such module "webarchive".
   • Stephen M. Goldfeld and Daniel E. Sichel, 1990. "The Demand for Money," in Handbook of Monetary Economics, v. 1, pp. 299-356. Outline.Script error: No such module "Unsubst". Elsevier.
   • Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, 47(3). International Monetary Fund. pp. 334-65. Script error: No such module "webarchive".
↑ • Robert M. Townsend, 1980. "Models of Money with Spatially Separated Agents," in John H. Kareken and Neil Wallace, ed., Models of Monetary Economies pp. 265-303. Script error: No such module "webarchive". Federal Reserve Bank of Minneapolis.
• Neil Wallace, 2001. "Whither Monetary Economics?," International Economic Review, 42(4), pp. p. 847 Script error: No such module "webarchive".-869.
• Ricardo Lagos and Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, 113(3], pp. 463-84. Script error: No such module "webarchive".
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↑ • William A. Barnett, 2008. "monetary aggregation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Script error: No such module "webarchive".
   • Phillip Cagan, 1965. Determinants and Effects of Changes in the Stock of Money, 1875-1960. NBER. Foreword by Milton Friedman, pp. xiii-xxviii. Table of Contents. Script error: No such module "webarchive".
   • Milton Friedman and Anna Jacobson Schwartz, 1970. "Introduction," Monetary Statistics of the United States. Princeton. pp. 89-92. Script error: No such module "webarchive". Review, Allan H. Meltzer, 1971. J of Business, 44(3), pp. 335-337.
   • Paul A. Spindt, 1985. "Money Is What Money Does: Monetary Aggregation and the Equation of Exchange," Journal of Political Economy, 93(1), pp. 175-204.
   • Michael T. Belongia, 1996. "Measurement Matters: Recent Results from Monetary Economics Reexamined," Journal of Political Economy, 104(5), pp. 1065-1083.
↑ • Ben S. Bernanke, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, 27(1), pp. 1-28. Script error: No such module "webarchive".
   • _____, 1983. "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression," American Economic Review, 73(3), pp. 257-276. Reprinted with Bernanke, 1995 (above), in Bernanke, 2005, Essays on the Great Depression, Princeton. Description Script error: No such module "webarchive"., TOC Script error: No such module "webarchive". as ch. 1-2.
   • _____ and Mark Gertler, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, 79(1), pp. 14-31.
   • Irving Fisher, 1933. "The Debt-Deflation Theory of Great Depressions," Econometrica, 1(4), pp. 337-357. Script error: No such module "webarchive".
   • P. Bridel, 2008. "credit cycle," The New Palgrave Dictionary of Economics, 2008. 2nd Edition. Abstract. Script error: No such module "webarchive".
   • Mark Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," Journal of Money, Credit and Banking, 20(3), pp. 559-588 Script error: No such module "webarchive"..
   • Steven Gjerstad and Vernon L. Smith, 2009. "From Bubble to Depression? Script error: No such module "webarchive"." Wall Street Journal, April 6.
   • Hyman P. Minsky, 1957. "Monetary Systems and Accelerator Models,"American Economic Review, 47(6), pp. 860-883 Script error: No such module "webarchive"..
   • Steve Fazzari and Hyman Minsky, 1984. "Domestic Monetary Policy: If Not Monetarism, What?" Journal of Economic Issues, 18(1), "Economic Policy for the Eighties and Beyond," pp. 101-116. Reprinted in M. Tool, ed., 1984, An Institutionalist Guide to Economics and Public Policy, pp. 101-116.
   • Lance Taylor and Stephen A. O'Connell, 1985. "A Minsky Crisis," Quarterly Journal of Economics, 100(3, Supplement), pp. 871-885. Script error: No such module "webarchive".
   • Mervyn King, 1994. "Debt Deflation: Theory and Evidence," European Economic Review, 38(3-4), pp. 419-445. Abstract.
   • Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, 96(2), pp. 411–416. JSTOR 30034682
   • Nobuhiro Kiyotaki and John H. Moore, 1997. "Credit Cycles," Journal of Political Economy, 105(2), pp. 211–248. JSTOR 2138839
   • Guillermo A. Calvo and Enrique G. Mendoza, 2000. "Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach,' American Economic Review, 90(2), pp. 59-64.
   • Wynne Godley and Marc Lavoie, 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Palgrave MacMillan. Description & contents links Script error: No such module "webarchive". and review Script error: No such module "webarchive"..
↑ • Karl Brunner and Allan H. Meltzer, 1988. "Money and Credit in the Monetary Transmission Process," American Economic Review, 78(2), pp. 446-451.
• Edward Nelson, 2002. "Direct Effects of Base money on Aggregate Demand: Theory and Evidence," Journal of Monetary Economics, 49(4), pp. 687-708. Abstract Script error: No such module "webarchive"..J. M. Keynes, 1937. "The General Theory of Employment," Quarterly Journal of Economics, 51, (2), pp. 209-223 Script error: No such module "webarchive"..
• Anthony M. Santomero and John J. Seater, 1981. "Partial Adjustment in the Demand for Money: Theory and Empirics," American Economic Review, 71(4), pp. 566-578.
↑ • From Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, p. 1. Script error: No such module "webarchive".
• Alan S. Blinder, 1997. "What Central Bankers Could Learn from Academics — and Vice Versa," Journal of Economic Perspectives, 11(2), pp. 3-19.Script error: No such module "Unsubst".Template:Cbignore
↑ • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
         "monetary and fiscal policy overview" by Narayana R. Kocherlakota. Abstract. Script error: No such module "webarchive".
         "fiscal and monetary policies in developing countries" by David Fielding. Abstract. Script error: No such module "webarchive".
         "government budget constraint" by Eric M. Leeper and James M. Nason. Abstract. Script error: No such module "webarchive".
         "currency crises" by Graciela Laura Kaminsky. Abstract. Script error: No such module "webarchive".
         "currency crises models" by Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Abstract. Script error: No such module "webarchive".
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   • Thomas J. Sargent and Neil Wallace, 1981. "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), pp. 1-17. Script error: No such module "webarchive".
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   • Milton Friedman, 1948. "A Monetary and Fiscal Framework for Economic Stability," American Economic Review, 38(3), pp. 245-264. Script error: No such module "webarchive".
   • _____, 1959. A Program for Monetary Stability. Fordham University Press. New York. TOC chapter-preview links. Script error: No such module "webarchive".
   • Michael Woodford, 2001. "Fiscal Requirements for Price Stability," Journal of Money, Credit and Banking, 33(3), pp. 669-728.
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   • Graciela L. Kaminsky and Carmen M. Reinhart, 1999. "The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems," American Economic Review, 89(3), pp. 473-500.
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↑ • Sudipto Bhattacharya, Anjan V. Thakor, and Arnoud W.A. Boot, 1998. "The Economics of Bank Regulation," Journal of Money, Credit, and Banking, 30(4), pp. 745-770. Script error: No such module "webarchive".
   • Frederic S. Mishkin, ed., 2001. Prudential Supervision: What Works and What Doesn't, Chicago. Chapter downloads. Script error: No such module "webarchive".
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         Mathias Dewatripont, Xavier Freixas, and Richard Portes, ed., 2009. Macroeconomic Stability and Financial Regulation. Script error: No such module "webarchive".
         Thorsten Beck, Diane Coyle, Mathias Dewatripont, Xavier Freixas, and Paul Seabright, 2010. Bailing out the Banks: Reconciling Stability and Competition Script error: No such module "webarchive"., ch. 7, "Preventing Future Crises: Reforming Prudential Regulation," pp. 67-83.
   • Robert E. Hall, 1982. "Monetary Trends in The United States and The United Kingdom: A Review from The Perspective of New Developments in Monetary Economics," Journal of Economic Literature, 20(4), pp. 1552-1556. Script error: No such module "webarchive".
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   • Lawrence J. White, 1991 The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation, Oxford. Chapter-preview links. Script error: No such module "webarchive". Review Script error: No such module "webarchive". by J.H. Boyd.
   • Randall S. Kroszner and Philip E. Strahan, 1999. "What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions," Quarterly Journal of Economics, 114(4), pp. 1437-1467.fragility of financial markets,
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   • Thorsten Beck, Aslı Demirgu¨ Kunt, and Ross Levine 2006. "Bank Supervision and Corruption in Lending," Journal of Monetary Economics, 53(8), pp. 2131–2163. Abstract. Script error: No such module "webarchive".
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         Thorsten Beck, Asli Demirguc-Kunt, and Ross Levine. "Bank Concentration and Fragility: Impact and Mechanics," ch. 5, pp. 193- 231. Abstract. Script error: No such module "webarchive".
         Franklin Allen and Douglas Gale. "Systemic Risk and Regulation," ch. 7. pp. 341-368.
   • Carl E. Walsh, 2009. "Using Monetary Policy to Stabilize Economic Activity," in Financial Stability and Macroeconomic Policy, FRBKC, Aug., pp. 245-96.
   • Ben S. Bernanke, 2010. "Monetary Policy and the Housing Bubble," Script error: No such module "webarchive". American Economic Association meeting. Atlanta. January 3.
   • Frontline, 2009. "The Warning," PBS, October 20. Brooksley Born's efforts as CFTC chair (1996-1999) to regulate OTC derivatives. Transcript Script error: No such module "webarchive". and arrow-link to broadcast.
   • Charlie Rose, 2011. Paul Volcker interview, Oct 24, PBS. On current financial regulatory reform in the U.S., Europe, and Japan. Click on picture to play Script error: No such module "webarchive"..
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   • 2008:4. "Kenneth Rogoff Interview," Script error: No such module "webarchive". The Region, Federal Reserve Bank of Minneapolis.
   • Lawrence Summers, 2007. "Beware Moral Hazard Fundamentalists," Script error: No such module "webarchive". Financial Times, September 23.
   • William Poole, 2008. "How Important Is Moral Hazard?," Script error: No such module "webarchive". Panel Discussion on Balancing Financial Stability, Price Stability and Macroeconomic Stability, U.S. Monetary Policy Forum.
   • Charles W. Calomiris, 2008. "banking crises," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Script error: No such module "webarchive".
   • Lawrence H. Officer, 2008. "Topical Insight: Bailouts," Script error: No such module "webarchive". The New Palgrave Dictionary of Economics Online.
   • Takeo Hoshi and Anil K. Kashyap, 2010. "Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan," Journal of Financial Economics, 97(3), pp. 398-417. Abstract.
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↑ • Bennett T. McCallum, 2008. "Monetarism," Concise Encyclopedia of Economics, 2nd ed.
• Phillip Cagan, 1987. "monetarism," The New Palgrave: A Dictionary of Economics, v. 3, pp. 492–97. Table of Contents. Script error: No such module "webarchive". Reprinted in John Eatwell et al., 1989), Money: The New Palgrave, pp. 195 Script error: No such module "webarchive".-205.
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   • Milton Friedman and Anna Jacobson Schwartz, 1963. A Monetary History of the United States, 1867-1960. Princeton. Page-searchable links to chapters on 1929-41 Script error: No such module "webarchive". and 1948-60. Script error: No such module "webarchive".
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   • John Kenneth Galbraith, 1975. Money: Whence it Came, Where it Went, Houghton Mifflin. Template:ISBN} Extracts Script error: No such module "webarchive". and review extracts.[2][3] Script error: No such module "webarchive".
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   • Christopher L. Foote and Paul S. Willen, 2011. "subprime mortgage crisis, the," The New Palgrave Dictionary of Economics, Online Edition. Abstract. Script error: No such module "webarchive".
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   • Ben S. Bernanke and Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, 9(4), 1995 pp. 27-48. Script error: No such module "webarchive".
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↑ • Don Patinkin, 1987. "neutrality of money," The New Palgrave: A Dictionary of Economics, v. 3, pp. 639–44. Reprinted in John Eatwell et al., 1989, Money: The New Palgrave, pp. 273 - 287.
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   • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
         "rational expectations" by Thomas J. Sargent. Abstract. Script error: No such module "webarchive".
         "inflation expectations" by Bennett T. McCallum. Abstract. Script error: No such module "webarchive".
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   • Clifford L. F. Attfield and Nigel W. Duck, 1983. "The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates," Journal of Money, Credit and Banking, 15(4), pp. 442 Script error: No such module "webarchive".-454.
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       "monetary business cycles (imperfect information)" by Christian Hellwig. Abstract. Script error: No such module "webarchive".
      "bubbles" Script error: No such module "webarchive". by Markus K. Brunnermeier.
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   • Frederic S. Mishkin, 1991. "Asymmetric Information and Financial Crises: A Historical Perspective," in R. Glenn Hubbard, ed., Financial Markets and Financial Crises (description), Chicago, pp. 69-108
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   • Franklin Allen and Douglas Gale, 2000 "Financial Contagion," Journal of Political Economy, 108(1), pp. 1-33.
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   • William K. Black, 2005. The Best Way to Rob a Bank Is to Own One. Description and preview.
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   • _____, 2004. The Theory of Money and Financial Institutions, MIT Press:
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      v. 2. Description Script error: No such module "webarchive". and contents Script error: No such module "webarchive"..
      v. 3: Description Script error: No such module "webarchive"..
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↑ • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
         "monetary policy, history of" by Michael D. Bordo. Abstract Script error: No such module "webarchive". and pre-publication copy. Script error: No such module "webarchive".
         "Taylor rules," v. 8, pp. 200-04, by Athanasios Orphanides. Abstract. Script error: No such module "webarchive".
         "time consistency of monetary and fiscal policy," by Paul Klein. Abstract. Script error: No such module "webarchive".
         "epistemic game theory: incomplete information" by Aviad Heifetz. Abstract. Script error: No such module "webarchive".
   • Finn E. Kydland and Edward C. Prescott, 1977. "Rules Rather than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, 85(3), pp. 473–92. Script error: No such module "webarchive".
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   • Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description Script error: No such module "webarchive"., table of contents Script error: No such module "webarchive"., and chapter-1 ["The Return of Monetary Rules"] link. Script error: No such module "webarchive". Reviews by Robert Formaini Script error: No such module "webarchive". and Bennett T. McCallum.

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References

Handbook of Monetary Economics, Elsevier.

Friedman, Benjamin M., and Frank H. Hahn, ed., 1990. v. 1 links for description & contents and chapter-outline previews

_____, 1990. v. 2 links for description & contents and chapter-outline previews.

Friedman, Benjamin, and Michael Woodford, 2010. v. 3A & 3B links for description & and chapter abstract & TOC.

Boughton, James R., and Elmus R. Wicker, 1975. The Principles of Monetary Economics.
Brunner, Karl, and Allan H. Meltzer, 1993. Money and the Economy: Issues in Monetary Analysis, Cambridge. Description and chapter previews, pp. ix-x.
Clower, Robert W., ed., 1969. Monetary Theory: Selected Readings, Harmondsworth, Penguin.
Eden, Benjamin, 2005. A Course in Monetary Economics: Sequential Trade, Money, and Uncertainty. Description.
Gale, Douglas, 1982. Money: in Equilibrium, Cambridge University Press, Cambridge Economic Handbooks, 349 pp. Template:ISBN. Description and preview.
_____, 1983. Money: in Disequilibrium, Cambridge Economic Handbooks, 382 pp. Template:ISBN. Description and preview.
Goodhart, Charles, 1989. Money, Information and Uncertainty, 2nd Ed. MIT Press. Description and chapter titles.
Grandmont, Jean-Michel, 1985. Money and Value: A Reconsideration of Classical and Neoclassical Monetary Economics, Econometric Society Monographs, v. 5, Cambridge University Press. Template:ISBN. Description and preview .
Handa, Jagdish, 2007. Monetary Economics, 2nd ed. Routledge. Description and preview.
Harris, Laurence, 1981. Monetary Theory. New York: McGraw-Hill.
Hicks, John R., 1967. Critical Essays in Monetary Theory, Chapter preview links. Oxford.
The New Palgrave Dictionary of Finance and Money, 1992. 3 v. Description.
The New Palgrave Dictionary of Economics Online, 2008. Abstract links for "Monetary Economics" (alphabetical) and "monetary".
Rabin, Alan A., 2004. Monetary Theory MPG Books: London. Arrow-page-searchable chapter previews.
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Walsh, Carl E., 2003. Monetary Theory and Policy, 2nd ed., MIT Press. Template:ISBN. Description and chapter-preview links.
Script error: No such module "citation/CS1".

External links

Script error: No such module "Sister project links".Script error: No such module "Check for unknown parameters". Script error: No such module "Unsubst".

Journal of Money, Credit and Banking
Journal of Monetary Economics
NBER Working Papers: Links to JEL classes of abstracts or downloads for Macroeconomics and Monetary Economics, including:

(JEL: E4) Money and Interest Rates

(JEL: E5) Monetary Policy, Central Banking, and the Supply of Money and Credit

Presentation of Money, credit and finance an slideshow

What is money? A slideshow https://www.slideshare.net/MitchGreen/lesson-1-what-is-money#btnNext

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[tobin-1] • James Tobin, 1992. "money," The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79 & in 2008, The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press.
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• JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories.
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• _____, 1936. The General Theory of Employment, Interest and Money. Macmillan.
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• Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really Was," Canadian Journal of Economics, 1(1), pp. 1-15, & Collected Scientific Papers, 1972, v. III. pp. 529-543.
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• _____ and Mark Gertler, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, 79(1), pp. 14-31.
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[palgrave-38] • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
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Monetary economics

Contents

History

Islamic Golden Age

1500s to 1700s

Modern Theory of money

Research areas

See also

Notes

References

External links

Navigation menu

Monetary economics

History

Islamic Golden Age

1500s to 1700s

Modern Theory of money

Research areas

See also

Notes

References

External links

Navigation menu

Search