Money, payments, and liquidity / Guillaume Rocheteau and Ed Nosal.

Format:

Book

Author/Creator:

Rocheteau, Guillaume, author.

Nosal, Ed, author.

Language:

English

Subjects (All):

Liquidity (Economics).

Monetary policy.

Money.

Physical Description:

1 online resource (504 pages)

Edition:

Second edition.

Place of Publication:

Cambridge : The MIT Press, 2017.

System Details:

text file

Summary:

A new edition of a book presenting a unified framework for studying the role of money and liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity, Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liquidity, and payments by explicitly modeling the mechanics of trade and its various frictions (including search, private information, and limited commitment). Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss such topics as cashless economies; the properties of an asset that make it suitable to be used as a medium of exchange; the optimal monetary policy and the cost of inflation; the coexistence of money and credit; and the relationships among liquidity, asset prices, monetary policy; and the different measures of liquidity in over-the-counter markets. The second edition has been revised to reflect recent progress in the New Monetarist approach to payments and liquidity. Rocheteau and Nosal have added three new chapters: on unemployment and payments, on asset price dynamics and bubbles, and on crashes and recoveries in over-the-counter markets. The chapter on the role of money has been entirely rewritten, adopting a mechanism design approach. Other chapters have been revised and updated, with new material on credit economies under limited commitment, open-market operations and liquidity traps, and the limited pledgeability of assets under informational frictions.

Notes:

OCLC-licensed vendor bibliographic record.

ISBN:

9780262338479

0262338475

OCLC:

1062618553

Access Restriction:

Restricted for use by site license.