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Money, Payments, and Liquidity

Nosal, Ed; Rocheteau, Guillaume

ISBN 10: 0262016281 / ISBN 13: 9780262016285
Verlag: The MIT Press, 2011
Neu Zustand: New
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Brand New, Unread Copy in Perfect Condition. A+ Customer Service! Summary: In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide acomprehensive investigation into the economics of money and payments by explicitly modeling tradingfrictions between agents. Adopting the search-theoretic approach pioneered by Nobuhiro Kiyotaki andRandall Wright, Nosal and Rocheteau provide a logically coherent dynamic framework to examine thefrictions in the economy that make money and liquid assets play a useful role in trade. They discussthe implications of such frictions for the suitable properties of a medium of exchange, monetarypolicy, the cost of inflation, the inflation-output trade-off, the coexistence of money, credit, andhigher return assets, settlement, and liquidity.After presenting the basic environment usedthroughout the book, Nosal and Rocheteau examine pure credit and pure monetary economies, anddiscuss the role of money, different pricing mechanisms, and the properties of money. In subsequentchapters they study monetary policy, the Friedman rule in particular, and the relationship betweeninflation and output under different information structures; economies where monetary exchangecoexists with credit transactions; the coexistence of money and other assets such as anothercurrency, capital, and bonds; and a continuous-time version of the model that describesover-the-counter markets and different dimensions of liquidity (bid-ask spreads, trade volume,trading delays). Buchnummer des Verkäufers ABE_book_new_0262016281

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Bibliografische Details

Titel: Money, Payments, and Liquidity

Verlag: The MIT Press

Erscheinungsdatum: 2011