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E-grāmata: Modeling Monetary Economies

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  • Formāts: PDF+DRM
  • Izdošanas datums: 02-Jun-2022
  • Izdevniecība: Cambridge University Press
  • Valoda: eng
  • ISBN-13: 9781009090568
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Modeling Monetary EconomiesPalielināt
  • Formāts: PDF+DRM
  • Izdošanas datums: 02-Jun-2022
  • Izdevniecība: Cambridge University Press
  • Valoda: eng
  • ISBN-13: 9781009090568
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"Thoroughly updated and expanded with a new chapter on block chain and increased coverage of cryptocurrency, as well as new data, this established advanced undergraduate textbook approaches the subject via first principles. It builds on a simple, clear monetary model and applies this framework consistently to a variety of monetary questions. Starting with trade being mutually beneficial, the authors demonstrate that money makes people better off, and that government money competes against other means of payments, including other types of government payments. After developing each of these topics, the book tackles the issue of money competing against other stores of value, examining issues associated with trade, finance, and modern banking. From simple economies to modern economies, the authors address the role banks play in making more trade possible, concluding with the information problems plaguing modern banking"--

Recenzijas

'My students and I have enjoyed using this excellent text because of its clear presentation and use of a simple overlapping generations model to analyze fundamental issues in monetary economics. The new edition retains this approach and expands its coverage of financial stability issues and recent developments in monetary policy. This is clearly the best undergraduate text on monetary economics.' Michael Ellis, Kent State University 'Modeling Monetary Economies is the only textbook that allows undergraduates to learn important results and applications in monetary economics in a rigorous theoretical framework. The fifth edition continues this tradition with the addition of a discussion of blockchains as a monetary record-keeping system, as well as updated applications of the theory to the 20078 financial crisis and pandemic-related monetary policy.' Michael Loewy, University of South Florida 'This primer on monetary economics, written by three stalwarts in the field, is already a classic. The material covered is outstanding in its breadth and depth. Unlike other money and banking texts, this one asks more of the reader, but delivers a whole lot more. The writing is fresh and intellectually stimulating, rigorous, and yet approachable. I love this new edition and wish it continued success in its efforts to bring serious monetary economics to the reach of the curious undergraduate.' Joydeep Bhattacharya, Iowa State University 'The textbook Modeling Monetary Economies provides a rigorous treatment of money, banking, and financial intermediation within a unified framework that is accessible to advanced undergraduate students. It addresses the most fundamental questions in monetary theory - e.g., Can fiat money be valued in equilibrium? Can it coexist with interest-bearing assets? Why do banks exist? - without shortcuts. It also covers material that is relevant for today's problems, including cryptocurrencies and blockchain technologies, the design of payment systems, bank regulations, the welfare costs of inflation It is a must-read for all students interested in monetary issues.' Guillaume Rocheteau, University of California, Irvine

Papildus informācija

For advanced monetary economics and money and banking courses. A first principles approach with increased cryptocurrency coverage.
List of Figures
xvii
List of Tables
xxi
Preface 5th Edition xxiii
Part I Money
1 The Economy and the Planner's Solution
3(17)
1.1 Beginnings
4(1)
1.2 The Environment
5(1)
1.3 Preferences
6(7)
1.3.1 Future Generations
7(5)
1.3.2 The Initial Old
12(1)
1.3.3 The Never-Ending Economy
12(1)
1.4 The Economic Problem
13(4)
1.4.1 Feasible Allocations
13(2)
1.4.2 The Golden Rule Al location
15(1)
1.4.3 The Initial Old
16(1)
1.5 Summary
17(1)
1.6 Exercises
17(3)
2 Equilibrium Trade in the Economy without Money
20(13)
2.1 Decentralized Solutions
21(7)
2.1.1 A Record-Keeping Equilibrium
22(2)
2.1.2 Finding the Value of Transfers
24(2)
2.1.3 The Game and the Enforcement
26(2)
2.2 Is the Record-Keeping Equilibrium the Golden Rule?
28(1)
2.3 Blockchains and Cryptocurrencies
29(2)
2.4 Summary
31(1)
2.5 Exercises
32(1)
3 A Simple Model of Money
33(23)
3.1 The Environment
34(1)
3.2 The Economic Problem
35(1)
3.3 Decentralized Solutions
35(2)
3.3.1 Equilibrium without Money
35(1)
3.3.2 Equilibrium with Money
36(1)
3.4 Finding the Demand for Fiat Money
37(8)
3.4.1 A Person's Budget
38(2)
3.4.2 Finding Fiat Money's Return
40(3)
3.4.3 The Quantity Theory of Money
43(1)
3.4.4 The Neutrality of the Fiat Money Stock
44(1)
3.4.5 The Role of Fiat Money
44(1)
3.5 Is This Monetary Equilibrium the Golden Rule?
45(1)
3.6 A Monetary Equilibrium with a Growing Economy
46(4)
3.6.1 The Feasible Set with a Growing Population
47(1)
3.6.2 The Budget Set with a Growing Population
48(2)
3.7 Summary
50(1)
3.8 Exercises
50(3)
3.9 Appendix: Using Calculus
53(3)
3.9.1 An Example
55(1)
4 Barter and Commodity Money
56(17)
4.1 Barter and Commodity Money
56(1)
4.2 Model of Barter
57(6)
4.2.1 Direct Barter
58(3)
4.2.2 Monetary Exchange
61(2)
4.3 What Should Be Used as Money?
63(3)
4.3.1 Exchange Costs
64(2)
4.4 A Model of Commodity Money
66(4)
4.4.1 The Consumption of Gold
67(2)
4.4.2 The Inefficiency of Commodity Money
69(1)
4.5 Summary
70(1)
4.6 Exercises
70(3)
5 Inflation
73(26)
5.1 Inflation
73(1)
5.2 A Growing Supply of Fiat Money
74(10)
5.2.1 The Budget Set with Monetary Growth
76(2)
5.2.2 The Inefficiency of Inflation
78(3)
5.2.3 The Golden Rule Monetary Policy in a Growing Economy
81(1)
5.2.4 A Government Policy to Fix the Price Level
82(2)
5.3 Financing Government Purchases
84(6)
5.3.1 Is Inflation an Efficient Tax?
86(1)
5.3.2 A Nondistorting Tax
87(3)
5.4 The Limits to Seigniorage
90(4)
5.5 Summary
94(1)
5.6 Exercises
95(2)
5.7 Appendix: Equilibrium Consumption Is at the Edge of the Feasible Set
97(2)
6 International Monetary Systems
99(26)
6.1 Model of International Exchange
100(2)
6.2 Foreign Currency Controls
102(4)
6.2.1 Fixed Exchange Rates
104(1)
6.2.2 The Costs of Foreign Currency Controls
105(1)
6.3 The Indeterminacy of the Exchange Rate
106(6)
6.3.1 Exchange Rate Fluctuations
107(2)
6.3.2 International Currency Traders
109(3)
6.4 Fixing the Exchange Rate
112(9)
6.4.1 Cooperative Stabilization
112(2)
6.4.2 Unilateral Defense of the Exchange Rate
114(4)
6.4.3 Speculative Attacks on Currencies
118(1)
6.4.4 Inflationary Incentives
119(2)
6.5 The Optimal International Monetary System
121(1)
6.6 Summary
122(1)
6.7 Exercises
123(2)
7 Price Surprises
125(20)
7.1 The Data
125(2)
7.1.1 The Phillips Curve
126(1)
7.1.2 Cross-Country Comparisons
127(1)
7.2 Expectations and the Neutrality of Money
127(9)
7.2.1 The Lucas Model
128(2)
7.2.2 Nonrandom Inflation
130(3)
7.2.3 Random Monetary Policy
133(3)
7.3 The Lucas Critique of Econometric Policy Evaluation
136(1)
7.4 Optimal Policy
137(1)
7.5 Summary
138(1)
7.6 Exercises
139(1)
7.7 Appendix: A Proof by Contradiction
140(5)
Part II Capital and Banking
8 Capital
145(21)
8.1 Capital
145(3)
8.2 Return Equality
148(1)
8.3 Can Fiat Money Coexist with Another Asset?
149(2)
8.3.1 The Tobin Effect
149(2)
8.4 When Fiat Money and Other Assets Are Not Substitutes
151(3)
8.4.1 Nominal Interest Rates
151(2)
8.4.2 Anticipated Inflation and the Nominal Interest Rate
153(1)
8.4.3 Anticipated Inflation and the Real Interest Rate
153(1)
8.5 Risk
154(2)
8.6 Summary
156(1)
8.7 Exercises
157(1)
8.8 Appendix A: A Model of Private Debt
158(4)
8.8.1 Private Debt
158(1)
8.8.2 The Lender Problem
158(2)
8.8.3 The Borrower Problem
160(1)
8.8.4 Private Debt and Capital
160(2)
8.9 Appendix B: The Golden Rule Capital Stock
162(4)
9 Liquidity and Financial Intermediation
166(14)
9.1 Money as a Liquid Asset
167(4)
9.1.1 A Model of Uliquidity
168(3)
9.2 The Business of Banking
171(2)
9.2.1 A Simple Arbitrage Plan
171(1)
9.2.2 The Effect of Arbitrage on Equilibrium
171(2)
9.3 Banks as Monitors
173(4)
9.3.1 Unintermediated Investment
175(1)
9.3.2 Intermediated Investment
176(1)
9.4 Summary
177(1)
9.5 Exercises
178(2)
10 Central Banking and the Money Supply
180(19)
10.1 Legal Restrictions on Financial Intermediation
180(1)
10.2 Reserve Requirements
181(5)
10.2.1 Banks with Reserve Requirements
182(1)
10.2.2 Prices
182(1)
10.2.3 Seigniorage
183(1)
10.2.4 Capital and Output
184(1)
10.2.5 Deposits
184(1)
10.2.6 Welfare
185(1)
10.3 Central Bank Definitions of Money
186(4)
10.3.1 The Total Money Supply in Our Model
188(2)
10.4 Central Bank Lending
190(7)
10.4.1 Limited Central Bank Lending
191(3)
10.4.2 Unlimited Central Bank Lending
194(1)
10.4.3 Central Bank Lending Policies in the United States and Canada
195(1)
10.4.4 Central Bank Lending since the 2007 Financial Crisis
196(1)
10.5 Summary
197(1)
10.6 Exercises
198(1)
11 Money Stock Fluctuations
199(19)
11.1 The Correlation between Money and Output
200(2)
11.2 A Model of Currency and Deposits
202(5)
11.2.1 A Model of Inside and Outside Money
202(5)
11.3 Linking Output and the Money Multiplier
207(3)
11.3.1 Correlation or Causality?
209(1)
11.3.2 A Once-and-for-All Change in the Fiat Money Stock
209(1)
11.4 A Monetary Stabilization Policy?
210(2)
11.4.1 Another Look at Monetary Aggregates
211(1)
11.5 Anticipated Inflation and Output Revisited
212(1)
11.6 Zero Lower Bound
213(1)
11.7 Summary
214(1)
11.8 Exercises
214(2)
11.9 Appendix: The Money Supply with Reserves and Currency
216(2)
12 Fully Backed Central Bank Money
218(17)
12.1 Paying Interest on Money
219(3)
12.2 Another Look at the Quantity Theory
222(5)
12.2.1 Money and Prices: 2007-2015
226(1)
12.3 Deflation
227(1)
12.4 Currency Boards
228(3)
12.5 Summary
231(1)
12.6 Exercises
231(2)
12.7 Appendix: Price Level Indeterminacy
233(2)
13 Payment Systems
235(23)
13.1 Clearinghouses
236(2)
13.2 A Model of the Clearing of Debt
238(3)
13.2.1 Trading
239(2)
13.3 Institutions for the Clearing of Debt
241(2)
13.4 Providing Liquidity
243(4)
13.4.1 Equilibrium with an Inelastic Money Supply
244(1)
13.4.2 An Elastic Fiat Money Supply
244(1)
13.4.3 An Elastic Supply of Inside Money
245(1)
13.4.4 Fully Backed Bank Notes
246(1)
13.5 A Potential for an Inflationary Overissue of Bank Notes
247(1)
13.6 The Short-Term Interest Rate
248(3)
13.6.1 Policy Options
249(2)
13.7 Liquidity and the 2007 Financial Crisis
251(4)
13.7.1 Unconventional Monetary Policy
253(2)
13.8 Summary
255(1)
13.9 Exercises
255(1)
13.10 Appendix: A Secondary Market
256(2)
14 Bank Risk
258(20)
14.1 Demand Deposit Banking
259(3)
14.1.1 A Model of Demand Deposit Banking
259(3)
14.2 Bank Runs
262(1)
14.3 Preventing Bank Panics
263(4)
14.3.1 Interbank Lending
263(2)
14.3.2 Identifying Unnecessary Withdrawals
265(1)
14.3.3 Suspensions of Withdrawals
265(1)
14.3.4 Government Deposit Insurance
266(1)
14.4 Bank Failures
267(3)
14.5 The Moral Hazard of Deposit Insurance
270(1)
14.6 The Importance of Capital Requirements
271(3)
14.6.1 Capital Requirements for Insured Banks
271(1)
14.6.2 Closing Insolvent Banks
272(2)
14.7 Summary
274(1)
14.8 Exercises
274(2)
14.9 Appendix: Targets, Channels, and Floors
276(2)
15 Liquidity Risk and Bank Panics
278(27)
15.1 Money with Limited Communication
279(10)
15.1.1 A Model with Random Relocation
279(2)
15.1.2 The Person's Portfolio Decision
281(3)
15.1.3 Portfolio Allocation with a Bank
284(4)
15.1.4 With Only Second-Period Consumption
288(1)
15.2 Optimal Consumption Bundles
289(4)
15.2.1 Optimal Monetary Policy
292(1)
15.3 Bank Risk
293(5)
15.3.1 Regulation and Bank Panics
295(2)
15.3.2 Inelastic Currency Supply
297(1)
15.3.3 Elastic Currency Supply
298(1)
15.4 Money, Banking, and the Zero Lower Bound
298(3)
15.5 Summary
301(1)
15.6 Exercises
301(4)
Part III Government Policy
16 Deficits and the National Debt
305(21)
16.1 High-Denomination Government Debt
305(4)
16.1.1 A Model of Separated Asset Markets
307(1)
16.1.2 Introducing Government Bonds
308(1)
16.2 Continual Debt Issue
309(6)
16.2.1 Rolling Over the Debt
311(4)
16.3 The Burden of the National Debt
315(4)
16.3.1 The Government Budget Constraint
316(1)
16.3.2 The Government's Intertemporal Choice
317(2)
16.4 Open Market Operations
319(2)
16.5 Political Strategy and the National Debt
321(2)
16.6 Summary
323(1)
16.7 Exercises
324(2)
17 Savings and Investment
326(15)
17.1 The Savings Decision
326(7)
17.1.1 Wealth
328(1)
17.1.2 Present Value
328(2)
17.1.3 Wealth and Consumption
330(2)
17.1.4 Income and Saving
332(1)
17.2 The Effects of Taxes on Consumption and Savings
333(3)
17.2.1 Wealth-Neutral Tax Changes
334(1)
17.2.2 Wealth Effects
335(1)
17.3 Social Security
336(3)
17.3.1 Fully Funded Government Pensions
336(2)
17.3.2 Pay-as-You-Go Pensions
338(1)
17.4 Summary
339(1)
17.5 Exercises
340(1)
18 The Effect of the National Debt on Capital and Savings
341(19)
18.1 The National Debt and the Crowding Out of Capital
342(3)
18.1.1 Deficits and Interest Rates
344(1)
18.2 Neutral Government Debt
345(2)
18.3 Fiat Money and the Crowding Out of Capital
347(2)
18.3.1 Offsetting Wealth Transfers
348(1)
18.4 Infinitely Lived Agents
349(8)
18.4.1 A Model of Infinitely Lived People
350(1)
18.4.2 Wealth, Capital, and Interest-Bearing Government Debt
350(2)
18.4.3 Wealth, Capital, and Real Balances
352(2)
18.4.4 Parents, Bequests, and Infinite Lives
354(1)
18.4.5 A Simple Model of Parents
354(2)
18.4.6 Parents Leaving No Bequest
356(1)
18.5 Summary
357(1)
18.6 Exercises
357(3)
19 The Temptation of Inflation
360(21)
19.1 Defaulting on the Debt
360(5)
19.1.1 The Inconsistency of Default
361(2)
19.1.2 Commitment
363(1)
19.1.3 Reputation
364(1)
19.1.4 The Return on Risky Debt
364(1)
19.2 Inflation and the Nominal National Debt
365(10)
19.2.1 Unanticipated Inflation and the Real National Debt
365(1)
19.2.2 Anticipated Inflation and the Real National Debt
366(2)
19.2.3 Rational Expectations
368(1)
19.2.4 The Lucas Critique Revisited
369(2)
19.2.5 Self-Fulfilling Inflationary Expectations
371(1)
19.2.6 Hyperinflation
372(1)
19.2.7 Commitment in Monetary Policy
373(2)
19.3 The Temptation of Seigniorage
375(1)
19.4 Inflation and Private Debt
375(1)
19.5 Summary
376(1)
19.6 Exercises
377(1)
19.7 Appendix: An Activist
377(4)
References 381(7)
Index 388
Bruce Champ was a senior research economist at the Federal Reserve Bank of Cleveland, and passed away in 2013. Earlier, he taught at Virginia Polytechnic Institute, the Universities of Iowa and Western Ontario, and Fordham University, New York. Dr. Champ's research interests focused on monetary economics, and his articles have appeared in the American Economic Review, the Journal of Monetary Economics, the Canadian Journal of Economics, and the Journal of Money, Credit, and Banking, among other leading academic publications. He coauthored the first and second editions of Modeling Monetary Economies with the late Scott Freeman. Scott Freeman was a professor of Economics at the University of Texas, Austin. He taught earlier at Boston College and the University of California, Santa Barbara. He died in 2004. Professor Freeman specialized in monetary theory, and his articles appeared in the Journal of Political Economy, the American Economic Review, the Journal of Monetary Economics, and the Journal of Money, Credit, and Banking, among other eminent academic journals. Joseph H. Haslag is Professor and Kenneth Lay Chair in Economics at the University of Missouri. Professor Haslag received his PhD in Economics from Southern Methodist University, Texas in 1987. Professor Haslag spent twelve years in the Research Department at the Federal Reserve Bank of Dallas, teaching graduate and undergraduate courses at Southern Methodist University. He visited the Economics Department at Michigan State University in 2000, and the Department of Monetary Economics at Erasmus University, Rotterdam in 1994. He has published his research in such prestigious academic journals as the Journal of Monetary Economics, the Journal of Money, Credit, and Banking, the Review of Economics and Statistics, the International Economic Review, and the Review of Economic Dynamics, among other leading academic journals.
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