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|b MIT Press
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|a Rocheteau, Guillaume,
|e author.
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|a Money, payments, and liquidity /
|c Guillaume Rocheteau and Ed Nosal.
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|a Second edition
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|a Cambridge :
|b The MIT Press,
|c 2017.
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|a 1 online resource (504 pages)
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|a text
|b txt
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|a online resource
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|a 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.
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|a Includes bibliographical references and index.
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|a Print version record.
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|a Intro; Contents; Acknowledgments; Preface to the Second Edition; General Introduction; 1 The Basic Environment; 1.1 Benchmark Model; 1.2 Variants of the Benchmark Model; 1.3 Further Readings; 2 Pure Credit Economies; 2.1 Credit with Commitment; 2.2 Credit Default; 2.3 Credit with Public Record-Keeping; 2.4 Credit Equilibria with Endogenous Debt Limits; 2.5 Dynamic Credit Equilibria; 2.6 Strategic Default in Equilibrium; 2.7 Credit with Reputation; 2.8 Further Readings; 3 Pure Currency Economies; 3.1 A Model of Divisible Money; 3.1.1 Steady-State Equilibria; 3.1.2 Nonstationary Equilibria
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|a 3.1.3 Sunspot Equilibria3.2 Alternative Bargaining Solutions; 3.2.1 Bargaining Set; 3.2.2 The Nash Solution; 3.2.3 The Proportional Solution; 3.3 Walrasian Price Taking; 3.4 Competitive Price Posting; 3.5 Further Readings; 4 The Role of Money; 4.1 A Mechanism Design Approach to Monetary Exchange; 4.2 Efficient Allocations with Indivisible Money; 4.3 Two-Sided Match Heterogeneity; 4.3.1 The Barter Economy; 4.3.2 The Monetary Economy; 4.4 Further Readings; 5 Properties of Money; 5.1 Divisibility of Money; 5.1.1 Currency Shortage; 5.1.2 Indivisible Money and Lotteries; 5.1.3 Divisible Money
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|a 5.2 Portability of Money5.3 Recognizability of Money; 5.4 Further Readings; 6 The Optimum Quantity of Money; 6.1 Optimality of the Friedman Rule; 6.2 Interest on Currency; 6.3 Friedman Rule and the First Best; 6.4 Feasibility of the Friedman Rule; 6.5 Trading Frictions and the Friedman Rule; 6.6 Distributional Effects of Monetary Policy; 6.7 The Welfare Cost of Inflation; 6.8 Further Readings; 7 Information, Monetary Policy, and the Inflation-output Trade-off; 7.1 Stochastic Money Growth; 7.2 Bargaining Under Asymmetric Information; 7.3 Equilibrium Under Asymmetric Information
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|a 7.4 The Inflation and Output Trade-Off7.5 An Alternative Information Structure; 7.6 Further Readings; 8 Money and Credit; 8.1 Dichotomy Between Money and Credit; 8.2 Money and Credit Under Limited Commitment; 8.3 Costly Record-Keeping; 8.4 Strategic Complementarities and Payments; 8.5 Credit and Reallocation of Liquidity; 8.6 Short-Term and Long-Term Partnerships; 8.7 Further Readings; 9 Firm Entry, Unemployment, and Payments; 9.1 A Model with Firms; 9.2 Firm Entry and Liquidity; 9.3 Frictional Labor Market; 9.4 Unemployment, Money, and Credit
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|a 9.5 Unemployment and Credit under Limited Commitment9.6 Further Readings; 10 Money, Negotiable Debt, and Settlement; 10.1 The Environment; 10.2 Frictionless Settlement; 10.3 Settlement and Liquidity; 10.4 Settlement and Default Risk; 10.5 Settlement and Monetary Policy; 10.6 Further Readings; 11 Money and Capital; 11.1 Linear Storage Technology; 11.2 Concave Storage Technology; 11.2.1 Nonmonetary Equilibria; 11.2.2 Monetary Equilibria; 11.3 Capital and Inflation; 11.4 A Mechanism Design Approach; 11.5 Further Readings; 12 Exchange Rates, Nominal Bonds, and Open Market Operations
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|a Liquidity (Economics)
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| 650 |
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|a Monetary policy.
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|a Money.
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|a Liquidity (Economics)
|2 fast
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| 650 |
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|a Monetary policy
|2 fast
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| 650 |
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|a Money
|2 fast
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| 700 |
1 |
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|a Nosal, Ed,
|e author.
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| 758 |
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|i has work:
|a Money, payments, and liquidity (Text)
|1 https://id.oclc.org/worldcat/entity/E39PCG7mHprTGf7vMQrdTqhFPP
|4 https://id.oclc.org/worldcat/ontology/hasWork
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| 776 |
0 |
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|i Print version:
|a Rocheteau, Guillaume.
|t Money, payments, and liquidity.
|b Second edition
|z 9780262035804
|w (DLC) 2016034551
|w (OCoLC)959033613
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| 856 |
4 |
0 |
|u https://holycross.idm.oclc.org/login?auth=cas&url=https://doi.org/10.7551/mitpress/10518.001.0001?locatt=mode:legacy
|y Click for online access
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|a MIT-D2O-Backfile-Complete
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|a 92
|b HCD
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