Money, payments, and liquidity

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

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...

Full description

Saved in:
Bibliographic Details
Main Authors: Rocheteau, Guillaume (Author), Nosal, Ed (Author)
Format: eBook
Language:English
Published: Cambridge : The MIT Press, 2017.
Edition:Second edition
Subjects:
Liquidity (Economics)
Monetary policy.
Money.
Monetary policy
Money
Online Access:Click for online access
Table of Contents:
  • 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
  • 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
  • 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
  • 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
  • 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

Similar Items