Money, payments, and liquidity / Guillaume Rocheteau and Ed Nosal.
2017
HG178 .N68 2017eb
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Details
Title
Money, payments, and liquidity / Guillaume Rocheteau and Ed Nosal.
Edition
Second edition
ISBN
9780262338479 (electronic bk.)
0262338475 (electronic bk.)
9780262035804
0262338475 (electronic bk.)
9780262035804
Published
Cambridge : The MIT Press, 2017.
Language
English
Description
1 online resource (504 pages)
Call Number
HG178 .N68 2017eb
Dewey Decimal Classification
339.5/3
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.
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Access limited to authorized users.
Source of Description
OCLC-licensed vendor bibliographic record.
Added Author
Nosal, Ed, author.
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