New Approaches To Monetary Theory

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New Approaches to Monetary Theory

Heiner Ganßmann
New Approaches to Monetary Theory Book PDF

Author : Heiner Ganßmann
Publisher : Routledge
Page : 291 pages
File Size : 49,9 Mb
Release : 2012-03-12
Category : Business & Economics
ISBN : 9781136820137

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New Approaches to Monetary Theory by Heiner Ganßmann Pdf

Everybody uses money every day, but we rarely stop to think about how money works. In this book, scholars from different disciplines seek to answer that question; from historians to economists, sociologists, a philosopher and a physicist. Money works as a social construction because we have mutual expectations that support its use – despite the seeming irrationality of trading valuable things or doing strenuous work for pieces of paper or numbers in accounts. Recently, there has been a revival of interest in monetary theory, not least because the impacts of globalizing markets and of new communication and information technologies have changed the forms of money. The deep crisis of the financial system has demonstrated the importance of a functioning monetary system and although renewed interest in this has led to significant contributions in various fields, it remains true that no social science discipline on its own is sufficiently equipped to explain the basic workings of monetary systems, their rapid innovation and their effects on social, economic and political structures. The contributors to this book report on their latest research on the origins of money, on the nature of monetary transactions, on money and the state, and on the role of money and finance in the recent global crisis. They show how established theories of money and the policies guided by these theories went wrong. This collection will be a valuable resource for students and researchers seeking a deeper understanding of money.

Monetary Theory and Policy

Carl E. Walsh
Monetary Theory and Policy Book PDF

Author : Carl E. Walsh
Publisher : MIT Press
Page : 636 pages
File Size : 43,6 Mb
Release : 2003
Category : Business & Economics
ISBN : 0262232316

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Monetary Theory and Policy by Carl E. Walsh Pdf

An overview of recent theoretical and policy-related developments in monetary economics.

Monetary Macroeconomics

Alvaro Cencini
Monetary Macroeconomics Book PDF

Author : Alvaro Cencini
Publisher : Routledge
Page : 240 pages
File Size : 43,8 Mb
Release : 2003-12-29
Category : Business & Economics
ISBN : 9781134645299

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Monetary Macroeconomics by Alvaro Cencini Pdf

This book provides the grounding for a new approach to monetary economics, based on the book-keeping nature of money. The main themes of macroeconomics are examined to show how we may improve our understanding through a thorough analysis of their monetary aspects. Money is the key element and its role is investigated in relation to value, prices, profits, capital and interest. Alvaro Cencini's analysis rejects the traditional, net asset definition of money, arguing that despite appearances to the contrary, money is issued by banks as a mere numerical form. It is through its association with production that it is given its positive value, purchasing power. The resulting theory elicits a new understanding of the conditions behind today's monetary disorders and prescribes new remedies to cure them once and for all.

New Approaches to Monetary Economics

William A. Barnett,Kenneth J. Singleton
New Approaches to Monetary Economics Book PDF

Author : William A. Barnett,Kenneth J. Singleton
Publisher : Cambridge University Press
Page : 0 pages
File Size : 49,7 Mb
Release : 2009-01-18
Category : Business & Economics
ISBN : 0521100496

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New Approaches to Monetary Economics by William A. Barnett,Kenneth J. Singleton Pdf

New Approaches to Monetary Economics brings together presentations of innovative research in the field of monetary economics. Much of this research develops and applies approaches to modelling financial intermediation, aggregate fluctuations, monetary aggregation and transactions-motivated monetary equilibrium. The contents of this volume comprise the proceedings of the second in a conference series entitled International Symposia in Economic Theory and Econometrics. This conference was held in 1985 at the IC2 Institute at the University of Texas at Austin. The symposia in this series are sponsored by the IC2 Institute and the RGK Foundation. New Approaches to Monetary Economics, edited by Professors William A. Barnett and Kenneth J. Singleton, consists of five parts. Part I examines transactions-motivated monetary holding in general equilibrium; Part II, financial intermediation; Part III, monetary aggregation theory, Part IV, issues in aggregate fluctuation; and Part V, theoretical issues in the foundations of monetary economics and macroeconomics.

New Contributions to Monetary Analysis

Faruk Ülgen,Ramon Tortajada,Matthieu Méaulle,Rémi Stellian
New Contributions to Monetary Analysis Book PDF

Author : Faruk Ülgen,Ramon Tortajada,Matthieu Méaulle,Rémi Stellian
Publisher : Routledge
Page : 294 pages
File Size : 46,5 Mb
Release : 2013-08-21
Category : Business & Economics
ISBN : 9781135902919

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New Contributions to Monetary Analysis by Faruk Ülgen,Ramon Tortajada,Matthieu Méaulle,Rémi Stellian Pdf

This book sheds light on some of the most recent developments in monetary analysis which offer a theoretical framework for a renewed monetary approach and related policy extensions. It points to recent research on what a consistent and broad-scope monetary theory could be based in the twenty-first century. It highlights new interpretations of monetary theory as put forth by some leading economists since the eighteenth century and new developments in the analysis of current monetary issues.

Monetary Theory and Monetary Policy

S. Frowen
Monetary Theory and Monetary Policy Book PDF

Author : S. Frowen
Publisher : Springer
Page : 395 pages
File Size : 44,5 Mb
Release : 1993-11-09
Category : Business & Economics
ISBN : 9781349230969

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Monetary Theory and Monetary Policy by S. Frowen Pdf

These new essays cover aspects of monetary theory as well as monetary policy, the prime objective being the development of intellectual tools in order to find new ways of thinking to existing and new monetary problems in an increasingly unstable world economy marked by rapid and often unexpected changes, partly caused by the disappearance of boundaries for financial transactions. By challenging the orthodox paradigms in monetary economics and generating controversy, the volume will be an essential reference point for economists, central and commercial bankers, businessmen and politicians.

Monetary Theory and Policy, fourth edition

Carl E. Walsh
Monetary Theory and Policy fourth edition Book PDF

Author : Carl E. Walsh
Publisher : MIT Press
Page : 668 pages
File Size : 45,5 Mb
Release : 2017-05-12
Category : Business & Economics
ISBN : 9780262035811

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Monetary Theory and Policy, fourth edition by Carl E. Walsh Pdf

The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates. This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach. Other new material includes discussions of price adjustment, labor market frictions and unemployment, and moral hazard frictions among financial intermediaries. References and end-of-chapter problems allow readers to extend their knowledge of the topics covered. Monetary Theory and Policy continues to be the most comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.

Monetary Theory and Policy, third edition

Carl E. Walsh
Monetary Theory and Policy third edition Book PDF

Author : Carl E. Walsh
Publisher : MIT Press
Page : 639 pages
File Size : 48,5 Mb
Release : 2010-02-12
Category : Business & Economics
ISBN : 9780262303736

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Monetary Theory and Policy, third edition by Carl E. Walsh Pdf

A new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field. This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. Monetary Theory and Policy continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.

Modern Monetary Theory and European Macroeconomics

Dirk H. Ehnts
Modern Monetary Theory and European Macroeconomics Book PDF

Author : Dirk H. Ehnts
Publisher : Routledge
Page : 239 pages
File Size : 50,5 Mb
Release : 2016-10-14
Category : Business & Economics
ISBN : 9781317224792

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Modern Monetary Theory and European Macroeconomics by Dirk H. Ehnts Pdf

This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

Modern Money Theory

L. Randall Wray
Modern Money Theory Book PDF

Author : L. Randall Wray
Publisher : Springer
Page : 322 pages
File Size : 41,5 Mb
Release : 2015-09-22
Category : Business & Economics
ISBN : 9781137539922

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Modern Money Theory by L. Randall Wray Pdf

This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

Studies in the History of Monetary Theory

David Glasner
Studies in the History of Monetary Theory Book PDF

Author : David Glasner
Publisher : Springer Nature
Page : 521 pages
File Size : 54,8 Mb
Release : 2021-11-01
Category : Business & Economics
ISBN : 9783030834265

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Studies in the History of Monetary Theory by David Glasner Pdf

This book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great Depression. The unduly neglected monetary theory of Hawtrey is examined in the context of his contemporaries Keynes and Hayek and the subsequent contributions of Friedman and of the Monetary Approach to the Balance of Payments. Studies in the History of Monetary Theory aims to highlight the misunderstandings of the quantity theory and the price-specie-flow mechanism and to explain their unfortunate consequences for the subsequent development of monetary theory. The book is relevant to researchers, students, and policymakers interested in the history of economic thought, monetary theory, and monetary policy.

Interest and Prices

Michael Woodford
Interest and Prices Book PDF

Author : Michael Woodford
Publisher : Princeton University Press
Page : 805 pages
File Size : 55,7 Mb
Release : 2011-12-12
Category : Business & Economics
ISBN : 9781400830169

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Interest and Prices by Michael Woodford Pdf

With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.

Finance Constraints and the Theory of Money

S. C. Tsiang
Finance Constraints and the Theory of Money Book PDF

Author : S. C. Tsiang
Publisher : Academic Press
Page : 416 pages
File Size : 50,5 Mb
Release : 2014-05-10
Category : Business & Economics
ISBN : 9781483276083

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Finance Constraints and the Theory of Money by S. C. Tsiang Pdf

Finance Constraints and the Theory of Money: Selected Papers gathers together the work of S. C. Tsiang, one of the most cogent critics of the Keynesian stock approach to money in all its forms and one of the foremost champions of the flow approach. Tsiang's papers focus on finance constraints and the theory of money, tackling topics such as the role of money in trade-balance stability and the monetary theoretic foundation of the modern monetary approach to the balance of payments, as well as the diffusion of reserves and the money supply multiplier. Comprised of 17 chapters, this volume begins by providing a background to the development of Tsiang's thinking on monetary theory and why he objected to the Keynesian stock equilibrium approach to money. The reader is then introduced to speculation and income stability; misconceptions in monetary theory and their influences on financial and banking practices; and liquidity preference in general equilibrium analysis. Subsequent chapters deal with the optimum supply of money; the total inadequacy of "Keynesian" balance of payments theory; and the rationale of the mean-standard deviation analysis, skewness preference, and the demand for money. This book will be a useful resource for practitioners interested in economic theory, econometrics, and mathematical economics.

Money: Theory and Practice

Jin Cao,Gerhard Illing
Money Theory and Practice Book PDF

Author : Jin Cao,Gerhard Illing
Publisher : Springer Nature
Page : 412 pages
File Size : 51,7 Mb
Release : 2019-12-07
Category : Business & Economics
ISBN : 9783030196974

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Money: Theory and Practice by Jin Cao,Gerhard Illing Pdf

This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors’ and intermediaries’ own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation.

Monetary Policy Rule in Theory and Practice

Nicolas Barbaroux
Monetary Policy Rule in Theory and Practice Book PDF

Author : Nicolas Barbaroux
Publisher : Routledge
Page : 246 pages
File Size : 44,7 Mb
Release : 2013-08-21
Category : Business & Economics
ISBN : 9781135067946

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Monetary Policy Rule in Theory and Practice by Nicolas Barbaroux Pdf

This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.