Money, Payments, and Liquidity, second edition - Couverture souple

Rocheteau, Guillaume; Nosal, Ed

Couverture souple

ISBN 10 : 0262533278 ISBN 13 : 9780262533270

Editeur : The MIT Press, 2017

Synopsis

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.

A propos du livre

À propos de l'auteur

Guillaume Rocheteau is Professor of Economics at the University of California, Irvine.

Ed Nosal is Vice President and Senior Research Advisor at the Federal Reserve Bank of Chicago.

Détails de l'édition

• Éditeur: The MIT Press
• Date d'édition: 2017
• Langue: anglais
• ISBN 10: 0262533278
• ISBN 13: 9780262533270
• Reliure: Broché
• Numéro d'édition: 2
• Nombre de pages: 504
• Coordonnées du fabricant: non disponible
• Personne responsable: gpsr@libri.de; gpsr@libri.de; ; Friedensallee 273; Hamburg; 22763; Allemagne