Monetary Economics

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 10/27/2008
  • Publisher: Routledge
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This successful text, now in its second edition, offers the most comprehensive overview of monetary economics and monetary policy currently available. It covers the microeconomic, macroeconomic and monetary policy components of the field. Major features of the new edition include: Stylised facts on money demand and supply, and the relationships between monetary policy, inflation, output and unemployment in the economy. Theories on money demand and supply, including precautionary and buffer stock models, and monetary aggregation. Cross-country comparison of central banking and monetary policy in the US, UK and Canada, as well as consideration of the special features of developing countries. Monetary growth theory and the distinct roles of money and financial institutions in economic growth in promoting endogenous growth. This book will be of interest to teachers and students of monetary economics, money and banking, macroeconomics and monetary policy.

Table of Contents

Introduction and Heritage
The heritage of monetary economics
Money in the Economy
Money in the economy: general equilibrium analysis
The demand for money
The transactions demand for money
Portfolio selection and the speculative demand for money
Precautionary and buffer stock demand for money
Monetary aggregation
The demand function for money
The demand function for money: estimation problems, techniques and findings
Monetary Policy and Central Banking
The operating targets of monetary policy: money supply and interest rates
The central bank: goals, targets and instruments
The central bank: independence, time consistency and credibility
Monetary Policy and the Macroeconomy
The determination of aggregate demand
The classical paradigm in Macroeconomics
The Keynesian paradigm
Money, bonds and credit in macro modeling
Macro models and perspectives on the neutrality of money
Walras' law and the interaction among markets
The Rates of Interest in the Economy
The macroeconomic theory of the rate of interest
The structure of interest rates
Overlapping generations models of money
The benchmark overlapping generations model of fiat money
The OLG model: seigniorage, bonds and the neutrality of money
The OLG model of money: making it more realistic
Money and Financial Institutions in Growth Theory
Monetary Growth Theory
Table of Contents provided by Publisher. All Rights Reserved.

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