Monetary economics

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Monetary economics is a branch of economics that historically prefigured and remains integrally linked to macroeconomics.[1][2][3][4][5][6] It provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers how money, for example fiat currency, can gain acceptance purely because of its convenience as a public good.[7][8][9][10][11] It examines the effects of monetary systems, including regulation of money and associated financial institutions[12] and international aspects.[13][14][15][16]

Modern analysis has attempted to provide a more micro-based formulation of the demand for money[17][18][19][20] and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.[21][22][23][24] It has also derived and tested the implications of money as a substitute for other assets.[25][26][27][28] and as based on explicit frictions.[29][30][31]

Research areas have included:

Contents

[edit] Current state of monetary economics

Since 1990, the classical form of monetarism has been questioned because of events which many economists have interpreted as being inexplicable in monetarist terms, namely the unhinging of the money supply growth from inflation in the 1990s and the failure of pure monetary policy to stimulate the economy in the 2001-2003 period. Alan Greenspan, former chairman of the Federal Reserve, argued that the 1990s decoupling was explained by a virtuous cycle of productivity and investment on one hand, and a certain degree of "irrational exuberance" in the investment sector. Economist Robert Solow of MIT suggested that the 2001-2003 failure of the expected economic recovery should be attributed not to monetary policy failure but to the breakdown in productivity growth in crucial sectors of the economy, most particularly retail trade. He noted that five sectors produced all of the productivity gains of the 1990s, and that while the growth of retail and wholesale trade produced the smallest growth, they were by far the largest sectors of the economy experiencing net increase of productivity. "2% may be peanuts, but being the single largest sector of the economy, that's an awful lot of peanuts."

[edit] See also

[edit] Notes

  1. ^ Robert W. Dimand, 2008. "macroeconomics, origins and history of" (abstract) and "monetary economics, history of" (abstract), The New Palgrave Dictionary of Economics. 2nd Edition.
  2. ^ David Hume, 1752. "Of Money," "Of Interest," and "Of the Balance of Trade" in Essays, Moral, Political, and Literary. Reprinted in Hume, 1955, Writings on Economics, Eugene Rotwein ed., linked Table of Contents.
  3. ^ Gary S. Becker and William J. Baumol, 1952. "The Classical Monetary Theory: The Outcome of the Discussion," Economica, NS XIX, pp. 355-376.
  4. ^ Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really Was," Canadian Journal of Economics, 1(1), pp. 1-15, & Collected Scientific Papers, 1972, v. III. pp. 529-543.
  5. ^ JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories.
  6. ^ Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter Online.
  7. ^ James Tobin, 1992. “money,” The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79, and, 2008) The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press.
  8. ^ James Tobin 1961. "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987), Essays in Economics, v. 1, pp. 217-27. MIT Press.
  9. ^ Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, 66(6), pp. 467, 481-82 (press +).
  10. ^ Nobuhiro Kiyotaki and Randall Wright, 1989, "On Money as a Medium of Exchange," Journal of Political Economy 97(4), pp. 927-54.
  11. ^ Nobuhiro Kiyotaki and Randall Wright, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, 83(1), pp. 63-77.
  12. ^ J.H. Boyd, 2008. "financial intermediation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  13. ^ Robert A. Mundell, 1971. Monetary Theory: Interest, Inflation and Growth in the World Economy Goodyear. Description.
  14. ^ Bennett T. McCallum, 1996. International Monetary Economics. Oxford. Description & TOC.
  15. ^ Maurice Obstfeld and Kenneth S. Rogoff, 1996. Foundations of International Macroeconomics. MIT Press, Ch. 7-10. Description.
  16. ^ Stanley W. Black, 2008. "international monetary institutions," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  17. ^ William J. Baumol 1952. "The Transaction Demand for Cash: An Inventory Theoretic Approach," Quarterly Journal of Economics, 66(4), pp. 545–556 (press +).
  18. ^ James Tobin, 1956. "The Interest-Elasticity of Transactions Demand for Cash," Review of Economics and Statistics, 38(3), pp. 241-247 (press +). Reprinted in Tobin, Essays in Economics, v. 1, Macroeconomics, pp. 229-242.
  19. ^ James Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies 25(1), pp. 65–86 (press +).
  20. ^ Milton Friedman, 1956. “The Quantity Theory of Money: A Restatement,” in Studies in the Quantity Theory of Money, Chicago. Reprinted in The Optimum Quantity of Money, 2005), pp. 51-67.
  21. ^ Don Patinkin, 1965, 2nd ed.. Money, Interest and Prices: An Integration of Monetary and Value Theory. New York: Harper and Row. Description and 1991 evaluation by Stanley Fischer.
  22. ^ Robert W. Clower, 1987. Money and Markets. Cambridge. Description and chapter-preview.
  23. ^ David E.W. Laidler, 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description.
  24. ^ Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description and Table of Contents..
  25. ^ James Tobin, 1969. "A General Equilibrium Approach To Monetary Theory," Journal of Money, Credit and Banking, 1(1), pp. 15-29 (press +).
  26. ^ James Tobin with Stephen S. Golub, 1998. Money, Credit, and Capital. Irwin/McGraw-Hill. TOC.
  27. ^ Stephen M. Goldfeld and Daniel E. Sichel, 1990. "The Demand for Money," in Handbook of Monetary Economics, v. 1, pp. 299-356. Introduction. Elsevier.
  28. ^ Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, 47(3). International Monetary Fund. pp. 334-65 (press +).
  29. ^ Robert M. Townsend, 1980. "Models of Money with Spatially Separated Agents," in Models of Monetary Economies, ed. by J. Kareken, and N. Wallace. Federal Reserve Bank of Minneapolis.
  30. ^ Neil Wallace, 2001. "Whither Monetary Economics?," International Economic Review, 42(4), pp. 847-869.
  31. ^ Ricardo Lagos and Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, 113(3], pp. 463-84 (press +).
  32. ^ Phillip Cagan, 1965. Determinants and Effects of Changes in the Stock of Money, 1875-1960. NBER. Foreword by Milton Friedman, pp. xiii-xxviii. Table of Contents.
  33. ^ Milton Friedman and Anna Jacobson Schwartz, 1970. "Introduction," Monetary Statistics of the United States. Princeton. pp. 89-92. Rev. by Allan H. Meltzer, 1971. J of Business, 44(3), pp. 335-337.
  34. ^ William A. Barnett, 2008. "monetary aggregation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  35. ^ Paul A. Spindt, 1985. "Money Is What Money Does: Monetary Aggregation and the Equation of Exchange," Journal of Political Economy, 93(1), pp. 175-204.
  36. ^ Michael T. Belongia, 1996. "Measurement Matters: Recent Results from Monetary Economics Reexamined," Journal of Political Economy, 104(5), pp. 1065-1083.
  37. ^ Irving Fisher, 1933. "The Debt-Deflation Theory of Great Depressions," Econometrica, 1(4), pp. 337-357(press +).
  38. ^ Ben S. Bernanke, 1983. "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression," American Economic Review, 73(3), pp. 257-276.
  39. ^ Ben Bernanke and Mark Gertler, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, 79(1), pp. 14-31.
  40. ^ Mervyn King, 1994. "Debt Deflation: Theory and Evidence," European Economic Review, 38(3-4), pp. 419-445. Abstract.
  41. ^ Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, 96(2), pp. 411-416. Abstract.
  42. ^ From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
    "bubbles" by Markus K. Brunnermeier.
    "speculative bubbles" by Miguel A. Iraola and Manuel S. Santos. Abstract.
    "credit cycle" by P. Bridel. Abstract.
  43. ^ Nobuhiro Kiyotaki and John H. Moore, 1997. "Credit Cycles," Journal of Political Economy, 105(2), pp. 211-248.
  44. ^ Guillermo A. Calvo and Enrique G. Mendoza, 2000. "Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach,' American Economic Review, 90(2), pp. 59-64.
  45. ^ Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, 95(3), pp. 739-764 (press +).
  46. ^ Ben Bernanke and Mark Gertler, 1999. "Monetary Policy and Asset Price Volatility," Economic Review, Federal Reserve Bank of Kansas City, (4), pp. 17-51.
  47. ^ Ben S. Bernanke and Mark Gertler, 2001. “Should Central Banks Respond to Movements in sset Prices?” American Economic Review, 91(2), pp. 253-257.
  48. ^ Frederic S. Mishkin, 2007. "Financial Instability and Monetary Policy," Risk USA Conference.
  49. ^ Claudio E.V. Borio and William R. White, 2003. "Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes," in Monetary Policy and Uncertainty: Adapting to a Changing Economy, pp. 131-211 (press +). Federal Reserve Bank of Kansas City.
  50. ^ Otmar Issing, 2003. "Monetary and Financial Stability: Is There a Trade-off?," Monetary Stability, Financial Stability and the Business Cycle, European Central Bank Conference.
  51. ^ Joseph Stiglitz and Bruce Greenwald, 2003. Towards a New Paradigm in Monetary Economics. Cambridge. Arrow page-searchable Description and Table of Contents chapter-preview links.
  52. ^ Carmen M. Reinhart and Kenneth S. Rogoff, 2009. This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press. Description. 2008 NBER Working Paper No. 13882, "This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises"(press +).
  53. ^ 2008:4. "Kenneth Rogoff Interview," The Region, Federal Reserve Bank of Minnepolis.
  54. ^ William Poole, 2008. "How Important Is Moral Hazard?," Panel Discussion on Balancing Financial Stability, Price Stability and Macroeconomic Stability, U.S. Monetary Policy Forum.
  55. ^ Charles W. Calomiris, 2008. "banking crises," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  56. ^ Lawrence H. Officer, 2008. "Topical Insight: Bailouts," The New Palgrave Dictionary of Economics Online.
  57. ^ Takeo Hoshi and Anil K. Kashyap, 2008. "Will the U.S. Bank Recapitalization Succeed? Lessons from Japan"(press +). NBER Working Paper No. 14401.
  58. ^ Milton Friedman, [1987] 2008. "quantity theory of money." The New Palgrave Dictionary of Economics. 2nd Edition. Abstract. Arrow-page searchable preview at John Eatwell et al.(1989), Money: The New Palgrave, pp. 1-40.
  59. ^ Clark Warburton, 1966. Depression, Inflation, and Monetary Policy; Selected Papers, 1945-1953 Johns Hopkins Press. Evaluation in Anna J. Schwartz, Money in Historical Perspective, 1987.
  60. ^ Milton Friedman and Anna Jacobson Schwartz, 1963. A Monetary History of the United States, 1867-1960. Princeton. Page-searchable links to chapters on 1929-41 and 1948-60
  61. ^ Dennis L. Hoffman, Robert H. Rasche, and Margie A. Tieslau {1995. "The Stability of Long-run Money Demand in Five Industrial Countries," Journal of Monetary Economics, 35(2), pp. 317-339 Abstract.
  62. ^ Benjamin M. Friedman, 2008. "money supply," The New Palgrave Dictionary of Economics, 2nd Edition. v. 5, 745-51. Abstract.
  63. ^ Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, 71(3), pp. pp. 280-283. Briefer description.
  64. ^ Burton G. Malkiel, [1987] 2008. "term structure of interest rates," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  65. ^ Michael W. Brandt and David A. Chapman, 2008. "affine term structure models," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  66. ^ William Poole, 2005. "Understanding the Term Structure of Interest Rates," speech, New York, Money Marketeers, The Down Town Association.
  67. ^ 2004. Interest Rates and Monetary Policy. Conference, Federal Reserve Bank of San Francisco and Stanford Institute for Economic Policy Research. Summary and session links.
  68. ^ Ben S. Bernanke and Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, 9(4),1995 pp. 27-48 (press +).
  69. ^ Frederic S. Mishkin, 1996. "The Channels of Monetary Transmission: Lessons for Monetary Policy," Banque de France Bulletin Digest, No. 27, pp. 33-44 (press +).
  70. ^ Peter N. Ireland, 2008. "monetary transmission mechanism," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Pre-publication copy (press +).
  71. ^ Alan S. Blinder et al., 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Journal of Economic Literature, 46(4), pp. 910–945 Pre-publication copy(press +).
  72. ^ From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
    "monetary and fiscal policy overview" by Narayana R. Kocherlakota. Abstract.
    "fiscal and monetary policies in developing countries" by David Fielding. Abstract.
    "government budget constraint" by Eric M. Leeper and James M. Nason. Abstract.
    "currency crises" by Graciela Laura Kaminsky. Abstract.
    "currency crises models" by Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Abstract.
  73. ^ Stanley Fischer and William Easterly, 1990. "The Economics of the Government Budget Constraint," World Bank Research Observer, 5(2), pp. 127-142 (PDF, pp. 5-20 of 101).
  74. ^ Michael Woodford, 2001. "Fiscal Requirements for Price Stability," Journal of Money, Credit and Banking, 33(3), pp. 669-728.
  75. ^ Alberto Alesina and Allan Drazen, 1991. "Why Are Stabilizations Delayed?" American Economic Review, 81(5) , pp. 1170-1188 (press +).
  76. ^ Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures." American Economic Review,, 90(2), pp. 1-16. Reprinted in M. Chatterji and P. Gangopadhyay, ed., 2005, Economic Globalization in Asia, pp. 47-63.
  77. ^ Graciela L. Kaminsky and Carmen M. Reinhart, 1999. "The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems," American Economic Review, 89(3), pp. 473-500.
  78. ^ Milton Friedman, [1987] 2008. "quantity theory of money." sect. 4, The Theory of Rational Expectations, The New Palgrave Dictionary of Economics. 2nd Edition. Earlier at John Eatwell et al., 1989), Money: The New Palgrave, pp. 26-28.
  79. ^ From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
    "rational expectations" by Thomas J. Sargent. Abstract.
    "inflation expectations" by Bennett T. McCallum. Abstract.
    "inflation targeting" by Lars E.O. Svensson. Abstract and pre-publication copy.
  80. ^ Robert E. Lucas, Jr., 1972. “Expectations and the Neutrality of Money.” Journal of Economic Theory, 4(2), pp. 103-l24 (press +); 1980. "Two Illustrations of the Quantity Theory of Money," American Economic Review, 70(5), pp. 1005-1014;1995. "Monetary Neutrality,” Nobel Prize Lecture.
  81. ^ Stanley Fischer, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, 85(1), pp. 191-205 (press +).
  82. ^ Robert J. Barro, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, 86(4), pp. 549-580, reprinted in Lucas and Sargent, ed., 1981, Rational Expectations and Econometric Practice, University of Minnesota Press, pp. 585-616.
  83. ^ Clifford L. F. Attfield and Nigel W. Duck, 1983. "The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates," Journal of Money, Credit and Banking, 15(4), pp. 442-454.
  84. ^ Olivier J. Blanchard, 1990. "Why Does Money Affect Output? A Survey," in B. M. Friedman and F. H. Hahn, ed., 1990, Handbook of Monetary Economics, v. 2, ch. 15, pp. 779-835. Abstract.
  85. ^ From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
    "monetary policy, history of" by Michael D. Bordo. Abstract and pre-publication copy (press +).
    "Taylor rules," v. 8, pp. 200-04, by Athanasios Orphanides. Abstract.
    "time consistency of monetary and fiscal policy," by Paul Klein. Abstract.
    "epistemic game theory: incomplete information" by Aviad Heifetz. Abstract.
  86. ^ Finn E. Kydland and Edward C. Prescott, 1977. "Rules Rather than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, 85(3), pp. 473–92 (press +).
  87. ^ Robert J. Barro and David B. Gordon, 1983. “Rules, Discretion and Reputation in a Model of Monetary Policy,” Journal of Monetary Economics 12(1), pp. 101–21 (press +).
  88. ^ John B. Taylor, 1993. "Discretion versus Policy Rules in Practice," Carnegie-Rochester Conference Series on Public Policy, 39, pp. 195-214 (press +).
  89. ^ Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description and Table of Contents. Review by Robert Formaini (press +|.
  90. ^ Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter Online.
  91. ^ Alan S. Blinder, 1997. "What Central Bankers Could Learn from Academics — and Vice Versa," Journal of Economic Perspectives, 11(2), pp. 3-19 (press +).


[edit] References

"information cascades," by Sushil Bikhchandani, David Hirshleifer and Ivo Welch. Abstract.
"Great Depression, monetary and financial forces in" by Satyajit Chatterjee and P. Dean Corbae. Abstract.
"liquidity trap" by Gauti B. Eggertsson.
"monetary business cycles (imperfect information)" by Christian Hellwig. Abstract.
"monetary business cycle models, sticky prices and wages)" by Christopher J. Erceg. Abstract.
"monetary overhang" by Holger C. Wolf. Abstract.
"prediction markets" by Justin Woofers and Eric Tsetses.Abstract.
  • Boughton, James R., and Elmus R. Wicker, 1975. The Principles of Monetary Economics.
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[edit] External links

Retrieved from "http://en.wikipedia.org/wiki/Monetary_economics"