Monetary Theory and Policy
Author: Carl E. Walsh
Publisher: MIT Press
Published: 2003
Total Pages: 636
ISBN-13: 9780262232319
DOWNLOAD EBOOKAn overview of recent theoretical and policy-related developments in monetary economics.
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Modern Money Theory
Author: L. Randall Wray
Publisher: Springer
Published: 2015-09-22
Total Pages: 322
ISBN-13: 1137539925
DOWNLOAD EBOOKThis 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.
Survey of Literature on Demand for Money
Author: Mr.Subramanian S. Sriram
Publisher: International Monetary Fund
Published: 1999-05-01
Total Pages: 78
ISBN-13: 1451848544
DOWNLOAD EBOOKA stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.
Macroeconomics and Monetary Theory
Author: Harry G. Johnson
Publisher: Routledge
Published: 2017-09-08
Total Pages: 213
ISBN-13: 1351508008
DOWNLOAD EBOOKMacroeconomics is an outgrowth from the main stream of classical monetary theory following Keynes. Keynes changed the emphasis from determination of the level of money prices to determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory. The tendency of the past twenty-five years has been to reintegrate Keynesian and classical monetary theory into one general system of analysis. Moreover, as inflation has succeeded mass unemployment as a major policy problem, interest in classical monetary theory has revived, while Keynesians have increasingly' emphasized the monetary aspects of Keynesian theory. The proper contemporary distinction is not between two separate branches of economic theory, but between two areas of application or contexts of the theory of rational maximizing behavior. In the one (the microeconomic) context, it is assumed either that the overall workings of the economic system can be disregarded, or that the macroeconomic relationships are in full general equilibrium. In the other (the macroeconomic) context, it is assumed that the maximizing decisions of individual economic units (firms and households) will not necessarily add up to a macroeconomic equilibrium, but will produce a disequilibrium situation that will in the course of time produce changes in the individual decisions.
Monetary Theory and Policy from Hume and Smith to Wicksell
Author: Arie Arnon
Publisher: Cambridge University Press
Published: 2010-11-22
Total Pages: 449
ISBN-13: 113949208X
DOWNLOAD EBOOKThis book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.
John Maynard Keynes, Critical Assessment
Author: John Cunningham Wood
Publisher: Taylor & Francis
Published: 1994
Total Pages: 558
ISBN-13: 9780415114158
DOWNLOAD EBOOKKarl Brunner and Monetarism
Author: Thomas Moser
Publisher: MIT Press
Published: 2022-03-15
Total Pages: 505
ISBN-13: 0262046911
DOWNLOAD EBOOKEconomists consider the legacy of Karl Brunner’s monetarism and its influence on current debates over monetary policy. Monetarism emerged in the 1950s and 1960s as a school of economic thought that questioned certain tenets of Keynesianism. Emphasizing the monetary nature of inflation and the responsibility of central banks for price stability, monetarism held sway in the inflation-plagued 1970s, but saw its influence begin to decline in the 1980s. Although Milton Friedman is the economist most closely associated with the development of monetarism, it was Karl Brunner (1916–1989) who introduced the term into the current vocabulary of economics and shaped its meaning. In this volume, leading economists—many of them Brunner’s friends and former colleagues—consider the influence of Brunner’s monetarism on current debates over monetary policy. Some contributors were participants in debates between Keynesians and monetarists; others analyze specific aspects of monetarism as theorized by Brunner and his close collaborator Allan Meltzer, or address its influence on US and European monetary policy. Others take the opportunity to examine Brunner-Meltzer monetarism through the lens of contemporary macroeconomics and monetary models. The book grows out of a symposium that marked the 100th anniversary of Brunner’s birth. Contributors Ernst Baltensperger, Michael D. Bordo, Pierrick Clerc, Alex Cukierman, Michel De Vroey, James Forder, Benjamin M. Friedman, Kevin D. Hoover, Thomas J. Jordan, David Laidler, Allan H. Meltzer, Thomas Moser, Edward Nelson, Juan Pablo Nicolini, Charles I. Plosser, Kenneth Rogoff, Marcel Savioz, Jürgen von Hagen, Stephen Williamson
Inflation Expectations
Author: Peter J. N. Sinclair
Publisher: Routledge
Published: 2009-12-16
Total Pages: 402
ISBN-13: 1135179778
DOWNLOAD EBOOKInflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Monetarist Perspectives
Author: David E. W. Laidler
Publisher: Harvard University Press
Published: 1982
Total Pages: 236
ISBN-13: 9780674582408
DOWNLOAD EBOOKHere is a clear and thoughtful introduction to the current literature of monetary economics and macroeconomics. The book's central theme is a view of the macroeconomy in which recession and inflation are to be interpreted as the result of the economy adjusting to a discrepancy between the quantity of money supplied and the quantity of money demanded, with the latter quantity being determined by a stable aggregate demand function. The author discusses in turn the place of monetarism in macroeconomics, its implications for the interpretation of the short-run demand for money function, its relationship to equilibrium business cycle theory, the disequilibrium transmission mechanism that underlies the monetarist viewpoint, and finally its implications for the policy of âeoegradualism.âe He synthesizes a large body of theoretical and empirical literature, and his empirical observations are broadly based on the experiences of England and Australia as well as Canada and the United States. Each chapter can be read apart from the others, and Laidler has taken particular care to keep the technical level of exposition low without sacrificing much in the way of theoretical sophistication.
Monetary Theory as a Basis for Monetary Policy
Author: A. Leijonhufvud
Publisher: Springer
Published: 2016-03-11
Total Pages: 285
ISBN-13: 1403939616
DOWNLOAD EBOOKSince the inflationary 1970s, theoretical work on monetary policy has concentrated almost exclusively on price-level stabilization and the avoidance of nominal shocks. In the aftermath of the collapse of financial bubbles in various parts of the world, the accomplishments and limitations of this dominant approach are debated in this volume edited by Axel Leijonhufvud, with contributions by a number of noted monetary economists, including Nobel Laureate Robert Lucas.
