Foundations of Monetary Economics
Foundations of Monetary Economics

Author: Denis P. O'Brien

Publisher:

Published:

Total Pages: 345

ISBN-13: 9781851961900

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Contains key texts from the range of literature in the field, providing a valuable resource for the study of the foundations of monetary economics from writers such as Ricardo, Cantillon, Hume, Malthus, Torrens, J S Mill, Tooke, and covers the nineteenth-century debates on bullion, currency and monetary control through to monetary non- conformists.

Money, Interest and Capital
Money, Interest and Capital

Author: Colin Rogers

Publisher: Cambridge University Press

Published: 1989-05-11

Total Pages: 340

ISBN-13: 9780521359566

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The novel feature of this study is the application of Keynes' principle of effective demand to demonstrate the existence of a long-run unemployment equilibrium without the assumption of rigid wages.

Interest and Prices
Interest and Prices

Author: Michael Woodford

Publisher: Princeton University Press

Published: 2003-09-07

Total Pages: 808

ISBN-13: 9780691010496

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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.

Author:

Publisher: Odile Jacob

Published:

Total Pages: 385

ISBN-13: 2738190081

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The History of Money and Monetary Arrangements
The History of Money and Monetary Arrangements

Author: Thomas Marmefelt

Publisher: Routledge

Published: 2018-08-30

Total Pages: 279

ISBN-13: 1136728252

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Today, most money is credit money, created by commercial banks. While credit can finance innovation, excessive credit can lead to boom/bust cycles, such as the recent financial crisis. This highlights how the organization of our monetary system is crucial to stability. One way to achieve this is by separating the unit of account from the medium of exchange and in pre-modern Europe, such a separation existed. This new volume examines this idea of monetary separation and this history of monetary arrangements in the North and Baltic Seas region, from the Hanseatic League onwards. This book provides a theoretical analysis of four historical cases in the Baltic and North Seas region, with a view to examining evolution of monetary arrangements from a new monetary economics perspective. Since the objective exhange value of money (its purchasing power), reflects subjective individual valuations of commodities, the author assesses these historical cases by means of exchange rates. Using theories from new monetary economics , the book explores how the units of account and their media of exchange evolved as social conventions, and offers new insight into the separation between the two. Through this exploration, it puts forward that money is a social institution, a clearing device for the settlement of accounts, and so the value of money, or a separate unit of account, ultimately results from the size of its network of users. The History of Money and Monetary Arrangements offers a highly original new insight into monetary arrangments as an evolutionary process. It will be of great interest to an international audience of scholars and students, including those with an interest in economic history, evolutionary economics and new monetary economics.