Money, Payments, and Liquidity, second edition
Money, Payments, and Liquidity, second edition

Author: Guillaume Rocheteau

Publisher: MIT Press

Published: 2017-05-12

Total Pages: 501

ISBN-13: 0262338483

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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.

Money, Payments, and Liquidity, second edition
Money, Payments, and Liquidity, second edition

Author: Guillaume Rocheteau

Publisher: MIT Press

Published: 2017-05-19

Total Pages: 501

ISBN-13: 0262533278

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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.

Monetary Economics
Monetary Economics

Author: David G. Pierce

Publisher: Butterworth-Heinemann

Published: 2014-05-20

Total Pages: 309

ISBN-13: 1483105857

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Monetary Economics: Theories, Evidence and Policy, Second Edition provides basic introduction to various aspects of monetary economics. The first chapter tackles the functions, advantages, and definitions of money. Chapter 2 deals with the monetary transmission mechanism. Chapter 3 discusses the demand for money, while Chapter 4 talks about the financial intermediaries and the supply of money. The book also covers the classical system and the neutrality of money. The Keynesian system and monetarism are then tackled. The text reviews the empirical evidence relating to the role of money. Other related topics covered are inflation; the balance of payments and the foreign exchange rate; and monetary policy. The book also deals with the techniques of monetary control. The last chapter discusses the U.K. post-WW2 monetary policy. The book will be of great interest to students and professionals involved in the study of monetary economics.

Market Liquidity
Market Liquidity

Author: Thierry Foucault

Publisher: Oxford University Press

Published: 2023

Total Pages: 531

ISBN-13: 0197542069

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"The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--

Market Liquidity
Market Liquidity

Author: Yakov Amihud

Publisher: Cambridge University Press

Published: 2013

Total Pages: 293

ISBN-13: 0521191769

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This book explores the effect of liquidity on asset prices, liquidity variations over time and how liquidity risk affects prices.

International Reserves and Foreign Currency Liquidity
International Reserves and Foreign Currency Liquidity

Author: International Monetary Fund. Statistics Dept.

Publisher: International Monetary Fund

Published: 2015-01-07

Total Pages: 258

ISBN-13: 1484350162

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This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.

The Rise of Digital Money
The Rise of Digital Money

Author: Mr.Tobias Adrian

Publisher: International Monetary Fund

Published: 2019-07-15

Total Pages: 20

ISBN-13: 1498324908

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This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

The Encyclopedia of Money
The Encyclopedia of Money

Author: Larry Allen

Publisher: Bloomsbury Publishing USA

Published: 2009-10-15

Total Pages: 545

ISBN-13: 1598842528

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A comprehensive introductory resource with entries covering the development of money and the functions and dysfunctions of the monetary and financial system. The original edition of The Encyclopedia of Money won widespread acclaim for explaining the function—and dysfunction—of the financial system in a language any reader could understand. Now a decade later, with a more globally integrated, market-oriented world, and with consumers trying to make sense of subprime mortgages, credit default swaps, and bank stress tests, the Encyclopedia returns in an expanded new edition. From the development of metal and paper currency to the ongoing global economic crisis, the rigorously updated The Encyclopedia of Money, Second Edition is the most authoritative, comprehensive resource on the fundamentals of money and finance available. Its 350 alphabetically organized entries—85 completely new to this edition—help readers make sense of a wide range of events, policies, and regulations by explaining their historical, political, and theoretical contexts. The new edition focuses most intently on the last two decades, highlighting the connections between the onrush of globalization, the surging stock market, and various monetary and fiscal crises of the 1990s, as well as developments, scandals, and pocketbook issues making headlines today.

The Federal Reserve System Purposes and Functions
The Federal Reserve System Purposes and Functions

Author: Board of Governors of the Federal Reserve System

Publisher:

Published: 2002

Total Pages: 0

ISBN-13: 9780894991967

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Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.