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Money payments and liquidity

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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.OCLC-licensed vendor bibliographic record.

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Detail Information

Series Title

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Call Number

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Publisher

: The MIT Press., 2017

Collation

1 online resource (504 pages)

Language

English

ISBN/ISSN

9780262338479

Classification

NONE

Content Type

text

Media Type

computer

Carrier Type

online resource

Edition

Second edition

Subject(s)

Money.
Monetary policy.
Liquidity (Economics)

Specific Detail Info

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Statement of Responsibility

Guillaume Rocheteau and Ed Nosal.

Other Information

Cataloger

Angga

Source

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Validator

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Digital Object Identifier (DOI)

https://direct.mit.edu/books/monograph/3118/Money-Payments-and-Liquidity

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