Monetary Economics (eBook)

THEO BALDERSTON The University of Manchester, UK WILLIAM A. BARNETT University of Kansas, USA MICHAEL BINDER University of Maryland, USA MICHAEL D. BORDO Rutgers University, USA J. H. BOYD University of Minnesota, USA PHILLIP CAGAN Professor Emeritus, Columbia University, USA CHARLES W. CALOMIRIS Columbia University, USA SATYAJIT CHATTERJEE Federal Reserve Bank of Philadelphia, USA P. DEAN CORBAE University of Texas, USA ROBERT W. DIMAND Brock University, Canada GAUTI B. EGGERTSSON Federal Reserve Bank of New York, USA CHRIS ERCEG Federal Reserve Board, Washington DC, USA BENJAMIN M. FRIEDMAN Harvard University, USA MILTON FRIEDMAN Deceased. Hoover Institution, Stanford University, USA TIMOTHY S. FUERST Bowling Green State University, USA DOUGLAS GALE New York University, USA MIKHAIL GOLOSOV Massachusetts Institute of Technology, USA CHARLES A. E. GOODHART London School of Economics, UK CHRISTIAN HELLWIG University of California Los Angeles, USA DONALD D. HESTER University of Wisconsin Madison, USA PETER N. IRELAND Boston College, USA PAUL KLEIN University of Western Ontario, Canada NARAYANA R. KOCHERLAKOTA Federal Reserve Bank of Minneapolis, USA RICARDO LAGOS New York University, USA JAMES M. NASON Federal Reserve Bank of Atlanta, USA JUAN PABLO NICOLINI Universidad Torcuato di Tella, Argentina LAWRENCE H. OFFICER University of Illinois at Chicago, USA ATHANASIOS ORPHANIDES Federal Reserve Board, Washington DC, USA DON PATINKIN Deceased. Hebrew University of Jerusalem, Israel ADAM S. POSEN Peterson Institute for International Economics WILLIAM ROBERDS Federal Reserve Bank of Atlanta, USA ARTHUR J. ROLNICK Federal Reserve Bank of Minneapolis, USA LARS E.O. SVENSSON Princeton University, USA JAMES TOBIN Deceased. Former Sterling Professor of Economics, Yale University, USA ALEH TSYVINSKI Yale Department of Economics, USA FRANÇOIS R. VELDE Federal Reserve Bank of Chicago NEIL WALLACE Pennsylvania State University, USA CARL E. WALSH University of California Santa Cruz, USA WARREN E. WEBER Federal Reserve Bank of Minneapolis RANDALL WRIGHT University of Pennsylvania, USA

Cover 1
Half Title 2
Title Page 4
Copyright Page 5
Table of Contents 6
List of Contributors 8
General Preface 10
Introduction 11
Bank of England 12
banking crises 25
central bank independence 32
commodity money 38
euro 45
European Central Bank 53
Federal Reserve System 62
fiat money 77
financial intermediation 87
free banking era 99
German hyperinflation 103
gold standard 107
government budget constraint 119
Great Depression, monetary and financial forces in 129
hyperinflation 134
inflation targeting 138
inside and outside money 143
liquidity trap 148
monetarism 157
monetary aggregation 168
monetary and fiscal policy overview 175
monetary business cycle models (sticky prices and wages) 186
monetary business cycles (imperfect information) 192
monetary economics, history of 200
monetary policy, history of 216
monetary transmission mechanism 227
money 235
money and general equilibrium 253
money supply 261
neutrality of money 273
optimal fiscal and monetary policy (with commitment) 288
optimal fiscal and monetary policy (without commitment) 294
optimum quantity of money 298
payment systems 302
quantity theory of money 310
real bills doctrine versus the quantity theory 350
search-and-matching models of monetary exchange 359
silver standard 368
Taylor rules 373
time consistency of monetary and fiscal policy 381
Index 387