05141nam 2200721 a 450 991045745490332120200520144314.01-283-34366-597866133436660-262-29828-7(CKB)2550000000063996(EBL)3339338(SSID)ssj0000539245(PQKBManifestationID)12251414(PQKBTitleCode)TC0000539245(PQKBWorkID)10568820(PQKB)11348827(StDuBDS)EDZ0000130736(MiAaPQ)EBC3339338(OCoLC)767808122(OCoLC)767670857(OCoLC)816873675(OCoLC)961510493(OCoLC)962631362(OCoLC)988496633(OCoLC)991927111(OCoLC)1011782554(OCoLC)1037938403(OCoLC)1038621170(OCoLC)1045562377(OCoLC-P)767808122(MaCbMITP)8363(PPN)18186567X(Au-PeEL)EBL3339338(CaPaEBR)ebr10513547(CaONFJC)MIL334366(OCoLC)767808122(EXLCZ)99255000000006399620110228d2011 uy 0engurun|---uuuuutxtccrMoney, payments, and liquidity[electronic resource] /Ed Nosal and Guillaume RocheteauCambridge, Mass. MIT Pressc20111 online resource (383 p.)Description based upon print version of record.0-262-01628-1 Includes bibliographical references and index.Contents; Acknowledgments; Introduction; Models Where Money Is Useless; Models Where Money Is Essential; Beyond Monetary Exchange: Credit and Liquidity; Tour of the Book; Chapter 1. The Basic Environment; 1.1 Benchmark Model; 1.2 Variants of the Benchmark Model; 1.3 Further Readings; Chapter 2. Pure Credit Economies; 2.1 Credit with Commitment; 2.2 Credit Default; 2.3 Credit with Public Record Keeping; 2.4 Credit with Reputation; 2.5 Further Readings; Appendix; Chapter 3. The Role of Money; 3.1 Money Is Memory; 3.2 Decentralizing Allocations; 3.3 Further ReadingsChapter 4. Money in Equilibrium 4.1 A Model of Divisible Money; 4.2 Alternative Bargaining Solutions; 4.3 Walrasian Price Taking; 4.4 Competitive Price Posting; 4.5 Further Readings; Appendix; Chapter 5. Properties of Money; 5.1 Divisibility of Money; 5.2 Portability of Money; 5.3 Recognizability of Money; 5.4 Further Readings; Appendix; Chapter 6. The Optimum Quantity of Money; 6.1 Optimality of the Friedman Rule; 6.2 Interest on Currency; 6.3 Friedman Rule and the First Best; 6.4 Necessity of the Friedman Rule; 6.5 Feasibility of the Friedman Rule6.6 Trading Frictions and the Friedman Rule 6.7 Distributional Effects of Monetary Policy; 6.8 The Welfare Cost of Inflation; 6.9 Further Readings; Chapter 7. Information, Monetary Policy, and the Inflation-Output Trade-Off; 7.1 Stochastic Money Growth; 7.2 Bargaining under Asymmetric Information; 7.3 Equilibrium under Asymmetric Information; 7.4 The Inflation and Output Trade-Off; 7.5 An Alternative Information Structure; 7.6 Further Readings; Appendix; Chapter 8. Money and Credit; 8.1 Dichotomy between Money and Credit; 8.2 Costly Record Keeping; 8.3 Strategic Complementarities and Payments8.4 Credit and Reallocation of Liquidity 8.5 Short-Term and Long-Term Partnerships; 8.6 Further Readings; Appendix; Chapter 9. Money, Negotiable Debt, and Settlement; 9.1 The Environment; 9.2 Frictionless Settlement; 9.3 Settlement and Liquidity; 9.4 Settlement and Default Risk; 9.5 Settlement and Monetary Policy; 9.6 Further Readings; Appendix; Chapter 10. Competing Media of Exchange; 10.1 Money and Capital; 10.2 Dual Currency Payment Systems; 10.3 Money and Nominal Bonds; 10.4 Recognizability and Rate-of-Return Dominance; 10.5 Pairwise Trade and Rate-of-Return Dominance10.6 Further Readings Chapter 11. Liquidity, Monetary Policy, and Asset Prices; 11.1 A Monetary Approach to Asset Prices; 11.2 Monetary Policy and Asset Prices; 11.3 Risk and Liquidity; 11.4 The Liquidity Structure of Assets' Yields; 11.5 Endogenous Recognizability, Information, and Liquidity; 11.6 Further Readings; Appendix; Chapter 12. Liquidity and Trading Frictions; 12.1 The Environment; 12.2 Equilibrium; 12.3 Trading Frictions and Asset Prices; 12.4 Intermediation Fees and Bid-Ask Spreads; 12.5 Trading Delays; 12.6 Further Readings; Bibliography; IndexTwo experts in monetary policy offer a unified framework for studying the role of money and liquid assets in the economy.Liquidity (Economics)Monetary policyMoneyElectronic books.Liquidity (Economics)Monetary policy.Money.339.5/3Nosal Ed1043076Rocheteau Guillaume1043077MiAaPQMiAaPQMiAaPQBOOK9910457454903321Money, payments, and liquidity2467789UNINA