LEADER 05141nam 2200721 a 450 001 9910457454903321 005 20200520144314.0 010 $a1-283-34366-5 010 $a9786613343666 010 $a0-262-29828-7 035 $a(CKB)2550000000063996 035 $a(EBL)3339338 035 $a(SSID)ssj0000539245 035 $a(PQKBManifestationID)12251414 035 $a(PQKBTitleCode)TC0000539245 035 $a(PQKBWorkID)10568820 035 $a(PQKB)11348827 035 $a(StDuBDS)EDZ0000130736 035 $a(MiAaPQ)EBC3339338 035 $a(OCoLC)767808122$z(OCoLC)767670857$z(OCoLC)816873675$z(OCoLC)961510493$z(OCoLC)962631362$z(OCoLC)988496633$z(OCoLC)991927111$z(OCoLC)1011782554$z(OCoLC)1037938403$z(OCoLC)1038621170$z(OCoLC)1045562377 035 $a(OCoLC-P)767808122 035 $a(MaCbMITP)8363 035 $a(PPN)18186567X 035 $a(Au-PeEL)EBL3339338 035 $a(CaPaEBR)ebr10513547 035 $a(CaONFJC)MIL334366 035 $a(OCoLC)767808122 035 $a(EXLCZ)992550000000063996 100 $a20110228d2011 uy 0 101 0 $aeng 135 $aurun|---uuuuu 181 $ctxt 182 $cc 183 $acr 200 10$aMoney, payments, and liquidity$b[electronic resource] /$fEd Nosal and Guillaume Rocheteau 210 $aCambridge, Mass. $cMIT Press$dc2011 215 $a1 online resource (383 p.) 300 $aDescription based upon print version of record. 311 $a0-262-01628-1 320 $aIncludes bibliographical references and index. 327 $aContents; 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 Readings 327 $aChapter 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 Rule 327 $a6.6 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 Payments 327 $a8.4 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 Dominance 327 $a10.6 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; Index 330 $aTwo experts in monetary policy offer a unified framework for studying the role of money and liquid assets in the economy. 606 $aLiquidity (Economics) 606 $aMonetary policy 606 $aMoney 608 $aElectronic books. 615 0$aLiquidity (Economics) 615 0$aMonetary policy. 615 0$aMoney. 676 $a339.5/3 700 $aNosal$b Ed$01043076 701 $aRocheteau$b Guillaume$01043077 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910457454903321 996 $aMoney, payments, and liquidity$92467789 997 $aUNINA