Money, payments, and liquidity:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass. [u.a.]
MIT Press
2011
|
| Schriftenreihe: | Economics : Finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 369 S. graph. Darst. |
| ISBN: | 9780262016285 |
Internformat
MARC
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| 245 | 1 | 0 | |a Money, payments, and liquidity |c Ed Nosal and Guillaume Rocheteau |
| 264 | 1 | |a Cambridge, Mass. [u.a.] |b MIT Press |c 2011 | |
| 300 | |a XII, 369 S. |b graph. Darst. | ||
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Datensatz im Suchindex
| _version_ | 1804148321174945792 |
|---|---|
| adam_text | Contents
Acknowledgments
xi
Introduction
1
The Basic Environment
13
1.1
Benchmark Model
14
1.2
Variants of the Benchmark Model
18
1.3
Further Readings
19
Pure Credit Economies
21
2.1
Credit with Commitment
22
2.2
Credit Default
26
2.3
Credit with Public Record Keeping
31
2.4
Credit with Reputation
38
2.5
Further Readings
44
Appendix
45
The Role of Money
47
3.1
Money Is Memory
48
3.2
Decentralizing Allocations
52
3.3
Further Readings
59
Money in Equilibrium
61
4.1
A Model of Divisible Money
62
4.1.1
Steady-State Equilibria
69
4.1.2
Nonstationary Equilibria
71
4.1.3
Sunspot Equilibria
74
Contents
4.2
Alternative Bargaining Solutions
76
4.2.1
Bargaining Set
77
4.2.2
The Nash Solution
79
4.2.3
The Proportional Solution
82
4.3
Walrasian Price Taking
84
4.4
Competitive Price Posting
86
4.5
Further Readings
91
Appendix
93
Properties of Money
99
5.1
Divisibility of Money
101
5.1.1
Currency Shortage
102
5.1.2
Indivisible Money and Lotteries
107
5.1.3
Divisible Money
110
5.2
Portability of Money 111
5.3
Recognizability of Money
115
5.4
Further Readings
119
Appendix
121
The Optimum Quantity of Money
127
6.1
Optimality of the Friedman Rule
129
6.2
Interest on Currency
133
6.3
Friedman Rule and the First Best
135
6.4
Necessity of the Friedman Rule
138
6.5
Feasibility of the Friedman Rule
142
6.6
Trading Frictions and the Friedman Rule
144
6.7
Distributional Effects of Monetary Policy
150
6.8
The Welfare Cost of Inflation
154
6.9
Further Readings
158
Information, Monetary Policy, and the Inflation-Output
Trade-Off
161
7.1
Stochastic Money Growth
162
7.1.1
Symmetrically Uninformed Agents
164
7.1.2
Symmetrically Informed Agents
166
7.2
Bargaining under Asymmetric Information
167
7.3
Equilibrium under Asymmetric Information
174
7.4
The Inflation and Output Trade-Off
177
7.5
An Alternative Information Structure
184
Contents
7.6
Further Readings
188
Appendix
189
8
Money and Credit
195
8.1
Dichotomy between Money and Credit
196
8.2
Costly Record Keeping
202
8.3
Strategic Complementarities and Payments
207
8.4
Credit and
Reallocation
of Liquidity
214
8.5
Short-Term and
Long-Term
Partnerships
219
8.6
Further Readings
225
Appendix
227
9
Money, Negotiable Debt, and Settlement
229
9.1
The Environment
230
9.2
Frictionless Settlement
233
9.3
Settlement and Liquidity
236
9.4
Settlement and Default Risk
242
9.5
Settlement and Monetary Policy
246
9.6
Further Readings
247
Appendix
248
10
Competing Media of Exchange
251
10.1
Money and Capital
252
10.1.1
Linear Storage Technology
253
10.1.2
Concave Storage Technology
257
10.1.3
Capital and Inflation
260
10.2
Dual Currency Payment Systems
262
10.2.1
Indeterminacy of the Exchange Rate
263
10.2.2
Cash-in-Advance with a Twist in a Two-Country
Model
265
10.3
Money and Nominal Bonds
270
10.3.1
The Rate-of-Return Dominance Puzzle
271
10.3.2
Money and Illiquid Bonds
273
10.4
Recognizability and Rate-of-Return Dominance
274
10.5
Pairwise Trade and Rate-of-Return Dominance
280
10.6
Further Readings
282
11
Liquidity, Monetary Policy, and Asset Prices
285
11.1
A Monetary Approach to Asset Prices
286
11.2
Monetary Policy and Asset Prices
291
Contents
11.3
Risk and Liquidity
295
11.4
The Liquidity Structure of Assets Yields
300
11.5
Endogenous Recognizability, Information, and Liquidity
305
11.5.1
Equilibrium
306
11.5.2
Equilibria with Recognizable Assets
308
11.5.3
Equilibria with Unrecognizable Assets
309
11.5.4
Multiple Monetary Equilibria
310
11.6
Further Readings
313
Appendix
314
12
Liquidity and Trading Frictions
317
12.1
The Environment
318
12.2
Equilibrium
320
12.3
Trading Frictions and Asset Prices
326
12.4
Intermediation Fees and Bid-Ask Spreads
329
12.5
Trading Delays
332
12.6
Further Readings
337
Bibliography
339
Index
357
|
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| institution | BVB |
| isbn | 9780262016285 |
| language | English |
| lccn | 2011007836 |
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| series2 | Economics : Finance |
| spelling | Nosal, Ed Verfasser (DE-588)170880966 aut Money, payments, and liquidity Ed Nosal and Guillaume Rocheteau Cambridge, Mass. [u.a.] MIT Press 2011 XII, 369 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economics : Finance Liquidity (Economics) Monetary policy Money Geldtheorie (DE-588)4121333-6 gnd rswk-swf Geldtheorie (DE-588)4121333-6 s b DE-604 Rocheteau, Guillaume Verfasser (DE-588)171824059 aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024367913&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Nosal, Ed Rocheteau, Guillaume Money, payments, and liquidity Liquidity (Economics) Monetary policy Money Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)4121333-6 |
| title | Money, payments, and liquidity |
| title_auth | Money, payments, and liquidity |
| title_exact_search | Money, payments, and liquidity |
| title_full | Money, payments, and liquidity Ed Nosal and Guillaume Rocheteau |
| title_fullStr | Money, payments, and liquidity Ed Nosal and Guillaume Rocheteau |
| title_full_unstemmed | Money, payments, and liquidity Ed Nosal and Guillaume Rocheteau |
| title_short | Money, payments, and liquidity |
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