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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as The Long-Run Behavior of the Velocity of Circulation. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold. Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity. Demand for Money suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers.
Part One of this book deals with the theory of how money is created and destroyed. Essential principles are illustrated by considering various models of banking systems. Part Two provides an account of the modern theory of income and employment. * Theory backed up with examples of the simplest to the most complicated models, for example: * The model of "a closed economy without a government" to one in which government expenditure and revenue affect the level of national income * The model in which the rate of interest and quantity of money have no effect and the model in which they are variables relevant to the determination of income
Attempts to establish an international economic and financial order where a key feature of the settlement which followed the Second World War, as policy makers sought to establish a framework which would prevent an economic crisis on the scale of the great depression. This volume explores this period, focusing on monetary issues. Part 1 provides a general analysis of the scope for international monetary co-operation dealing in particular with: * The Provision of additional means of international settlement * The arrangement of settlements on a multilateral basis * The orderly fixation of exchange rates * The correction of international disequilibria * The provision of safeguards against the international transmission of business depressions. Part 2 deals with the actual machinery of international co-operation since the war and in particular with * The International Monetary Fund * The European Payments Union * The role of sterling Part 3 surveys the actual course of events since 1945, illustrating the problems that have called for treatment by international co-operation, the extent to which such treatment has been attempted, and with what success.
Providing an extensive examination of monetary theory and its implications for public policy, Monetary Theory and Public Policy is as relevant for an understanding of current economic problems as when it was first published. Looking at the concepts of modern economic theory, particularly as these concepts apply to problems of money and banking, both Keynesian and Post-Keynesian developments are discussed.
'It provides the best complete discussion I know of the economics of repressed inflation' F.W. Paish. The Economics of Repressed Inflation is a micro-economic analysis of the effects of a partially controlled inflation in a peacetime economy. This analysis suggests that the combination of inflationary pressures and the control of consumption has economic effects on the price level and on the distribution of resources which may be as serious for the economy as the more widely recognized effects of an uncontrolled inflation.
The Role of Money examines the mystery of money in its social aspect and illustrates what money now is, what is does and what it should do. The standpoint from which the book is written is that of the public. The significance of the 'money-power' of the state to issue money has been recently recognized by historians. Its key position in shaping the course of world events is here explained. Included are: * Chapters on the philosophic background * The theory of money - Virtual Wealth * The Evolution of Modern Money * International Economic Relations * Debts and Debt Redemption
This book traces the developments of the post-war monetary story, with an emphasis both on theory and practice. A survey of monetary policy and a discussion of the effects of a credit squeeze are set against a survey of the very different American scene. Comparative analysis of the 'new money markets' is also included as is discussion of the significant developments in the world's major capital markets.
This textbook includes material on the general survey on the theory of taxation, other forms of public revenue, public expenditure and public debts. There are chapters on modern theories of budgetary policy and the controversial cheap money policy, pursued by the author when he was in charge of the British Treasury from 1945-1947.
Monetary Theory and Monetary Policy is the second collection of essays by Karl Brunner - one of the most prominent monetary economists of the twentieth century. It demonstrates the importance of economic analysis for the development of appropriate economic policies. The book opens with a preface by Thomas Lys which provides the reader with an account of both Karl Brunner's personal and academic life. This is developed further in an introduction by Allan H. Meltzer, who focuses on Brunner's intellectual development. Issues discussed in this collection include the question of whether monetarism has failed, monetary policy, persistent inflation, deficits and interest rates, high-powered money, the monetary base, the money supply, international monetary order and the question of whether supply-side economics is sufficient for comprehensive policymaking. This selection will be welcomed by academics, students and policymakers interested in monetary economics and the work of Karl Brunner.
Whether the source is more industry-based or academic research, there certainly appears to be a growing interest in the field of cryptocurrency. The New York Times had a cover story on March 24, 2022, titled "Time to Enter the Crypto Zone?," and they talked about institutional investors pouring billions into digital tokens, salaries being taken in Bitcoins, and even Bitcoin ATMs in grocery stores. Certainly, there have been ups and downs in crypto, but it has a kind of alluring presence that tempts one to include crypto as part of one’s portfolio. Those who are "prime crypto-curious" investors are usually familiar with the tech/pop culture and feel they want to diversify a bit in this fast-moving market. Even universities are beginning to offer more courses and create "Centers on Cryptocurrency." Some universities are even requiring their students who take a crypto course to pay the course tuition via cryptocurrency. In response to the growing interest and fascination about the crypto industry and cryptocurrency in general, Cryptocurrency Concepts, Technology, and Applications brings together many leading worldwide contributors to discuss a broad range of issues associated with cryptocurrency. The book covers a wide array of crypto-related topics, including: Blockchain NFTs Data analytics and AI Crypto crime Crypto industry and regulation Crypto and public choice Consumer confidence Bitcoin and other cryptocurrencies. Presenting various viewpoints on where the crypto industry is heading, this timely book points out both the advantages and limitations of this emerging field. It is an easy-to-read, yet comprehensive, overview of cryptocurrency in the U.S. and international markets.
Eurozone Dystopia traces the origin of the Eurozone and shows how the historical Franco-German rivalry combined with the growing dominance of neo-liberal economic thinking to create a monetary system that was deeply flawed and destined to fail. William Mitchell argues that the political class in Europe is trapped in a destructive groupthink. Based on a flawed understanding of macroeconomic fundamentals, groupthink extols the virtues of the erroneous concept of the self-regulating free market and prevents Europe from seeing its own policy failures. As a result, millions are unemployed, with imperiled member states caught in a cycle of persistent stagnation and rising social instability.Providing a detailed historical analysis of the evolution of the Eurozone and its failings from the 1940s to the present day, the book argues that the Eurozone lacks the necessary monetary architecture, particularly the existence of a federal fiscal function which could have resolved the economic crisis quickly. The author examines the options available to Europe and concludes that an orderly abandonment of the euro and a return to national currencies is the superior option available. The justification for this conclusion is exhaustively argued within a Modern Monetary Theory framework. This thoughtful and accessible account of Europe's economic woes will appeal to all those who are seeking an explanation for the crisis and are receptive to sensible and credible alternatives to the current scenario.
This book applies finance to the field of capital theory. While financial economics is a well-established field of study, the specific application of finance to capital theory remains unexplored. It is the first book to comprehensively study this financial application, which also includes modern financial tools such as Economic Value Added (EVA (R)). A financial application to the problem of the average period of production includes two discussions that unfold naturally from this application. The first one relates to the dual meaning of capital, one as a monetary fund and the other one as physical (capital) goods. The second concerns its implications for business-cycle theories. This second topic (1) provides a solid financial microeconomic foundation for business cycles and, also (2) makes it easy to compare different business-cycle theories across the average period of production dimension. By clarifying the obscure concept of average period of production, the authors make it easier to analyze the similarities with and differences from other business-cycle theories. By connecting finance with capital theory, they provide a new point of view and analysis of the long-standing problems in capital theory as well as other related topics such as the use of neoclassical production functions and theorizing about business cycles. Finally, they emphasize that the relevance of their application rests on both its policy implications and its contributions to contemporary economic theory.
Have you ever wondered why we can afford to buy far more clothes than our grandparents ever could . . . but may be less likely to own a home in which to keep them all? Why your petrol bill can double in a matter of months, but it never falls as fast? Behind all of this lies economics.; It's not always easy to grasp the complex forces that are shaping our lives. But by following a dollar on its journey around the globe, we can start to piece it all together.; The dollar is the lifeblood of globalisation. Greenbacks, singles, bucks or dead presidents: call them what you will, they are keeping the global economy going. Half of the notes in circulation are actually outside of the USA - and many of the world's dollars are owned by China.; But what is really happening as our cash moves around the world every day, and how does it affect our lives? By following $1 from a shopping trip in suburban Texas, via China's central bank, Nigerian railroads, the oilfields of Iraq and beyond, The Almighty Dollar reveals the economic truths behind what we see on the news every day. Why is China the world's biggest manufacturer - and the USA its biggest customer? Is free trade really a good thing? Why would a nation build a bridge on the other side of the planet?; In this illuminating read, economist Dharshini David lays bare these complex relationships to get to the heart of how our new globalised world works, showing who really holds the power, and what that means for us all
1) This is a comprehensive book on India's socio-economic transformation after economic liberalization. 2) This book contains updated vital data on all macroeconomic indicators. 3) This book will be of interest to departments of development studies and political economy across UK and USA.
In this timely and thought-provoking book, Eckhard Hein illustrates that the Great Recession, which hit the world economy in 2008/09, is rooted in the contradictions of finance-dominated capitalism. The author provides an in-depth exploration of the macroeconomics of finance-dominated capitalism, its problems and its crisis, and presents economic policy lessons and alternatives. In particular, he shows that since the early 1980s, finance-dominated capitalism has affected long-run economic developments via three distinct channels: - the re-distribution of income at the expense of low labor incomes, - the dampening of investment in real capital stock, - and an increasing potential for wealth-based and debt-financed consumption. The author concludes that against the background of these basic macroeconomic tendencies, increasing instability potentials at the national economy levels and rising current account imbalances at both global and European levels have developed and have contributed to the severity of the Great Recession. This systematic study of finance-dominated capitalism presented from a macroeconomic perspective will prove a thought-provoking read for academics, researchers, graduate students and economic policy consultants with an interest in macroeconomics, financial economics, economic policies, and distribution and growth.
The analysis of any monetary policy framework necessarily extends beyond the confinements of the central bank. A country's monetary framework can depend on many factors such as: its form of government; its legal system; the level of expertise in monetary policy matters that exists inside and outside the central bank; the country's financial institutions; as well as wider characteristics including the political system and level of literacy. This broad ranging collection focuses on the monetary policy frameworks used by central banks and governments in their attempt to achieve their various goals, of which price stability has become increasingly unpopular. It assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Based on data collected through a questionnaire completed by over 70 central banks in industrialized, transitional and developing economies, the analysis shows how the detailed characteristics of a monetary framework depend upon: structural differences; varying degrees of indexation and other nominal rigidities that affect the speed of transmission from monetary policy to inflation; and institutional arrangem
This six volume set includes "The Supply and Control of Money in the USA - Lauchlin B. Currie", "Banking Policy and the Price Level and Money - Dennis H. Robertson", "The Problem of Unemployment - P.H. Douglas and A. Director", "The Art of Central Banking - R.A. Hawtrey", and "Balanced Deflation, Inflation, or More Depression - J. Viner". During a long, varied, influential and productive career as a macroeconomic policy advisor, Lauchlin B. Currie developed and applied theoretical insights and new data sources to improve national well-being. From 1934 to 1945, Currie advised the New Deal on monetary and fiscal policies for recovery, full employment, maximum production for war and price stability. He sought public policies that would allow competitive markets to yield high saving and investment required for productivity and stable growth. Dennis H. Robertson studied economics at Cambridge, and in 1914 was elected to Fellow of Trinity College, followed by Reader in the University of Cambridge. In 1938 he left to become a Professor in the University of London, but during his time in that post he was seconded to the Treasury on war-related work. Elected in 1944 to succeed Pigou in the
This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union - a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current 'state of the art' in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms - in particular, the ones to be used as 'fiscal capacity'. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.
Financial managers rarely find a one-stop source for a complete course in currency management. Expanding on his work, "Currency Risk Management," Gary Shoup builds a practical foreign currency management program. This extensive text covers everything managers and their consultants need to implement a program, from trends in exchange rates to understanding pricing determinants. He discusses in detail the market for currencies, price forecasting, exposure and risk management, managing accounting exposure, and managing strategic exposure.
Humans invented money from nothing, so why can't we live without it? And why does no one understand what it really is? In this lively tour through the centuries, Jacob Goldstein charts the story of this paradoxical commodity, exploring where money came from, why it matters and whether bitcoin will still exist in twenty years. Full of interesting stories and quirky facts - from the islanders who used huge stones as a means of exchange to the merits of universal basic income - this is an indispensable handbook for anyone curious about how money came to make the world go round. |
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