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Books > Business & Economics > Finance & accounting > Finance > Credit & credit institutions
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Money, Payments, and Liquidity (Paperback, second edition)
Loot Price: R1,586
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Money, Payments, and Liquidity (Paperback, second edition)
Series: Money, Payments, and Liquidity
Expected to ship within 12 - 17 working days
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A new edition of a book presenting a unified framework for studying
the role of money and liquid assets in the economy, revised and
updated. In Money, Payments, and Liquidity, Guillaume Rocheteau and
Ed Nosal provide a comprehensive investigation into the economics
of money, liquidity, and payments by explicitly modeling the
mechanics of trade and its various frictions (including search,
private information, and limited commitment). Adopting the last
generation of the New Monetarist framework developed by Ricardo
Lagos and Randall Wright, among others, Nosal and Rocheteau provide
a dynamic general equilibrium framework to examine the frictions in
the economy that make money and liquid assets play a useful role in
trade. They discuss such topics as cashless economies; the
properties of an asset that make it suitable to be used as a medium
of exchange; the optimal monetary policy and the cost of inflation;
the coexistence of money and credit; and the relationships among
liquidity, asset prices, monetary policy; and the different
measures of liquidity in over-the-counter markets. The second
edition has been revised to reflect recent progress in the New
Monetarist approach to payments and liquidity. Rocheteau and Nosal
have added three new chapters: on unemployment and payments, on
asset price dynamics and bubbles, and on crashes and recoveries in
over-the-counter markets. The chapter on the role of money has been
entirely rewritten, adopting a mechanism design approach. Other
chapters have been revised and updated, with new material on credit
economies under limited commitment, open-market operations and
liquidity traps, and the limited pledgeability of assets under
informational frictions.
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