Essays on Banking and Monetary Economics PDF Download

Author: Robert Cumby
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 108

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Author: Lawrence H. White
Publisher: NYU Press
ISBN: 0814792472
Category : Business & Economics
Languages : en
Pages : 272

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"Lawrence H. White deals with a major issue of the 1990s—reprivatization of money. He makes a cogent argument and presents evidence that private, competing currencies would provide more monetary stability than do central banks. Surprisingly enough, modern private money may emerge first in Eastern Europe, where the gap between the economy's need and the government's money is greates." —Richard Rahn, Vice President and Chief Economists, U.S. Chamber of Commerce. "Boldly, White makes a persuasive case for free banking....In time, we may well look back and regard Competition and Currency as crucial in the development of the economy and economic thought of the future." — The New York City Tribune "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. Avery worthwhile collection of essays for all students of monetary theory." —Philip Cagan, Columbia University "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. A very worthwhile collection of essays for all students of monetary theory." —Phillip Cagan, Columbia University "Newcomers to the literature...would be recommended to start with White's volume, where each paper is self-contained in its handling of particular aspects of free banking...Highly recommended as clear, well-argued expositions of the case for free banking, challenging assumptions common to much of monetary economics. It is particularly apposite that these assumptions be questioned at a time when institutional reform is so much on the agenda." —Sheila C. Dow, The Economic Journal

Author: Harry Johnson
Publisher: Routledge
ISBN: 1134623569
Category : Business & Economics
Languages : en
Pages : 341

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Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.

Author: Harry Johnson
Publisher: Routledge
ISBN: 1134623844
Category : Business & Economics
Languages : en
Pages : 367

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A sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author’s expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.

Author: Mengbo Zhang
Publisher:
ISBN:
Category :
Languages : en
Pages : 298

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This dissertation consists of three chapters on banking and monetary economics. In Chapter 1, I study whether monetary policy is less effective in a low interest-rate environment. To answer this question, I examine how the passthrough of monetary policy to banks' deposit rates has changed, during the secular decline in interest rates in the U.S. over the last decades. In the data, the passthrough increased for about one third of banks, and decreased for the rest. Moreover, the deposit-weighted bank-average passthrough increased under a lower interest rate. I explain this observation in a model where banks have market power over loans and face capital constraints. In the model, when interest rates are low, the passthrough falls as policy rates fall, only in markets where loan competition is high. Hence, the overall passthrough depends on the distribution of loan market power. I confirm the model's prediction using branch-level data of U.S. banks. This channel also impacts the transmission of monetary policy to bank lending under low interest rates. In Chapter 2 (joint with Tsz-Nga Wong), we document a new channel mediating the effects of monetary policy and regulation, the disintermediation channel. When the interest rate on excess reserves (IOER) increases, fewer banks are intermediating in the Fed funds market, and they intermediate less. Thus, the total Fed funds traded decreases. Similarly, disintermediation happens after the balance sheet cost rises, e.g. the introduction of Basel III regulations. The disintermediation channel is significant and supported by empirical evidence on U.S. banks. To explain this channel, we develop a continuous-time search-and-bargaining model of divisible funds and endogenous search intensity that includes the matching model (e.g. Afonso and Lagos, 2015b) and the transaction cost model (e.g. Hamilton, 1996) as special cases. We solve the equilibrium in closed form, derive the dynamic distributions of trades and Fed fund rates, and the stopping times of entry and exit from the Fed fund market. IOER reduces the spread of marginal value of holding reserves, and hence the gain of intermediation. In general, the equilibrium is constrained inefficient, as banks intermediate too much. In Chapter 3 (joint with Saki Bigio and Eduardo Zilberman), we compare the advantages of lump-sum transfers versus a credit policy in response to the Covid-19 crisis. The Covid-19 crisis has lead to a reduction in the demand and supply of sectors that produce goods that need social interaction to be produced or consumed. We interpret the Covid-19 shock as a shock that reduces utility stemming from "social" goods in a two-sector economy with incomplete markets. For the same path of government debt, transfers are preferable when debt limits are tight, whereas credit policy is preferable when they are slack. A credit policy has the advantage of targeting fiscal resources toward agents that matter most for stabilizing demand. We illustrate this result with a calibrated model. We discuss various shortcomings and possible extensions to the model.

Author: Geoffrey Wood
Publisher: Routledge
ISBN: 1136835318
Category : Business & Economics
Languages : en
Pages : 388

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Forrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is a former editor of the Economic History Review, one of the leading academic journals in this discipline. Under the steely editorship of Geoffrey Wood, this book brings together a stellar line of of contributors - including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen, Charles Calomiris, and Anna Schwartz. The book analyzes many of the mainstream themes in economic and financial history - monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets - where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as ‘lessons of history’ are sought. These themes also reflect the breadth of Capie’s work in terms of time periods and topics.

Author: Kevin Dowd
Publisher: Routledge
ISBN: 1136371818
Category : Business & Economics
Languages : en
Pages : 241

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Kevin Dowd asserts that state intervention into financial and monetary systems has failed, and that we would be better off if financial markets were left to regulate themselves. This collection will appeal to students, researchers and policy makers in the monetary and financial area.

Author: Gerald A. Epstein
Publisher: Edward Elgar Publishing
ISBN: 1783472642
Category : Business & Economics
Languages : en
Pages : 391

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The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the

Author: Rita Biswas
Publisher: Emerald Group Publishing
ISBN: 1789733898
Category : Business & Economics
Languages : en
Pages : 168

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This volume, dedicated to John W. Kensinger, explores a variety of topics in financial economics, including firm growth, investment risks, and the profitability of the banking industry. With its global perspective, Essays in Financial Economics is a valuable addition to the bookshelf of any researcher in finance.

Author: Harry Gordon Johnson
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 360

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