Author: John G. GurleyPublisher:
ISBN:
Category :
Languages : en
Pages : 371
Book Description
Money in a Theory of Finance
Author: John G. GurleyMoney in a theory of finance
Author: John G. GurleyPublisher:
ISBN:
Category : Finance
Languages : en
Pages : 371
Book Description
Money in a Theory of Finance
Author: John G. GurleyMoney: Theory and Practice
Author: Jin CaoPublisher: Springer Nature
ISBN: 3030196976
Category : Business & Economics
Languages : en
Pages : 412
Book Description
This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors’ and intermediaries’ own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation.
Theory of Money
Author: Jacob T. SchwartzPublisher: Routledge
ISBN: 1351797808
Category : Business & Economics
Languages : en
Pages : 136
Book Description
This title, first published in 1965, provides an analysis of the forces and mechanisms governing the formation of the overall level of money prices. Even though this problem has a long history, and in spite of its obvious practical importance, it remains one of the most poorly understood questions in economic theory. This title will be of interest to students of monetary economics and the history of economic thought.
Modern Money Theory
Author: L. Randall WrayPublisher: Springer
ISBN: 1137539925
Category : Business & Economics
Languages : en
Pages : 322
Book Description
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Money in a Theory of Finance
Author: John G. GurleyPublisher: Brookings Institution Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 396
Book Description
The Theory of Money and Credit
Author: Ludwig Von MisesPublisher: Ludwig von Mises Institute
ISBN: 1610163222
Category : Credit
Languages : en
Pages : 507
Book Description
Financial Asset Pricing Theory
Author: Claus MunkPublisher: Oxford University Press, USA
ISBN: 0199585490
Category : Business & Economics
Languages : en
Pages : 598
Book Description
The book presents models for the pricing of financial assets such as stocks, bonds, and options. The models are formulated and analyzed using concepts and techniques from mathematics and probability theory. It presents important classic models and some recent 'state-of-the-art' models that outperform the classics.
Money and Capital in Economic Development
Author: Ronald I. McKinnonPublisher: Brookings Institution Press
ISBN: 9780815718499
Category : Business & Economics
Languages : en
Pages : 204
Book Description
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.