{"product_id":"a-course-in-monetary-economics-9780631215653","title":"A Course in Monetary Economics","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003ci\u003eA Course in Monetary Economics\u003c\/i\u003e is an insightful introduction to advanced topics in monetary economics. Accessible to students who have mastered the diagrammatic tools of economics, it discusses real issues with a variety of modeling alternatives, allowing for a direct comparison of the implications of the different models. The exposition is clear and logical, providing a solid foundation in monetary theory and the techniques of economic modeling. \u003cbr\u003e \u003cp\u003eThe inventive analysis explores an extensive range of topics including the optimum quantity of money, optimal monetary and fiscal policy, and uncertain and sequential trade models. Additionally, the text contains a simple general equilibrium version of Lucas (1972) confusion hypothesis, and presents and synthesizes the results of recent empirical work. The text is rooted in the author''s years of teaching and research, and will be highly suitable for monetary economics courses at both the upper-level undergraduate and graduate\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Introduction to Monetary Economics 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Overview 5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Money, Inflation, and Output: Some Empirical Evidence 5\u003c\/p\u003e \u003cp\u003e1.2 The Policy Debate 8\u003c\/p\u003e \u003cp\u003e1.3 Modeling Issues 13\u003c\/p\u003e \u003cp\u003e1.4 Background Material 14\u003c\/p\u003e \u003cp\u003e1.4.1 The Fisherian diagram 15\u003c\/p\u003e \u003cp\u003e1.4.2 Efficiency and distortive taxes 18\u003c\/p\u003e \u003cp\u003e1.4.3 Asset pricing 21\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Money in the Utility Function 26\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Motivating the Money in the Utility Function Approach: The Single-period, Single-agent Problem 26\u003c\/p\u003e \u003cp\u003e2.2 The Multi-period, Single-agent Problem 28\u003c\/p\u003e \u003cp\u003e2.3 Equilibrium with Constant Money Supply 33\u003c\/p\u003e \u003cp\u003e2.4 The Social and Private Cost for Accumulating Real Balances 34\u003c\/p\u003e \u003cp\u003e2.5 AdministrativeWays of Getting to the Optimum 36\u003c\/p\u003e \u003cp\u003e2.6 Once and for All Changes in M 36\u003c\/p\u003e \u003cp\u003e2.7 Change in the Rate of Money Supply Change: Technical Aspects 37\u003c\/p\u003e \u003cp\u003e2.8 Change in the Rate of Money Supply Change: Economics 38\u003c\/p\u003e \u003cp\u003e2.9 Steady-state Equilibrium (SSE) 41\u003c\/p\u003e \u003cp\u003e2.10 Transition from One Steady State to Another 41\u003c\/p\u003e \u003cp\u003e2.11 Regime Changes 43\u003c\/p\u003e \u003cp\u003e2.12 Introducing Physical Capital and Bonds 45\u003c\/p\u003e \u003cp\u003e2.13 The Golden Rule and the Modified Golden Rule 47\u003c\/p\u003e \u003cp\u003eAppendix 2A A dynamic programming example 53\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Welfare Cost of Inflation in a Growing Economy 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Steady-state Equilibrium in a Growing Economy 57\u003c\/p\u003e \u003cp\u003e3.2 Generalizing the Model in Chapter 2 to the Case of Growth 58\u003c\/p\u003e \u003cp\u003e3.3 Money Substitutes 64\u003c\/p\u003e \u003cp\u003eAppendix 3A A dynamic programming formulation 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Government 72\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 The Revenues from Printing Money 72\u003c\/p\u003e \u003cp\u003e4.1.1 Steady-state revenues 72\u003c\/p\u003e \u003cp\u003e4.1.2 Out of the steady-state revenues 73\u003c\/p\u003e \u003cp\u003e4.1.3 The present value of revenues 75\u003c\/p\u003e \u003cp\u003eAppendix 4A Non-steady-state equilibria 76\u003c\/p\u003e \u003cp\u003e4.2 The Government’s “Budget Constraint” 78\u003c\/p\u003e \u003cp\u003e4.2.1 Monetary and fiscal policy: Who moves first? 81\u003c\/p\u003e \u003cp\u003e4.2.2 The fiscal approach to the price level 81\u003c\/p\u003e \u003cp\u003e4.3 Policy in the Absence of Perfect Commitment: A Positive Theory of Inflation 82\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 More Explicit Models of Money 86\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 A Cash-in-advance Model 86\u003c\/p\u003e \u003cp\u003e5.1.1 A two-goods model 87\u003c\/p\u003e \u003cp\u003e5.1.2 An analogous real economy 89\u003c\/p\u003e \u003cp\u003e5.1.3 Money super-neutrality in a one-good model 92\u003c\/p\u003e \u003cp\u003e5.2 An Overlapping Generations Model 94\u003c\/p\u003e \u003cp\u003e5.3 A Baumol–Tobin Type Model 96\u003c\/p\u003e \u003cp\u003eAppendix 5A 98\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Optimal Fiscal and Monetary Policy 100\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 The Second-best Allocation 100\u003c\/p\u003e \u003cp\u003e6.2 The Second Best and the Friedman Rule 103\u003c\/p\u003e \u003cp\u003e6.3 Smoothing Tax Distortions 109\u003c\/p\u003e \u003cp\u003e6.4 A Shopping Time Model 112\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Money and the Business Cycle:\u003c\/b\u003e \u003cb\u003eDoes Money Matter? 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 VAR and Impulse Response Functions: An Example 125\u003c\/p\u003e \u003cp\u003e7.2 Using VAR Impulse Response Analysis to Assess the Money–Output Relationship 127\u003c\/p\u003e \u003cp\u003e7.3 Specification Search 135\u003c\/p\u003e \u003cp\u003e7.4 Variance Decomposition 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Sticky Prices in a Demand-satisfying Model 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Sticky Prices with Optimal Quantity Choices 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 The Production to Order Case 156\u003c\/p\u003e \u003cp\u003e9.2 The Production to Market Case 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Flexible Prices 170\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Lucas’ Confusion Hypothesis 170\u003c\/p\u003e \u003cp\u003e10.2 Limited Participation 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: An Introduction to the Economics of Uncertainty 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Preliminaries 182\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Trade in Contingent Commodities 185\u003c\/p\u003e \u003cp\u003e11.2 Efficient Risk Allocation 190\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Does Insurance Require Risk Aversion? 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 The Insurance-buying Gambler 200\u003c\/p\u003e \u003cp\u003e12.2 Socially Harmful Information 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Asset Prices and the Lucas “Tree Model” 202\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: An Introduction to Uncertain and Sequential Trade (UST) 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Real Models 210\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 An Example 210\u003c\/p\u003e \u003cp\u003e14.1.1 Downward sloping demand 215\u003c\/p\u003e \u003cp\u003e14.1.2 Welfare analysis 218\u003c\/p\u003e \u003cp\u003e14.1.3 Demand and supply analysis 221\u003c\/p\u003e \u003cp\u003e14.2 Monopoly 224\u003c\/p\u003e \u003cp\u003e14.2.1 Procyclical productivity 226\u003c\/p\u003e \u003cp\u003e14.2.2 Estimating the markup 227\u003c\/p\u003e \u003cp\u003e14.3 Relationship to the Arrow–Debreu Model 228\u003c\/p\u003e \u003cp\u003e14.4 Heterogeneity and Supply Uncertainty 231\u003c\/p\u003e \u003cp\u003e14.4.1 The model 233\u003c\/p\u003e \u003cp\u003e14.5 Inventories 237\u003c\/p\u003e \u003cp\u003e14.5.1 Temporary (partial) equilibrium 238\u003c\/p\u003e \u003cp\u003e14.5.2 Solving for a temporary equilibrium 240\u003c\/p\u003e \u003cp\u003e14.5.3 Full equilibrium 243\u003c\/p\u003e \u003cp\u003e14.5.4 Efficiency 243\u003c\/p\u003e \u003cp\u003eAppendix 14A The firm’s problem 247\u003c\/p\u003e \u003cp\u003eAppendix 14B The planner’s problem 248\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 A Monetary Model 250\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 An Example 251\u003c\/p\u003e \u003cp\u003e15.2 Working with the Money Supply as the Unit of Account 253\u003c\/p\u003e \u003cp\u003e15.3 Anticipated and Unanticipated Money 255\u003c\/p\u003e \u003cp\u003e15.4 Labor Choice, Average Capacity Utilization andWelfare 256\u003c\/p\u003e \u003cp\u003e15.5 A Generalization to Many Potential Markets 256\u003c\/p\u003e \u003cp\u003e15.6 Asymmetric Equilibria: A Perfectly Flexible Price Distribution is Consistent with Individual Prices That Appear to Be “Rigid” 258\u003c\/p\u003e \u003cp\u003e15.7 Summary of the Implications of the Model 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Limited Participation, Sticky Prices, and UST: A Comparison 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Limited Participation 261\u003c\/p\u003e \u003cp\u003e16.2 Sticky Prices 265\u003c\/p\u003e \u003cp\u003e16.3 UST 268\u003c\/p\u003e \u003cp\u003e16.4 A Real Business Cycle Model withWedges: Some Equivalence Results 274\u003c\/p\u003e \u003cp\u003e16.5 Additional Tests Based on Unit Labor Cost and Labor Share 276\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Inventories and the Business Cycle 280\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Introducing Costless Storage 282\u003c\/p\u003e \u003cp\u003e17.2 Adding Supply Shocks 288\u003c\/p\u003e \u003cp\u003e17.3 Testing the Model with Detrended Variables 292\u003c\/p\u003e \u003cp\u003e17.4 Using an Impulse Response Analysis with Non-detrended Variables to Test for Persistence 297\u003c\/p\u003e \u003cp\u003eAppendix 17A The Hodrick–Prescott (H–P) filter 300\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Money and Credit in the Business Cycle 302\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 A UST Model with Credit 302\u003c\/p\u003e \u003cp\u003e18.2 Inventories Are a Sufficient Statistic for Past Demand Shocks 305\u003c\/p\u003e \u003cp\u003e18.3 Estimating the Responses to a Money Shock 306\u003c\/p\u003e \u003cp\u003e18.4 Estimating the Responses to an Inventories Shock 310\u003c\/p\u003e \u003cp\u003e18.5 Concluding Remarks 312\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Evidence from Micro Data 313\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 A Menu Cost Model 313\u003c\/p\u003e \u003cp\u003e19.2 The Serial Correlation in the Nominal Price Change 315\u003c\/p\u003e \u003cp\u003e19.3 A Two-Sided Policy 316\u003c\/p\u003e \u003cp\u003e19.4 Relative Price Variability and Inflation 317\u003c\/p\u003e \u003cp\u003e19.5 A Staggered Price Setting Model 319\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 The Friedman Rule in a UST Model 327\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20.1 A Single-Asset Economy 327\u003c\/p\u003e \u003cp\u003e20.2 Adding a Costless Bonds Market 330\u003c\/p\u003e \u003cp\u003e20.3 Costly Transactions in Bonds 331\u003c\/p\u003e \u003cp\u003e\u003cb\u003e21 Sequential International Trade 333\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e21.1 A Real Model 334\u003c\/p\u003e \u003cp\u003e21.2 A Monetary Model 341\u003c\/p\u003e \u003cp\u003e21.3 Exchange Rates 348\u003c\/p\u003e \u003cp\u003eAppendix 21A Proofs of the Claims in the Monetary Model 350\u003c\/p\u003e \u003cp\u003eAppendix 21B Example 7 in detail 353\u003c\/p\u003e \u003cp\u003e\u003cb\u003e22 Endogenous Information and Externalities 356\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e22.1 A Real Model 356\u003c\/p\u003e \u003cp\u003e22.2 A Monetary Model 361\u003c\/p\u003e \u003cp\u003e22.3 Relationship to the New Keynesian Economics 367\u003c\/p\u003e \u003cp\u003e\u003cb\u003e23 Search and Contracts 369\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e23.1 Search over Time 369\u003c\/p\u003e \u003cp\u003e23.2 Random Choice of Markets 371\u003c\/p\u003e \u003cp\u003e23.3 Capacity Utilization Contracts and Carlton’s Observations 375\u003c\/p\u003e \u003cp\u003eReferences 385\u003c\/p\u003e \u003cp\u003eIndex 395\u003c\/p\u003e","brand":"John Wiley and Sons Ltd","offers":[{"title":"Default Title","offer_id":49403427881303,"sku":"9780631215653","price":100.76,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780631215653.jpg?v=1730483441","url":"https:\/\/bookcurl.com\/products\/a-course-in-monetary-economics-9780631215653","provider":"Book Curl","version":"1.0","type":"link"}