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Guillaume Rocheteau
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Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.001.0001
EISBN: 9780262338479
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.
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0011
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0012
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0013
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0014
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0015
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0016
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0017
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0018
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0019
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0020
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0021
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0001
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0002
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0003
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0004
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0005
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0006
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0007
EISBN: 9780262338479
Publisher: The MIT Press
Published: 19 May 2017
DOI: 10.7551/mitpress/10518.003.0008
EISBN: 9780262338479