Essays On Macroeconomics And Monetary Economics
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Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics
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Author : John Smithin
language : en
Publisher: World Scientific Publishing Company
Release Date : 2013-06-27
Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics written by John Smithin and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-27 with Business & Economics categories.
This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.
Three Essays On Macroeconomics And Monetary Economics
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Author : Sylvia Xiaolin Xiao
language : en
Publisher:
Release Date : 2014
Three Essays On Macroeconomics And Monetary Economics written by Sylvia Xiaolin Xiao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Dual economy categories.
Money And Macroeconomics
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Author : David E. W. Laidler
language : en
Publisher: Edward Elgar Publishing
Release Date : 1997-01-01
Money And Macroeconomics written by David E. W. Laidler and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-01-01 with Business & Economics categories.
Money and Macroeconomics is a significant collection of David Laidler's most important papers on the so-called 'monetarist counter-revolution'. This volume contains both published and unpublished examples of his influential contribution, detailing empirical work on the demand for money, the economics of inflation, the foundations of the 'buffer stock' approach to monetary theory, the monetarist critique of new classical economics and issues of economic policy.
Three Essays On Macroeconomics And Monetary Economics
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Author : Wei Qiao
language : en
Publisher:
Release Date : 2022
Three Essays On Macroeconomics And Monetary Economics written by Wei Qiao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This dissertation consists of three chapters. The first chapter studies the repo market crash in 2008-2009, which was a catalyst for the Great Recession. I evaluate the quantitative importance of the following three factors in that crash: a drop in the price of residential mortgage-backed securities (RMBS), the liquidity drying up caused by asymmetric information in the RMBS market, and the run by repo lenders induced by changes in the fundamentals. On the theoretical side, the main contribution is to construct a tractable and parsimonious model to integrate the RMBS market with asymmetric information and the repo market with strategic complementary lenders. The two markets are connected by buyers in the RMBS market who use RMBS as collateral for borrowing in the repo market. I characterize the stochastic equilibrium of the economy where the quality of RMBS follows a Markov process. With calibration and simulation, the model yields the following quantitative results. First, the liquidity drying up caused by asymmetric information plays a crucial role in every aspect of the repo market crash. It explains 30% of the increase in haircut, 13% of the drop in total repo outstanding, and a large part of the increase in repo spread. Second, throughout the crisis, the fundamental-based run significantly affects the repo rate but only has a small effect on the repo haircut. Third, in addition to the three factors, the general equilibrium effect generated from the interactions between the RMBS market and the repo market explains 33% of the drop in total repo outstanding. I discuss the policy implications of these findings. The second chapter, written jointly with Neil Wallace, studies the optimal currency provision when the replacement of worn currency is costly. In The Mechanism of Exchange, Jevons recommended that the government bear the cost of replacing worn gold coins with new coins instead of having the holders of worn coins bear the cost. We study the optima of a minimally interesting model: money is essential and indivisible so that physical depreciation is not neutral, and there are alternative ways of financing the costly replacement of worn currency. The optima contradict the Jevons proposal. People with worn currency bear a cost that makes them indifferent between getting a new unit and discarding the useless worn unit, a cost that exceeds the physical cost of replacement. The third chapter, jointly written with Guanliang Hu, Guoxuan Ma, and Neil Wallace, studies the conventional monetary policy in overlapping generation models. Conventional monetary policy involves actions by the monetary and fiscal authorities: the former sets a nominal interest rate and the latter sets lump-sum taxes to finance the implied flow of interest payments on government debt. We show that absent any other frictions the magnitude of the nominal interest rate give rise to asset substitution between government debt and capital--substitution which has both real and nominal effects.
Complexity Endogenous Money And Macroeconomic Theory
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Author : Mark Setterfield
language : en
Publisher: Edward Elgar Publishing
Release Date : 2006-01-01
Complexity Endogenous Money And Macroeconomic Theory written by Mark Setterfield and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Business & Economics categories.
That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the horizontalist analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore s interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
Essays On Macroeconomics And Monetary Economics
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Author : Fatih Tuluk
language : en
Publisher:
Release Date : 2016
Essays On Macroeconomics And Monetary Economics written by Fatih Tuluk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic dissertations categories.
My essays that are captured in two chapters of my dissertation focus on shadow banking system, collateralized debt arrangement and monetary policy. The first chapter studies the role of shadow banking in the recent financial crisis, the relationship between shadow banking and traditional banking, and it investigates the monetary policy reaction to overcome the financial frictions associated with the scarcity of collateral or shortages of safe assets that naturally led to the liquidity constraints. On the other hand, the second chapter studies the role of housing as a collateral or as a medium of exchange and it explores how the private liquidity, in the context of home-equity loans, and public liquidity work together to overcome the limited commitment frictions. In the first chapter, a Lagos-Wright model with costly-state verification and delegated monitoring financial intermediation, and a risk-sharing framework of banking is constructed. Lack of memory and limited commitment imply collateralized credit arrangements. In contrast to the traditional banking system, shadow banking system is not subject to the capital requirements. The relative use of shadow funded credit versus traditional bank loans entails the advantages of working outside the oversight of the bank regulations, but drawbacks of having information and transactions cost in funding entrepreneurs. I have five main findings: First, an entrepreneurial credit can help address the need for collateral. Second, the shadow funded credit shifts from risky to safer borrowers and loan creation capacity of the shadow banking sector shrinks when the economic outlook gets worse. Third, the traditional bank can fulfill the role of providing credit that shadow banks had played before the crisis, but can do it only to a certain extent. Fourth, to the extent that collateral backed by entrepreneurial credit mitigates the limited commitment friction in the traditional banking sector, the optimal monetary policy shifts nominal interest rate towards zero lower bound. Lastly, the quantitative easing program can be welfare increasing by reinforcing the shadow funded credit versus traditional banking lending if the credit frictions in the shadow banking sector are sufficiently small. The second chapter studies the role of home-equity loan and government debt in an environment with financial frictions. I construct a Lagos-Wright model in which private transactions must be secured under limited commitment and lack of record-keeping. Housing can be useful to support credit since it serves as collateral. It also gives direct utility as shelter and serves as a medium of exchange when the economy is inefficient. I show that when there is no efficiency loss due to exchange of housing, posting collateral is not optimal since collateralizable wealth is limited. In the state of efficiency loss, the collateral might be useful and the asset therefore bears a liquidity premium. However, once collateral becomes scarce - as it did during the financial crisis- then it amplifies the frictions and the buyer trades the asset to make up for the weak incentives associated with collateral. I show that the world is always non-Ricardian and therefore government debt implies higher welfare. As well, government debt enhances the private debt to the extent that posting collateral is always optimal. In equilibrium, full pledgeability of private collateral, in addition to government debt, completely rules out the efficiency loss arising from exchange of asset. Money and private banks are introduced. I show that as inflation imposes a tax on consumption, interest rate on cash loans imposes a tax on housing collateral. Finally, an increase in inflation raises the housing price near Friedman Rule.
Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics
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Author : John N. Smithin
language : en
Publisher:
Release Date : 2013
Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics written by John N. Smithin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Essays On Macroeconomics And Monetary Economics
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Author : Yordan Georgiev Georgiev
language : en
Publisher:
Release Date : 2015
Essays On Macroeconomics And Monetary Economics written by Yordan Georgiev Georgiev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Economics categories.
The third chapter examines the processes of leveraging and deleveraging that occurred in the Euro Area since the introduction of the euro. It highlights the key factors that instigated the credit expansion and accounts for debt dynamics before and after the crisis. The chapter relates the deleveraging effort of the private sectors to the associated shifts in spending behavior. Furthermore, adapting a standard public debt accounting framework, the chapter decomposes the evolution of private leverage into separate components and highlights their role in aggregate debt dynamics. The approach demonstrates the central role of autonomous debt dynamics in shaping private leverage after the financial crisis.
Essays In Macroeconomic Policy
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Author : Miranda S. Goeltom
language : en
Publisher: Gramedia Pustaka Utama
Release Date : 2007
Essays In Macroeconomic Policy written by Miranda S. Goeltom and has been published by Gramedia Pustaka Utama this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Indonesia categories.
Monetary Theory In Retrospect
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Author : Filippo Cesarano
language : en
Publisher: Routledge
Release Date : 2012-08-06
Monetary Theory In Retrospect written by Filippo Cesarano and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-06 with Business & Economics categories.
An objective and perceptive account of the literature of monetary theory, this volume, by a central banker who has studied monetary theory over the last quarter of a century, clearly shows how its inherent complexity is much enriched by the study of its history. In three parts Filippo Cesarano: focuses on the innovative ideas of distinguished economists who anticipated modern theories, elaborating on them along lines that suggest original research programmes examines the impact of expectations on the effectiveness of monetary policy, illustrating how different assumptions within the classical paradigm lead to diverse hypotheses and policy design investigates the role of monetary theory in shaping monetary institutions. Deserving of a wide readership among both academic economists and monetary policy practitioners, this collection of essays is key reading for students and researchers engaged with monetary theory and the history of economics and policy makers seeking to weigh up the assumptions underlying different theories in order to select the models best suited to the problems they face.