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Money, Payments, and Liquidity

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Author Info

  • Nosal, Ed

    (Federal Reserve Bank of Chicago)

  • Rocheteau, Guillaume

    ()
    (University of California at Irvine)

Abstract

In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide a comprehensive investigation into the economics of money and payments by explicitly modeling trading frictions between agents. Adopting the search-theoretic approach pioneered by Nobuhiro Kiyotaki and Randall Wright, Nosal and Rocheteau provide a logically coherent dynamic framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss the implications of such frictions for the suitable properties of a medium of exchange, monetary policy, the cost of inflation, the inflation-output trade-off, the coexistence of money, credit, and higher return assets, settlement, and liquidity. After presenting the basic environment used throughout the book, Nosal and Rocheteau examine pure credit and pure monetary economies, and discuss the role of money, different pricing mechanisms, and the properties of money. In subsequent chapters they study monetary policy, the Friedman rule in particular, and the relationship between inflation and output under different information structures; economies where monetary exchange coexists with credit transactions; the coexistence of money and other assets such as another currency, capital, and bonds; and a continuous-time version of the model that describes over-the-counter markets and different dimensions of liquidity (bid-ask spreads, trade volume, trading delays).

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262016281 and published in 2011.

Volume: 1
Edition: 1
ISBN: 0-262-01628-1
Handle: RePEc:mtp:titles:0262016281

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Web page: http://mitpress.mit.edu

Related research

Keywords: assets; money; liquidity; credit; econometrics; finance; monetary policy;

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Citations

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Cited by:
  1. Wright, Randall & Trejos, Alberto, 2014. "Search-Based Models of Money and Finance: An Integrated Approach," Working Papers, Federal Reserve Bank of Minneapolis 709, Federal Reserve Bank of Minneapolis.
  2. Pedro Gomis-Porqueras & Daniel R. Sanches, 2011. "Optimal monetary policy in a model of money and credit," Working Papers 11-28, Federal Reserve Bank of Philadelphia.
  3. Allen Head & Lucy Qian Liu & Guido Menzio & Randall Wright, 2011. "Sticky prices: a new monetarist approach," Working Papers, Federal Reserve Bank of Minneapolis 690, Federal Reserve Bank of Minneapolis.
  4. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2012. "Degreasing the wheels of finance," ECON - Working Papers, Department of Economics - University of Zurich 101, Department of Economics - University of Zurich.
  5. Chao Gu & Joseph Haslag, 2014. "Unconventional Optimal Open Market Purchases," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 543-558, July.
  6. Lee, Manjong, 2013. "Coexistence and welfare cost of inflation," Journal of Macroeconomics, Elsevier, Elsevier, vol. 36(C), pages 23-32.
  7. Manjong Lee & Sung Guan Yun, 2014. "Composition of Portfolio and Cost of Inflation," Discussion Paper Series 1403, Institute of Economic Research, Korea University.
  8. Guillaume Rocheteau & Randall Wright, 2010. "Liquidity and asset market dynamics," Working Paper 1016, Federal Reserve Bank of Cleveland.
  9. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers, Society for Economic Dynamics 601, Society for Economic Dynamics.
  10. Seitz, Franz & Schmidt, Markus A., 2014. "Money in modern macro models: A review of the arguments," OTH im Dialog: Weidener Diskussionspapiere 37, University of Applied Sciences Amberg-Weiden (OTH).
  11. Hu, Tai-Wei & Rocheteau, Guillaume, 2013. "On the coexistence of money and higher-return assets and its social role," Journal of Economic Theory, Elsevier, Elsevier, vol. 148(6), pages 2520-2560.
  12. Daniel, Sanches, 2011. "A dynamic model of unsecured credit," Journal of Economic Theory, Elsevier, Elsevier, vol. 146(5), pages 1941-1964, September.
  13. Yu Zhu & Randall Wright & Chao He, 2012. "Housing and Liquidity," 2012 Meeting Papers, Society for Economic Dynamics 94, Society for Economic Dynamics.
  14. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Working Papers 19009, National Bureau of Economic Research, Inc.
  15. Briglevics, Tamas & Schuh, Scott, 2014. "This is what's in your wallet... and here's how you use it," Working Papers, Federal Reserve Bank of Boston 14-5, Federal Reserve Bank of Boston.

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