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| Author | : Lawrence White |
| Publisher | : Wiley-Blackwell |
| Total Pages | : 288 |
| Release | : 1999-06-18 |
| Genre | : Business & Economics |
| ISBN | : 9780631212140 |
The Theory of Monetary Institutions covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.
| Author | : Leonidas Zelmanovitz |
| Publisher | : Lexington Books |
| Total Pages | : 471 |
| Release | : 2015-12-24 |
| Genre | : Business & Economics |
| ISBN | : 0739195123 |
The central thesis of the book is that in order to evaluate monetary policy, one should have a clear idea about the characteristics and functions of money as it evolved and in its current form. That is to say that without an understanding about how money evolved as a social institution, what it is today, and what is possible to know about monetary phenomena, it is not possible to develop a meaningful ethics for money; or, to put it differently, to find what kind of institutional arrangements may be deemed good money for the kind of society we are in. And without that, one faces severe limitations in offering a normative position about monetary policy. The project is, consequently, an interdisciplinary one. Its main thread is an inquiry of moral philosophy and its foundations, as applied to money, in order to create tools to evaluate public policy in regard to money, banking, and public finance; and the views of different schools on those topics are discussed. The book is organized in parts on metaphysics, epistemology, ethics and politics of money to facilitate the presentation of all the subjects discussed to an educated readership (and not necessarily just one with a background in economics).
| Author | : Carl E. Walsh |
| Publisher | : MIT Press |
| Total Pages | : 636 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780262232319 |
An overview of recent theoretical and policy-related developments in monetary economics.
| Author | : Peter J. Boettke |
| Publisher | : Cambridge University Press |
| Total Pages | : 213 |
| Release | : 2021-06-03 |
| Genre | : Business & Economics |
| ISBN | : 110884619X |
Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.
| Author | : Richard H. Timberlake |
| Publisher | : University of Chicago Press |
| Total Pages | : 528 |
| Release | : 1993-11-03 |
| Genre | : Business & Economics |
| ISBN | : 0226803848 |
In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems. After describing the constitutional principles that the Founding Fathers laid down to prevent state and federal governments from printing money. Timberlake shows how the First and Second Banks of the United States gradually assumed the central banking powers that were originally denied them. Drawing on congressional debates, government documents, and other primary sources, he analyses the origins and constitutionality of the greenbacks and examines the evolution of clearinghouse associations as private lenders of last resort. He completes this history with a study of the legislation that fundamentally changed the power and scope of the Federal Reserve System—the Banking Act of 1935 and the Monetary Control Act of 1980. Writing in nontechnical language, Timberlake demystifies two centuries of monetary policy. He concludes that central banking has been largely a series of politically inspired government-serving actions that have burdened the private economy.
| Author | : Michael Woodford |
| Publisher | : Princeton University Press |
| Total Pages | : 805 |
| Release | : 2011-12-12 |
| Genre | : Business & Economics |
| ISBN | : 1400830168 |
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
| Author | : L. Randall Wray |
| Publisher | : Springer |
| Total Pages | : 322 |
| Release | : 2015-09-22 |
| Genre | : Business & Economics |
| ISBN | : 1137539925 |
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.
| Author | : Jesús Huerta de Soto |
| Publisher | : Ludwig von Mises Institute |
| Total Pages | : 938 |
| Release | : 2006 |
| Genre | : Banks and banking |
| ISBN | : 1610163885 |
| Author | : George A. Selgin |
| Publisher | : Rowman & Littlefield Publishers |
| Total Pages | : 240 |
| Release | : 1988 |
| Genre | : Business & Economics |
| ISBN | : |
To find more information about Rowman and Littlefield titles, please visit www.rowmanlittlefield.com.
| Author | : Jin Cao |
| Publisher | : Springer Nature |
| Total Pages | : 412 |
| Release | : 2019-12-07 |
| Genre | : Business & Economics |
| ISBN | : 3030196976 |
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.
