Monetary economics

(Redirected from Monetary economy)

Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good.[1] The discipline has historically prefigured, and remains integrally linked to, macroeconomics.[2] This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions[3] and international aspects.[4]

Modern analysis has attempted to provide microfoundations for the demand for money[5] and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.[6] Its methods include deriving and testing the implications of money as a substitute for other assets[7] and as based on explicit frictions.[8]

History

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The foundational concept of any modern theory of money is the understanding that the value of fiat money depends upon exchange and not weight (compare with the Arrow–Debreu model).[9]

Research areas

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Traditionally, research areas in monetary economics have included:

History

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Islamic Golden Age

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At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar). Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,[29] cheques, promissory notes,[30] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,[31] and banking institutions for loans and deposits.[31]

1500s to 1700s

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Silver coin of the Maurya Empire, known as rūpyarūpa, with symbols of wheel and elephant. 3rd century BC.
 
The French East India Company issued rupees in the name of Muhammad Shah (1719–1748) for Northern India trade. This was cast in Pondicherry.

In the Indian subcontinent, Sher Shah Suri (1540–1545), introduced a silver coin called a rupiya, weighing 178 grams. Its use was continued by the Mughal rulers.[32] The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world,[33] along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen. The term is from rūpya, a Sanskrit term for silver coin,[34] from Sanskrit rūpa, beautiful form.[35]

The imperial taka was officially introduced by the monetary reforms of Muhammad bin Tughluq, the emperor of the Delhi Sultanate, in 1329. It was modeled as representative money, a concept pioneered as paper money by the Mongols in China and Persia. The tanka was minted in copper and brass. Its value was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals.[36]

Both the Kabuli rupee and the Kandahari rupee were used as currency in Afghanistan prior to 1891, when they were standardized as the Afghan rupee. The Afghan rupee, which was subdivided into 60 paisas, was replaced by the Afghan afghani in 1925.

Until the middle of the 20th century, Tibet's official currency was also known as the Tibetan rupee.[37]

Serious interest in the concepts behind money occurred during the dramatic period of inflation in the late 15th to early 17th centuries known as the Price Revolution, during which the value of gold fell precipitously, sometimes fluctuating wildly, because of the importation of gold from the New World, primarily by Spain.[citation needed]

At the end of this period, the first modern texts on monetary economics were beginning to appear.

During the eighteenth century, the concept of banknotes became more common in Europe. David Hume referred to it as "this new invention of paper".[38]

In 1705, John Law in Scotland published Money and Trade Considered, which examined the failure of metal-based money during the previous hundred and fifty years. He proposed replacing that system with a land bank system of paper money based on the value of real estate. He succeeded in getting this proposal implemented. However, his bank failed due to a bubble of speculation collapsing into extreme inflation; perhaps because he failed to take the lessons of the Spanish Price Revolution seriously.[citation needed]

In 1720, Isaac Gervaise wrote The System or Theory of the Trade of the World. He criticised mercantilism and state-supported credit for the inflation problems of his era.[citation needed]

Della Moneta, was published by Ferdinando Galiani in 1751, and is arguably the first modern text on economic theory. It was printed twenty-five years before Adam Smith's more famous book, The Wealth of Nations, which touched on some of the same topics. Della Moneta covered many modern monetary concepts, including the value, origin, and regulation of money. It carefully examined the possible causes for money's value to fluctuate.

The year following, 1752, Of the Balance of Trade was published by Hume. He argued that one need not worry about the import or export of goods creating a surplus or shortage of either money or goods because an excess or shortage of money will always increase or decrease demand until equilibrium is reached. In modern economic terms, this is as equilibration through the price–specie flow mechanism.

See also

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Notes

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  1. ^ James Tobin, 1992. "money," The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79 & in 2008, The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press.
       • _____, 1961. "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987, Essays in Economics, v. 1, pp. 217-27. MIT Press.
       • Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, 66(6), pp. 467, 481-82 Archived 2011-07-20 at the Wayback Machine.
       • John Bryan, 1980. "Transaction Demand for Money and Moral Hazard," in Models of Monetary Economies, ed. J. Kareken and N.Wallace, Federal Reserve Bank of Minneapolis, pp. 233-241 Archived 2013-09-18 at the Wayback Machine and References, pp. 305-13. Archived 2013-09-18 at the Wayback Machine
       • Nobuhiro Kiyotaki and Randall Wright, 1989, "On Money as a Medium of Exchange," Journal of Political Economy 97(4), pp. 927 Archived 2023-01-16 at the Wayback Machine-54.
       • _____, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, 83(1), pp. 63-77.
  2. ^ • Robert W. Dimand, 2008. "macroeconomics, origins and history of" (abstract) Archived 2012-03-26 at the Wayback Machine and "monetary economics, history of" (abstract) Archived 2012-02-15 at the Wayback Machine, The New Palgrave Dictionary of Economics. 2nd Edition.
      • Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, pp. 1-6 Archived 2011-06-11 at the Wayback Machine Abstract-links version.
      • JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories.
      • David Hume, 1752. "Of Money," Archived 2020-08-05 at the Wayback Machine "Of Interest," and "Of the Balance of Trade" in Essays, Moral, Political, and Literary. Reprinted in Hume, 1955, Writings on Economics, Eugene Rotwein ed., linked Table of Contents.
      • Thomas Mayer, 1980. "David Hume and Monetarism," Quarterly Journal of Economics, 95(1), pp. 89-101.
      • Henry Thornton, 1802. Paper Credit. Contents, pp. ix-xii, & chapter links. Archived 2008-12-19 at the Wayback Machine Introduction by Friedrich Hayek, 1938.
      • W. Stanley Jevons, 1876 [1919]. Money and the Mechanism of Exchange. Chapter-preview links.
      • Carl Menger, 1892. "On the Origin of Money," Economic Journal, 2(6), pp. 239–255. Archived 2009-03-19 at the Wayback Machine
      • Knut Wicksell, [1898] 1936. Interest and Prices, tr. R.F. Kahn. Macmillan, Chapter links, pp. v-vi.
      • _____, [1906] 1929. Lectures on Political Economy, v. 2: Money, tr. E. Classen, 1935. Discussed in Lionel Robbins' Introduction to v. 1: General Theory, pp. xv-xviii.
      • A.C. Pigou, 1917. "The Value of Money." Quarterly Journal of Economics, 32 (1), pp. 38-65. Reprinted in part in A.C. Pigou (1924), Essays in Applied Economics, pp. 175- 204.
      • Fisher, Irving, [1911] 1922, 2nd ed.. The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises
      • John Maynard Keynes, 1923. A Tract on Monetary Reform. Macmillan. Reviews, 1924 & 1996 Archived 2009-10-14 at the Wayback Machine.
      • _____, 1936. The General Theory of Employment, Interest and Money. Macmillan.
      • Gary S. Becker and William J. Baumol, 1952. "The Classical Monetary Theory: The Outcome of the Discussion," Economica, NS 19(76), pp. 355 Archived 2023-01-16 at the Wayback Machine-376.
      • Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really Was," Canadian Journal of Economics, 1(1), pp. 1-15, & Collected Scientific Papers, 1972, v. III. pp. 529-543.
      • Robert Clower, 1969b. "What Traditional Monetary Theory Really Wasn't," Canadian Journal of Economics. 2(2), pp. 299-302.
      • David E.W. Laidler, 1991. The Golden Age of the Quantity Theory: The Development of Neoclassical Monetary Economics, 1870-1914. Princeton UP. Description and review.[dead link]
      • Bennett T. McCallum, 1989. Monetary Economics: Theory and Policy. Macmillan. Preview.
  3. ^ • J.H. Boyd, 2008. "financial intermediation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
      • Sudipto Bhattacharya, Anjan V. Thakor, and Arnoud W.A. Boot, 1998. "The Economics of Bank Regulation," Journal of Money, Credit, and Banking, 30(4), pp. 745-770. Archived 2016-03-04 at the Wayback Machine
  4. ^ • Stanley W. Black, 2008. "international monetary institutions," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Archived 2012-03-26 at the Wayback Machine
       • Robert A. Mundell, 1971. Monetary Theory: Interest, Inflation and Growth in the World Economy. Goodyear. Description. Archived 2007-08-31 at the Wayback Machine
       • Bennett T. McCallum, 1996. International Monetary Economics. Oxford. Description Archived 2011-06-29 at the Wayback Machine & chapter-preview links. Archived 2023-01-16 at the Wayback Machine
       • Maurice Obstfeld and Kenneth S. Rogoff, 1996. Foundations of International Macroeconomics. MIT Press, Ch. 8-10. Archived 2007-03-21 at the Wayback Machine Description. Archived 2010-08-09 at the Wayback Machine
  5. ^ William J. Baumol 1952. "The Transaction Demand for Cash: An Inventory Theoretic Approach," Quarterly Journal of Economics, 66(4), pp. 545–556. Archived 2009-03-19 at the Wayback Machine
       • James Tobin, 1956. "The Interest-Elasticity of Transactions Demand for Cash," Review of Economics and Statistics, 38(3), pp. 241-247.[dead link] Reprinted in Tobin, Essays in Economics, v. 1, Macroeconomics, pp. 229- [1] 242.
       • _____, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies 25(1), pp. 65–86. Archived 2012-03-06 at the Wayback Machine
       • Milton Friedman, 1956. "The Quantity Theory of Money: A Restatement," in Studies in the Quantity Theory of Money, Chicago. Reprinted in The Optimum Quantity of Money, 2005), pp. 51 Archived 2023-01-16 at the Wayback Machine-67. Archived 2023-01-16 at the Wayback Machine
  6. ^ Robert Clower, 1967. "A Reconsideration of the Microfoundations of Monetary Theory," Western Economic Journal, 6(1), pp. 1-8.
       • _____, 1987. Money and Markets. Cambridge. Description Archived 2023-01-16 at the Wayback Machine and chapter-preview. Archived 2023-01-16 at the Wayback Machine
       • David Laidler, 1988. "Taking Money Seriously," Canadian Journal of Economics, 21(4), pp. 687–713. JSTOR 135258
       • _____, 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description. Archived 2023-01-16 at the Wayback Machine
       • _____, 1997. "Notes on the Microfoundations of Monetary Economics," Economic Journal, 107(443), pp. 1213–1223. JSTOR 2957862
       • Don Patinkin, 1965, 2nd ed. Money, Interest and Prices: An Integration of Monetary and Value Theory. New York: Harper and Row. Introduction to 1990 MIT edition (PDF Archived 2021-09-17 at the Wayback Machine), and 1991 evaluation Archived 2023-01-16 at the Wayback Machine by Stanley Fischer.
       • Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description Archived 2019-09-19 at the Wayback Machine and Table of Contents. Archived 2009-02-25 at the Wayback Machine.
  7. ^ • James Tobin, 1969. "A General Equilibrium Approach To Monetary Theory," Journal of Money, Credit and Banking, 1(1), pp. 15-29. Archived 2015-09-23 at the Wayback Machine
       • _____ with Stephen S. Golub, 1998. Money, Credit, and Capital. Irwin/McGraw-Hill. TOC. Archived 2011-07-21 at the Wayback Machine
       • Stephen M. Goldfeld and Daniel E. Sichel, 1990. "The Demand for Money," in Handbook of Monetary Economics, v. 1, pp. 299-356. Outline.[permanent dead link] Elsevier.
       • Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, 47(3). International Monetary Fund. pp. 334-65. Archived 2021-04-25 at the Wayback Machine
  8. ^ • Robert M. Townsend, 1980. "Models of Money with Spatially Separated Agents," in John H. Kareken and Neil Wallace, ed., Models of Monetary Economies pp. 265-303. Archived 2011-07-26 at the Wayback Machine Federal Reserve Bank of Minneapolis.
       • Neil Wallace, 2001. "Whither Monetary Economics?," International Economic Review, 42(4), pp. p. 847 Archived 2023-01-16 at the Wayback Machine-869.
       • Ricardo Lagos and Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, 113(3], pp. 463-84. Archived 2009-03-19 at the Wayback Machine
  9. ^ Sargent, Thomas J. (2001). The Princeton Economic History of the Western World. Princeton University Press. p. 69. ...the competitive equilibrium model of Arrow (1951) and Debreu (1954) has no role for fiat money, an asset that is valued only because it facilitates exchange. In the Arrow–Debreu model, all exchanges occur through a frictionless credit system. Credit works so well that no coins or notes are ever required for exchange. The Arrow–Debreu model would make coins worth the metal they contain.
  10. ^ William A. Barnett, 2008. "monetary aggregation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Archived 2012-02-15 at the Wayback Machine
       • Phillip Cagan, 1965. Determinants and Effects of Changes in the Stock of Money, 1875-1960. NBER. Foreword by Milton Friedman, pp. xiii-xxviii. Table of Contents. Archived 2020-10-19 at the Wayback Machine
       • Milton Friedman and Anna Jacobson Schwartz, 1970. "Introduction," Monetary Statistics of the United States. Princeton. pp. 89-92. Archived 2018-01-27 at the Wayback Machine Review, Allan H. Meltzer, 1971. J of Business, 44(3), pp. 335-337.
       • Paul A. Spindt, 1985. "Money Is What Money Does: Monetary Aggregation and the Equation of Exchange," Journal of Political Economy, 93(1), pp. 175-204.
       • Michael T. Belongia, 1996. "Measurement Matters: Recent Results from Monetary Economics Reexamined," Journal of Political Economy, 104(5), pp. 1065-1083.
  11. ^ Ben S. Bernanke, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, 27(1), pp. 1-28. Archived 2020-04-08 at the Wayback Machine
       • _____, 1983. "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression," American Economic Review, 73(3), pp. 257-276. Reprinted with Bernanke, 1995 (above), in Bernanke, 2005, Essays on the Great Depression, Princeton. Description Archived 2010-03-29 at the Wayback Machine, TOC Archived 2010-01-19 at the Wayback Machine as ch. 1-2.
       • _____ and Mark Gertler, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, 79(1), pp. 14-31.
       • Irving Fisher, 1933. "The Debt-Deflation Theory of Great Depressions," Econometrica, 1(4), pp. 337-357. Archived 2020-01-31 at the Wayback Machine
       • P. Bridel, 2008. "credit cycle," The New Palgrave Dictionary of Economics, 2008. 2nd Edition. Abstract. Archived 2012-03-26 at the Wayback Machine
       • Mark Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," Journal of Money, Credit and Banking, 20(3), pp. 559-588 Archived 2011-06-17 at the Wayback Machine.
       • Steven Gjerstad and Vernon L. Smith, 2009. "From Bubble to Depression? Archived 2015-02-13 at the Wayback Machine" Wall Street Journal, April 6.
       • Hyman P. Minsky, 1957. "Monetary Systems and Accelerator Models,"American Economic Review, 47(6), pp. 860-883 Archived 2012-04-25 at the Wayback Machine.
       • Steve Fazzari and Hyman Minsky, 1984. "Domestic Monetary Policy: If Not Monetarism, What?" Journal of Economic Issues, 18(1), "Economic Policy for the Eighties and Beyond," pp. 101-116. Reprinted in M. Tool, ed., 1984, An Institutionalist Guide to Economics and Public Policy, pp. 101-116.
       • Lance Taylor and Stephen A. O'Connell, 1985. "A Minsky Crisis," Quarterly Journal of Economics, 100(3, Supplement), pp. 871-885. Archived 2012-04-25 at the Wayback Machine
       • Mervyn King, 1994. "Debt Deflation: Theory and Evidence," European Economic Review, 38(3-4), pp. 419-445. Abstract.
       • Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, 96(2), pp. 411–416. JSTOR 30034682
       • Nobuhiro Kiyotaki and John H. Moore, 1997. "Credit Cycles," Journal of Political Economy, 105(2), pp. 211–248. JSTOR 2138839
       • Guillermo A. Calvo and Enrique G. Mendoza, 2000. "Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach,' American Economic Review, 90(2), pp. 59-64.
       • Wynne Godley and Marc Lavoie, 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Palgrave MacMillan. Description & contents links Archived 2013-11-04 at the Wayback Machine and review Archived 2008-11-20 at the Wayback Machine.
  12. ^ Karl Brunner and Allan H. Meltzer, 1988. "Money and Credit in the Monetary Transmission Process," American Economic Review, 78(2), pp. 446-451.
       • Edward Nelson, 2002. "Direct Effects of Base money on Aggregate Demand: Theory and Evidence," Journal of Monetary Economics, 49(4), pp. 687-708. Abstract Archived 2015-09-24 at the Wayback Machine.J. M. Keynes, 1937. "The General Theory of Employment," Quarterly Journal of Economics, 51, (2), pp. 209-223 Archived 2012-01-05 at the Wayback Machine.
       • Anthony M. Santomero and John J. Seater, 1981. "Partial Adjustment in the Demand for Money: Theory and Empirics," American Economic Review, 71(4), pp. 566-578.
  13. ^ • From Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, p. 1. Archived 2011-06-11 at the Wayback Machine
       • Alan S. Blinder, 1997. "What Central Bankers Could Learn from Academics — and Vice Versa," Journal of Economic Perspectives, 11(2), pp. 3-19.[permanent dead link]
  14. ^ • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
             "monetary and fiscal policy overview" by Narayana R. Kocherlakota. Abstract. Archived 2010-12-29 at the Wayback Machine
             "fiscal and monetary policies in developing countries" by David Fielding. Abstract. Archived 2012-03-11 at the Wayback Machine
             "government budget constraint" by Eric M. Leeper and James M. Nason. Abstract. Archived 2010-12-29 at the Wayback Machine
             "currency crises" by Graciela Laura Kaminsky. Abstract. Archived 2012-03-26 at the Wayback Machine
             "currency crises models" by Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Abstract. Archived 2012-03-26 at the Wayback Machine
       • Stanley Fischer and William Easterly, 1990. "The Economics of the Government Budget Constraint," World Bank Research Observer, 5(2), pp. p. 127 Archived 2023-01-16 at the Wayback Machine-142 (PDF Archived 2011-06-07 at the Wayback Machine, pp. 5-20 of 101).
       • Thomas J. Sargent and Neil Wallace, 1981. "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), pp. 1-17. Archived 2011-07-27 at the Wayback Machine
       • Thomas J. Sargent, 2011. "United States Then, Europe Now," Archived 2013-01-15 at the Wayback Machine Nobel lecture, sect. 7, Lessons for Now.
       • Milton Friedman, 1948. "A Monetary and Fiscal Framework for Economic Stability," American Economic Review, 38(3), pp. 245-264. Archived 2011-10-07 at the Wayback Machine
       • _____, 1959. A Program for Monetary Stability. Fordham University Press. New York. TOC chapter-preview links. Archived 2011-11-01 at the Wayback Machine
       • Michael Woodford, 2001. "Fiscal Requirements for Price Stability," Journal of Money, Credit and Banking, 33(3), pp. 669-728.
       • Alberto Alesina and Allan Drazen, 1991. "Why Are Stabilizations Delayed?" American Economic Review, 81(5), pp. 1170-1188. Archived 2011-07-26 at the Wayback Machine
       • Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures." American Economic Review,, 90(2), pp. 1-16. Reprinted in M. Chatterji and P. Gangopadhyay, ed., 2005, Economic Globalization in Asia, pp. 47-63.
       • Graciela L. Kaminsky and Carmen M. Reinhart, 1999. "The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems," American Economic Review, 89(3), pp. 473-500.
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  15. ^ • Sudipto Bhattacharya, Anjan V. Thakor, and Arnoud W.A. Boot, 1998. "The Economics of Bank Regulation," Journal of Money, Credit, and Banking, 30(4), pp. 745-770. Archived 2016-03-04 at the Wayback Machine
       • Frederic S. Mishkin, ed., 2001. Prudential Supervision: What Works and What Doesn't, Chicago. Chapter downloads. Archived 2020-02-15 at the Wayback Machine
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       • Carlos M. Peláez and Carlos A. Peláez, 2009. Regulation of Banks and Finance: Theory and Policy after the Credit Crisis, Palgrave. Description. Archived 2010-03-31 at the Wayback Machine
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             Mathias Dewatripont, Xavier Freixas, and Richard Portes, ed., 2009. Macroeconomic Stability and Financial Regulation. Archived 2010-07-04 at the Wayback Machine
             Thorsten Beck, Diane Coyle, Mathias Dewatripont, Xavier Freixas, and Paul Seabright, 2010. Bailing out the Banks: Reconciling Stability and Competition Archived 2010-04-15 at the Wayback Machine, ch. 7, "Preventing Future Crises: Reforming Prudential Regulation," pp. 67-83.
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       • Ben Bernanke and Mark Gertler, 1990. "Financial Fragility and Economic Performance," Quarterly Journal of Economics, 105(1), pp. 87-114.
       • Thomas F. Hellmann, Kevin C. Murdock and Joseph E. Stiglitz, 2000. "Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?" American Economic Review, 90(1), pp. 147-165.
       • Ross Levine, Norman Loayza, and Thorsten Beck, 2000. "Financial Intermediation and Growth: Causality and Causes," Journal of Monetary Economics, 46, pp. 31-77 Archived 2012-10-20 at the Wayback Machine (close Pages tab at left).
       • Asli Demirgüç-Kunt and Enrica Detragiache, 2002. "Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation," Journal of Monetary Economics, 49(7), pp. 1373-1406. Abstract & TOC.
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       • Charlie Rose, 2011. Paul Volcker interview, Oct 24, PBS. On current financial regulatory reform in the U.S., Europe, and Japan. Click on picture to play Archived 2011-10-27 at the Wayback Machine.
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       • Ben Bernanke and Mark Gertler, 1999. "Monetary Policy and Asset Price Volatility," Economic Review, Federal Reserve Bank of Kansas City, (4), pp. 17-51. Archived 2010-12-17 at the Wayback Machine
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       • Otmar Issing, 2003. "Monetary and Financial Stability: Is There a Trade-off?," Archived 2009-06-18 at the Wayback Machine Monetary Stability, Financial Stability and the Business Cycle, European Central Bank Conference.
       • Charles P. Kindleberger and Robert Z. Aliber, [1978] 2009. Manias, Panics, and Crashes: A History of Financial Crises, 6th edition. Palgrave. Description & TOC. Archived 2010-03-31 at the Wayback Machine
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References

edit
  • Handbook of Monetary Economics, Elsevier.
Friedman, Benjamin M., and Frank H. Hahn, ed., 1990. v. 1 links for description & contents and chapter-outline previews
_____, 1990. v. 2 links for description & contents and chapter-outline previews.
Friedman, Benjamin, and Michael Woodford, 2010. v. 3A & 3B links for description & and chapter abstract & TOC.
edit
(JEL: E4) Money and Interest Rates
(JEL: E5) Monetary Policy, Central Banking, and the Supply of Money and Credit
Presentation of Money, credit and finance an slideshow
What is money? A slideshow https://www.slideshare.net/MitchGreen/lesson-1-what-is-money#btnNext