Monetary economics

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Monetary economics is the branch of economics that studies the different competing 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, for example fiat currency, 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]

Contents

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]

Research areas

Traditionally, research areas in monetary economics have included:

History

Islamic Golden Age

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, [28] cheques, promissory notes, [29] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt, [30] and banking institutions for loans and deposits. [30]

1500s to 1700s

Silver coin of the Maurya Empire, known as rupyarupa, with symbols of wheel and elephant. 3rd century BC. MauryanCoin.JPG
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. French issued rupee in the name of Mohammed Sha 1719 1758 for Northern India trade cast in Pondicherry.jpg
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 used was continued by the Mughal rulers. [31] 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, [32] 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, [33] from Sanskrit rūpa, beautiful form. [34]

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. [35]

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. [36]

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". [37]

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

Notes

  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. 927-54.
       • _____, 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) and "monetary economics, history of" (abstract), The New Palgrave Dictionary of Economics . 2nd Edition.
     Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, pp. 1-6 Abstract-links version.
     JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories.
     David Hume, 1752. "Of Money," "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. 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. 355-376.
     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.
      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 & chapter-preview links.
      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- 242.
       • _____, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies 25(1), pp.
    65–86.
      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. 51-67.
  6. Robert Clower, 1967. "A Reconsideration of the Microfoundations of Monetary Theory," Western Economic Journal, 6(1), pp. 1-8. [ permanent dead link ]
       • _____, 1987. Money and Markets. Cambridge. Description and chapter-preview.
      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.
       • _____, 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), and 1991 evaluation by Stanley Fischer.
      Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description 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.
       • _____ with Stephen S. Golub, 1998. Money, Credit, and Capital. Irwin/McGraw-Hill. TOC.
       • Stephen M. Goldfeld and Daniel E. Sichel, 1990. "The Demand for Money," in Handbook of Monetary Economics, v. 1, pp. 299-356. Outline. Elsevier.
       • Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, 47(3). International Monetary Fund. pp. 334-65.
  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. 847-869.
       • 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. William A. Barnett, 2008. "monetary aggregation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
      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.
       • Milton Friedman and Anna Jacobson Schwartz, 1970. "Introduction," Monetary Statistics of the United States. Princeton. pp. 89-92. 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.
  10. Ben S. Bernanke, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, 27(1), pp. 1-28.
       • _____, 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, 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.
       • P. Bridel, 2008. "credit cycle," The New Palgrave Dictionary of Economics, 2008. 2nd Edition. Abstract.
      Mark Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," Journal of Money, Credit and Banking, 20(3), pp. 559-588.
       • Steven Gjerstad and Vernon L. Smith, 2009. "From Bubble to Depression?" Wall Street Journal, April 6.
      Hyman P. Minsky, 1957. "Monetary Systems and Accelerator Models,"American Economic Review, 47(6), pp. 860-883.
       • 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 and review Archived 2008-11-20 at the Wayback Machine .
  11. 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.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.
  12. • From Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, p. 1.
       • 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 ]
  13. • From The New Palgrave Dictionary of Economics , 2008. 2nd Edition:
             "monetary and fiscal policy overview" by Narayana R. Kocherlakota. Abstract.
             "fiscal and monetary policies in developing countries" by David Fielding. Abstract.
             "government budget constraint" by Eric M. Leeper and James M. Nason. Abstract.
             "currency crises" by Graciela Laura Kaminsky. Abstract.
             "currency crises models" by Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Abstract.
       • Stanley Fischer and William Easterly, 1990. "The Economics of the Government Budget Constraint," World Bank Research Observer, 5(2), pp. p. 127-142 (PDF, 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.
       • 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.
       • Christopher Adam and David Vines, 2009. "Remaking Macroeconomic Policy after the Global Financial Crisis: A Balance-Sheet Approach," Oxford Review of Economic Policy, 25(4), pp. 507-552. Abstract.
  14. • 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.
       • James R. Barth, Gerard Caprio, Jr., and Ross Levine, 2004. "Bank Regulation and Supervision: What Works Best?" Journal of Financial Intermediation, 13(2), pp. 205-248. Abstract.
       • Carlos M. Peláez and Carlos A. Peláez, 2009. Regulation of Banks and Finance: Theory and Policy after the Credit Crisis, Palgrave. Description.
      Centre for Economic Policy Research, London:
             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, ch. 7, "Preventing Future Crises: Reforming Prudential Regulation," pp. 67-83.
      Robert E. Hall, 1982. "Monetary Trends in The United States and The United Kingdom: A Review from The Perspective of New Developments in Monetary Economics," Journal of Economic Literature, 20(4), pp. 1552-1556.
      Robert C. Merton, 1995. "Financial Innovation and the Management and Regulation of Financial Institutions," Journal of Banking & Finance, 19(3-4), pp. 461-481.
       • Lawrence J. White, 1991 The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation, Oxford. Chapter-preview links. Review by J.H. Boyd.
      Randall S. Kroszner and Philip E. Strahan, 1999. "What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions," Quarterly Journal of Economics, 114(4), pp. 1437-1467.fragility of financial markets,
       • 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 (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.
       • Donald P. Morgan, 2002. "Rating Banks: Risk and Uncertainty in an Opaque Industry," American Economic Review, 92(4 ), pp. 874-888.
       • Thorsten Beck, Aslı Demirgu¨ Kunt, and Ross Levine 2006. "Bank Supervision and Corruption in Lending," Journal of Monetary Economics, 53(8), pp. 2131–2163. Abstract. Archived 2011-08-21 at the Wayback Machine
      Raghuram G. Rajan, 2005. "Has Financial Development Made the World Riskier?" in Economic Symposium Conference Proceedings Archived 2014-09-29 at the Wayback Machine , Federal Reserve Bank of Kansas City, Aug., pp. 313-369. doi:10.3386/w11728
       • In Mark Carey & René M. Stulz, ed., 2007. The Risks of Financial Institutions , Chicago:
             Thorsten Beck, Asli Demirguc-Kunt, and Ross Levine. "Bank Concentration and Fragility: Impact and Mechanics," ch. 5, pp. 193- 231. Abstract.
             Franklin Allen and Douglas Gale. "Systemic Risk and Regulation," ch. 7. pp. 341-368.
      Carl E. Walsh, 2009. "Using Monetary Policy to Stabilize Economic Activity," in Financial Stability and Macroeconomic Policy, FRBKC, Aug., pp. 245-96.
       • Ben S. Bernanke, 2010. "Monetary Policy and the Housing Bubble," American Economic Association meeting. Atlanta. January 3.
       Frontline , 2009. "The Warning," PBS, October 20. Brooksley Born's efforts as CFTC chair (1996-1999) to regulate OTC derivatives. Transcript and arrow-link to broadcast.
       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 .
  15. • Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, 95(3), pp. 739-764. Archived 2009-03-19 at the Wayback Machine
       • Ben Bernanke and Mark Gertler, 1999. "Monetary Policy and Asset Price Volatility," Economic Review, Federal Reserve Bank of Kansas City, (4), pp. 17-51.
       • _____, 2001. "Should Central Banks Respond to Movements in Asset Prices?" American Economic Review, 91(2), pp. 253-257.
      Frederic S. Mishkin, 2007. "Financial Instability and Monetary Policy," Risk USA Conference.
       • Claudio E.V. Borio and William R. White, 2003. "Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes," in Monetary Policy and Uncertainty: Adapting to a Changing Economy, pp. 131-211. Federal Reserve Bank of Kansas City.
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       • 2008:4. "Kenneth Rogoff Interview," The Region, Federal Reserve Bank of Minneapolis.
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      William Poole, 2008. "How Important Is Moral Hazard?," Panel Discussion on Balancing Financial Stability, Price Stability and Macroeconomic Stability, U.S. Monetary Policy Forum.
      Charles W. Calomiris, 2008. "banking crises," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
       • Lawrence H. Officer, 2008. "Topical Insight: Bailouts," The New Palgrave Dictionary of Economics Online.
       • Takeo Hoshi and Anil K. Kashyap, 2010. "Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan," Journal of Financial Economics, 97(3), pp. 398-417. Abstract.
       • Robert J. Barro, 2009. "Rare Disasters, Asset Prices, and Welfare Costs," American Economic Review, 99(1), pp. 243-64 Archived 2012-03-21 at the Wayback Machine .
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  17. • Bennett T. McCallum, 2008. "Monetarism," Concise Encyclopedia of Economics, 2nd ed.
      Phillip Cagan, 1987. "monetarism," The New Palgrave: A Dictionary of Economics , v. 3, pp. 492–97. Table of Contents. Reprinted in John Eatwell et al., 1989), Money: The New Palgrave, pp. 195-205.
       • Jerome L. Stein, ed., 1976. Monetarism. Elsevier.
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      Clark Warburton, 1966. Depression, Inflation, and Monetary Policy: Selected Papers, 1945-1953. Johns Hopkins Press. Evaluation in Anna J. Schwartz, Money in Historical Perspective, 1987.
       • Milton Friedman and Anna Jacobson Schwartz, 1963. A Monetary History of the United States, 1867-1960 . Princeton. Page-searchable links to chapters on 1929-41 and 1948-60.
      James Tobin, 1970. "Money and Income: Post Hoc Ergo Propter Hoc?" Quarterly Journal of Economics, 84(2), pp. 301-317. Archived 2013-05-16 at the Wayback Machine
      Christopher A. Sims, 1972. "Money, Income, and Causality," American Economic Review, 62(4), pp. 540-552.
       • _____, 1980. "Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered," American Economic Review, 70(2), pp. 250-257.
       • _____, 2011. "Statistical Modeling of Monetary Policy and its Effects", Nobel Prize lecture.
       • John P. Judd and John L. Scadding, 1982. "The Search for a Stable Money Demand Function: A Survey of the Post-1973 Literature," Journal of Economic Literature, 20(3), pp. 993-1023.
       • Christina D. Romer and David H. Romer, 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz,", NBER Macroeconomics Annual 1989, 4, downloadable at ch. 3 and at Journal of Monetary Economics, 1994, 34(1), pp. 75-88. Abstract. Archived 2012-03-27 at the Wayback Machine
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           "information cascades," by Sushil Bikhchandani, David Hirshleifer and Ivo Welch. Abstract.
       • Alex Cukierman and Allan H. Meltzer, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, 54(5), pp. 1099-1128.
       • Matthew B. Canzoneri, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, 75(5), pp. 1056-1070.
       • Frederic S. Mishkin, 1991. "Asymmetric Information and Financial Crises: A Historical Perspective," in R. Glenn Hubbard, ed., Financial Markets and Financial Crises (description), Chicago, pp. 69-108
       • Joseph E. Stiglitz and Andrew M. Weiss, 1992. "Asymmetric Information in Credit Markets: Implications for Macro-Economics," Oxford Economic Papers, 44(4), pp. 694-724.
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       • Franklin Allen and Douglas Gale, 2000 "Financial Contagion," Journal of Political Economy, 108(1), pp. 1-33.
       • Laura E. Kodres and Matthew Pritsker, 2002. "A Rational Expectations Model of Financial Contagion," Journal of Finance, 57(2), pp. 769-799. Archived 2011-06-15 at the Wayback Machine
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  26. Martin Shubik, 1990. "A Game Theoretic Approach to the Theory of Money and Financial Institutions," ch. 5, in B. M. Friedman and & F. H. Hahn, ed. Handbook of Monetary Economics, Elsevier, v. 1, pp. 171-219 Archived 2012-04-25 at the Wayback Machine .
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  34. Turner, Sir Ralph Lilley (1985) [London: Oxford University Press, 1962–1966.]. "A Comparative Dictionary of the Indo-Aryan Languages". Includes three supplements, published 1969–1985. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago. Retrieved 26 August 2010. rūpa 10803 'form, beauty'
  35. Shoaib Daniyal. "History revisited: How Tughlaq's currency change led to chaos in 14th century India". scroll.in. Retrieved 2017-02-14.
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  37. History of Monetary and Credit Theory

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References

Friedman, Benjamin M., and Frank H. Hahn, ed. , 1990. v. 1 links for description & contents and chapter-outline previews
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Friedman, Benjamin, and Michael Woodford, 2010. v. 3A & 3B links for description & and chapter abstract & TOC.
(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? an slideshow http://www.slideshare.net/MitchGreen/lesson-1-what-is-money#btnNext