Monetary economics

Branch of economics covering theories of money

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 (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

[edit]

See also: History of economic thought and History of money

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources in this section. Unsourced material may be challenged and removed. (September 2018) (Learn how and when to remove this message)

|

### Islamic Golden Age

[edit]

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,[9] cheques, promissory notes,[10] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,[11] and banking institutions for loans and deposits.[11]

### 1500s to 1700s

[edit]

Silver coin of the Maurya Empire, known as rūpyarūpa, with symbols of wheel and elephant. 3rd century BC. The French Indies 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.[12] 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,[13] 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,[14] from Sanskrit rūpa, beautiful form.[15]

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.[16]

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.[17]

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".[18]

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.

## Modern Theory of money

[edit]

Further information: Quantity theory of money

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).[19]

## Research areas

[edit]

Traditionally, research areas in monetary economics have included:

* Empirical determinants and measurement of the money supply, whether narrowly, broadly, or index-aggregated, in relation to economic activity[20]
* Empirical determinants of the demand for money.
* Credit theory of money (also called debt theory of money), concerning the relationship between credit and money.
* Debt deflation and balance-sheet theories, which hypothesize that over-extension of credit associated with a subsequent asset-price fall generate business fluctuations through the wealth effect on net worth.[21][22]
* Monetary aspects studied by central banks.[23]
* The monetary/fiscal policy relationship to macroeconomic stability[24]
* The effect of money supply growth on inflation.
* The political economy of financial regulation and monetary policy[25]
* Monetary implications of the asset-price/macroeconomic relation:[26] the quantity theory of money,[27] monetarism,[28] and the importance and stability of the relation between the money supply and interest rates, the price level, and nominal and real output of an economy.[29]

* Monetary impacts on interest rates and the term structure of interest rates[30]
* Lessons of monetary/financial history[31]

* Transmission mechanisms of monetary policy as to the macroeconomy[32]
* Neutrality of money vs. money illusion as to a change in the money supply, price level, or inflation on output[33]
* Tests, testability, and implications of rational-expectations theory as to changes in output or inflation from monetary policy[34]
* Monetary implications of imperfect and asymmetric information[35] and fraudulent finance[36]

* Game theory as a modeling paradigm for monetary and financial institutions[37]
* Possible advantages of following a monetary-policy rule to avoid inefficiencies of time inconsistency from discretionary policy[38]

## See also

[edit]

* Chartalism – Heterodox theory of money
* Classical dichotomy – Idea that real and nominal variables can be analysed separately
* Currency crisis – When a country's central bank lacks the foreign reserves to maintain a fixed exchange rate
* Equation of exchange – Equation used on monetary theory
* Financial economics – Academic discipline concerned with the exchange of money
* Free banking – Economic system
* Horizontalism – approach to money creation theoryPages displaying wikidata descriptions as a fallback
* Liquidity preference – Interest seen as a reward for parting with liquidity
* Liquidity trap – Situation described in Keynesian economics
* Market monetarism – School of macroeconomic thought
* Modern Monetary Theory – Macroeconomic theoryPages displaying short descriptions of redirect targets
* Monetarism – School of thought in monetary economics
* Monetary base – Measure of money supply
* Monetary-disequilibrium theory
* Monetary reform – Movements to amend the financial system
* Money creation – Process by which the money supply of an economic region is increased
* Money supply – Total value of money available in an economy at a specific point in time
* Systemic risk – Risk of collapse of an entire financial system or entire market
* Taylor rule – Rule from monetary policy
* The General Theory of Employment, Interest and Money – 1936 book by John Maynard Keynes
* The Theory of Money and Credit – 1912 book by Ludwig von Mises
* Velocity of money – Rate of money changing hands
* Welfare cost of inflation

* v
* t
* e

Economics

Theoretical|

* Microeconomics
* Decision theory
* Price theory
* Game theory
* Contract theory
* Mechanism design
* Macroeconomics
* Mathematical economics
* Complexity economics
* Computational economics
* Agent-based computational economics
* Behavioral economics
* Pluralism in economics

Empirical|

* Econometrics
* Economic statistics
* Experimental economics
* Economic history

Applied|

* Agriculture
* Business
* Cultural
* Demographic
* Development
* Ecological
* Education
* Engineering
* Environmental
* Evolutionary
* Financial
* Geographic
* Happiness
* Health
* History
* Information
* Infrastructure
* Institutions
* Labour
* Law
* Management
* Organization
* Participation
* Personnel
* Planning
* Policy
* Public sector
* Public choice
* Social choice
* Regional
* Regulatory
* Resources
* Rural
* Service
* Transport
* Urban
* Welfare

Schools
(history)

* Attention
* Mainstream
* Heterodox
* American (National)
* Ancient thought
* Austrian
* Behavioral
* Buddhist
* Chartalism
* Modern monetary theory
* Chicago
* Classical
* Critique of political economy
* Democratic
* Disequilibrium
* Ecological
* Evolutionary
* Feminist
* Freiwirtschaft
* Georgism
* Happiness
* Historical
* Humanistic
* Institutional
* Keynesian
* Neo- (neoclassical–Keynesian synthesis)
* New
* Post-
* Circuitism
* Malthusianism
* Marginalism
* Marxian
* Neo-
* Mercantilism
* Mixed
* Mutualism
* Neoclassical
* Lausanne
* New classical
* Real business-cycle theory
* New institutional
* Physiocracy
* Socialist
* Stockholm
* Supply-side
* Thermo

Economists

* de Mandeville
* Quesnay
* Smith
* Malthus
* Say
* Ricardo
* von Thünen
* List
* Bastiat
* Cournot
* Mill
* Gossen
* Marx
* Walras
* Jevons
* George
* Menger
* Marshall
* Edgeworth
* Clark
* Pareto
* von Böhm-Bawerk
* von Wieser
* Veblen
* Gesell
* Fisher
* Pigou
* Heckscher
* von Mises
* Schumpeter
* Keynes
* Knight
* Polanyi
* Frisch
* Sraffa
* Myrdal
* Hayek
* Kalecki
* Röpke
* Kuznets
* Tinbergen
* Robinson
* von Neumann
* Hicks
* Lange
* Leontief
* Galbraith
* Koopmans
* Schumacher
* Friedman
* Samuelson
* Simon
* Buchanan
* Arrow
* Baumol
* Solow
* Rothbard
* Greenspan
* Sowell
* Becker
* Ostrom
* Sen
* Lucas
* Stiglitz
* Thaler
* Hoppe
* Krugman
* Piketty
* more

Lists|

* Glossary
* Economists
* Publications (journals)
* Schools

* Category
* Index
* Lists
* Outline
* Publications
* Business portal

* v
* t
* e

Macroeconomics

Basic concepts|

* Aggregate demand
* Aggregate supply
* Business cycle
* CAGR
* Deflation
* Demand shock
* Disinflation
* Effective demand
* Expectations
* Adaptive
* Rational
* Financial crisis
* Growth
* Inflation
* Demand-pull
* Cost-push
* Interest rate
* Investment
* Liquidity trap
* Measures of national income and output
* GDP
* GNI
* NNI
* Microfoundations
* Money
* Endogenous
* Money creation
* Demand for money
* Liquidity preference
* Money supply
* National accounts
* SNA
* Nominal rigidity
* Price level
* Recession
* Shrinkflation
* Stagflation
* Supply shock
* Saving
* Unemployment

Policies|

* Fiscal
* Monetary
* Commercial
* Central bank
* Universal basic income

Models|

* IS–LM
* AD–AS
* Keynesian cross
* Multiplier
* Accelerator
* Phillips curve
* Arrow–Debreu
* Harrod–Domar
* Solow–Swan
* Ramsey–Cass–Koopmans
* Overlapping generations
* General equilibrium

* DSGE

* Endogenous growth
* Matching theory
* Mundell–Fleming
* Overshooting
* NAIRU

Related fields|

* Econometrics
* Economic statistics
* Monetary economics
* Development economics
* Evolutionary economics
* International economics

Schools|

| Mainstream|

* Keynesian

* Neo-
* New

* Monetarism
* New classical

* Real business-cycle theory

* Stockholm
* New neoclassical synthesis
* Saltwater and freshwater

|

Heterodox|

* Austrian
* Chartalism

* Modern monetary theory

* Ecological
* Post-Keynesian

* Circuitism

* Disequilibrium
* Marxian
* Market monetarism
* Supply-side

Notable macroeconomists|

* François Quesnay
* Adam Smith
* Thomas Robert Malthus
* Karl Marx
* Léon Walras
* Knut Wicksell
* Irving Fisher
* Wesley Clair Mitchell
* John Maynard Keynes
* Alvin Hansen
* Michał Kalecki
* Gunnar Myrdal
* Simon Kuznets
* Joan Robinson
* Friedrich Hayek
* John Hicks
* Richard Stone
* Hyman Minsky
* Milton Friedman
* Paul Samuelson
* Lawrence Klein
* Edmund Phelps
* Robert Lucas Jr.
* Edward C. Prescott
* Peter Diamond
* William Nordhaus
* Joseph Stiglitz
* Thomas J. Sargent
* Paul Krugman
* N. Gregory Mankiw

Critique|

Critique of political economy

See also|

* Macroeconomic model
* Publications in macroeconomics
* Economics

* Applied

* Microeconomics
* Political economy
* Mathematical economics

Category

## Notes

[edit]

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. ^ Banaji, Jairus (2007). "Islam, the Mediterranean and the Rise of Capitalism". Historical Materialism. 15 (1): 47–74\. doi:10.1163/156920607X171591. ISSN 1465-4466. OCLC 440360743. Archived from the original on May 23, 2009. Retrieved August 28, 2010.
10. ^ Lopez, Robert Sabatino; Raymond, Irving Woodworth; Constable, Olivia Remie (2001) [1955]. Medieval trade in the Mediterranean world: Illustrative documents. Records of Western civilization.; Records of civilization, sources and studies, no. 52. New York: Columbia University Press. ISBN 978-0-231-12357-0. OCLC 466877309. Archived from the original on March 9, 2012.
11. ^ a b Labib, Subhi Y. (March 1969). "Capitalism in Medieval Islam". The Journal of Economic History. 29 (1): 79–86\. doi:10.1017/S0022050700097837. ISSN 0022-0507. JSTOR 2115499. OCLC 478662641. S2CID 153962294.
12. ^ "Mughal Coinage". Archived from the original on 2002-10-05. "Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century"
13. ^ Subodh Kapoor (January 2002). The Indian encyclopaedia: biographical, historical, religious ..., Volume 6. Cosmo Publications. p. 1599\. ISBN 81-7755-257-0.
14. ^ 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. Archived from the original on 28 August 2010. Retrieved 26 August 2010. "rū'pya 10805 rū'pya 'beautiful, bearing a stamp'; 'silver'"
15. ^ 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. Archived from the original on 28 August 2010. Retrieved 26 August 2010. "rūpa 10803 'form, beauty'"
16. ^ Shoaib Daniyal (15 November 2016). "History revisited: How Tughlaq's currency change led to chaos in 14th century India". scroll.in. Archived from the original on 2017-02-15. Retrieved 2017-02-14.
17. ^ Theodore Roosevelt; Kermit Roosevelt (1929). "Trailing the giant panda". Nature. 124 (3138). Scribner: 944. Bibcode:1929Natur.124R.944.. doi:10.1038/124944b0. S2CID 4086078. "... The currency in general use was what was known at the Tibetan rupee ..."
18. ^ "History of Monetary and Credit Theory" (PDF). Archived from the original on 2023-01-16. Retrieved 2017-02-26.
19. ^ 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."
20. ^ • 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.
21. ^ • 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.
22. ^ • 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.
23. ^ • 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.[dead link]
24. ^ • 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.
• 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.
25. ^ • 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
• 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. Archived 2010-03-31 at the Wayback Machine
• 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 Archived 2010-04-15 at the Wayback Machine, 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. Archived 2010-12-03 at the Wayback Machine
• Robert C. Merton, 1995. "Financial Innovation and the Management and Regulation of Financial Institutions," Journal of Banking & Finance, 19(3-4), pp. 461-481. Archived 2010-06-11 at the Wayback Machine
• Lawrence J. White, 1991 The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation, Oxford. Chapter-preview links. Archived 2023-01-16 at the Wayback Machine Review Archived 2014-09-02 at the Wayback Machine 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 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.
• Donald P. Morgan, 2002. "Rating Banks: Risk and Uncertainty in an Opaque Industry," American Economic Review, 92(4), pp. 874 Archived 2023-01-16 at the Wayback Machine-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. Archived 2013-09-30 at the Wayback Machine 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. Archived 2023-01-16 at the Wayback Machine
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," Archived 2022-08-31 at the Wayback Machine 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 Archived 2017-09-19 at the Wayback Machine 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.
26. ^ • 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. Archived 2010-12-17 at the Wayback Machine
• _____, 2001. "Should Central Banks Respond to Movements in Asset Prices?" American Economic Review, 91(2), pp. 253-257. Archived 2011-07-21 at the Wayback Machine
• Frederic S. Mishkin, 2007. "Financial Instability and Monetary Policy," Archived 2009-02-23 at the Wayback Machine 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. Archived 2009-03-19 at the Wayback Machine Federal Reserve Bank of Kansas City.
• 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
• 2008:4. "Kenneth Rogoff Interview," Archived 2014-09-02 at the Wayback Machine The Region, Federal Reserve Bank of Minneapolis.
• Lawrence Summers, 2007. "Beware Moral Hazard Fundamentalists," Archived 2011-07-22 at the Wayback Machine Financial Times, September 23.
• William Poole, 2008. "How Important Is Moral Hazard?," Archived 2008-05-16 at the Wayback Machine 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. Archived 2009-02-02 at the Wayback Machine
• Lawrence H. Officer, 2008. "Topical Insight: Bailouts," Archived 2009-02-01 at the Wayback Machine 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.
27. ^ Milton Friedman, [1987] 2008\. "quantity theory of money." The New Palgrave Dictionary of Economics. 2nd Edition. Abstract. Archived 2016-03-03 at the Wayback Machine Arrow-page searchable preview Archived 2023-01-16 at the Wayback Machine at John Eatwell et al., 1989, Money: The New Palgrave, pp. 1-40.
28. ^ • 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. Archived 2016-03-03 at the Wayback Machine Reprinted in John Eatwell et al., 1989), Money: The New Palgrave, pp. 195 Archived 2023-01-16 at the Wayback Machine-205.
• Jerome L. Stein, ed., 1976. Monetarism. Elsevier.
29. ^ • Benjamin M. Friedman, 2008. "money supply," The New Palgrave Dictionary of Economics, 2nd Edition. v. 5, pp. 745-51. Abstract. Archived 2016-03-03 at the Wayback Machine
• 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 Archived 2023-01-16 at the Wayback Machine and 1948-60. Archived 2023-01-16 at the Wayback Machine
• 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. Archived 2016-03-04 at the Wayback Machine
• _____, 1980. "Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered," American Economic Review, 70(2), pp. 250 Archived 2023-01-16 at the Wayback Machine-257.
• _____, 2011. "Statistical Modeling of Monetary Policy and its Effects" Archived 2021-04-13 at the Wayback Machine, 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 Archived 2023-01-16 at the Wayback Machine-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 Archived 2020-08-04 at the Wayback Machine and at Journal of Monetary Economics, 1994, 34(1), pp. 75-88. Abstract. Archived 2012-03-27 at the Wayback Machine
• Dennis L. Hoffman, Robert H. Rasche, and Margie A. Tieslau, 1995. "The Stability of Long-run Money Demand in Five Industrial Countries," Journal of Monetary Economics, 35(2), pp. 317-339 Abstract.
• Robert G. King and Charles I. Plosser, 1984. "Money, Credit, and Prices in a Real Business Cycle," American Economic Review, 74(3), pp. 363-380. Reprinted in Finn E. Kydland, ed., 1995. Business Cycle Theory, pp. 136-55. Archived 2023-01-16 at the Wayback Machine
• Tack Yun, 1996. "Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles," Journal of Monetary Economics, 37{2}, pp. 345–70. Abstract.
• Arturo Estrella and Frederic S. Mishkin, 1997. "Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?" Journal of Monetary Economics, 40(2), pp. 279-304. Abstract.
30. ^ • Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, 71(3), pp. pp. 280-283. Archived 2009-03-19 at the Wayback Machine Briefer description. Archived 2007-08-31 at the Wayback Machine
• Burton G. Malkiel, [1987] 2008\. "term structure of interest rates," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• Michael W. Brandt and David A. Chapman, 2008. "affine term structure models," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Archived 2012-03-26 at the Wayback Machine
• William Poole, 2005. "Understanding the Term Structure of Interest Rates," Archived 2008-08-08 at the Wayback Machine speech, New York, Money Marketeers, The Down Town Association.
• Bennett T. McCallum, 2005. "Monetary Policy and the Term Structure of Interest Rates," Economic Quarterly, 91(4), pp. 1-21. Archived 2011-09-27 at the Wayback Machine Federal Reserve Bank of Richmond.
• Kenneth N. Kuttner, 2001. "Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market," Journal of Monetary Economics, 47(3), pp. 523-544. Abstract.
• 2004. Interest Rates and Monetary Policy. Conference, Federal Reserve Bank of San Francisco and Stanford Institute for Economic Policy Research. Summary and session links. Archived 2009-05-20 at the Wayback Machine
31. ^ • Michael D. Bordo, 2008. "monetary policy, history of," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract Archived 2016-03-04 at the Wayback Machine and pre-publication copy.
• John Kenneth Galbraith, 1975. Money: Whence it Came, Where it Went, Houghton Mifflin. ISBN 0-7351-0070-5} Extracts Archived 2010-05-23 at the Wayback Machine and review extracts.[2][3] Archived 2023-01-16 at the Wayback Machine
• Gauti B. Eggertsson, 2008. "liquidity trap," .The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• Athanasios Orphanides, 2004. "Monetary Policy in Deflation: The Liquidity Trap in History and Practice," North American Journal of Economics and Finance, 15(1), pp. 101-124. Abstract.
• Ben S. Bernanke, 2000, "Japanese Monetary Policy: A Case of Self-Induced Paralysis?" ch. 7, pp. 149-66 Archived 2012-11-03 at the Wayback Machine in Japan's Financial Crisis and Its Parallels to US Experience, Adam S. Posen and Ryoichi Mikitani, ed.
• _____, 2003. "Some Thoughts on Monetary Policy in Japan,"[permanent dead link] May 31, (speech) Federal Reserve Board.
• _____, 2005. Essays on the Great Depression, ch. 1-4. Princeton. Description Archived 2010-03-29 at the Wayback Machine, TOC Archived 2010-01-19 at the Wayback Machine, and ch. 1, " The Macroeconomics of the Great Depression," preview. Archived 2010-07-04 at the Wayback Machine
• Satyajit Chatterjee and P. Dean Corbae, 2008. "Great Depression, monetary and financial forces in," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Archived 2012-03-26 at the Wayback Machine
• G.J. Santoni, 1987. "The Great Bull Markets 1924-29 and 1982-87: Speculative Bubbles or Economic Fundamentals?" Federal Reserve Bank of St. Louis Review, November, pp. 16-30.[dead link]
• Richard C. Koo, 2008. The Holy Grail of Macro Economics: Lessons From Japan's Great Recession, Wiley. Description Archived 2011-06-08 at the Wayback Machine and Review. Archived 2010-06-11 at the Wayback Machine
• Carmen M. Reinhart and Kenneth S. Rogoff, 2009. This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press. Description Archived 2013-01-18 at the Wayback Machine, ch. 1 ("Varieties of Crises and their Dates," pp. 3-20) Archived 2012-09-25 at the Wayback Machine, and chapter-preview links. Archived 2023-01-15 at the Wayback Machine
• Kevin H. O'Rourke and Barry Eichengreen, 2009. "A Tale of Two Depressions," pp. 1-8. VoxEU.org.
• John Quiggin, 2010. Zombie Economics: How Dead Ideas Still Walk among Us, ch. 2-3 & 5\. Princeton U.P. Description, Archived 2010-06-25 at the Wayback Machine TOC Archived 2011-04-02 at the Wayback Machine, and Introduction Archived 2011-04-01 at the Wayback Machine.
• Christopher L. Foote and Paul S. Willen, 2011. "subprime mortgage crisis, the," The New Palgrave Dictionary of Economics, Online Edition. Abstract. Archived 2011-08-15 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.
• Roger Lowenstein, 2012. "The Villain," Archived 2012-08-15 at the Wayback Machine (front-cover title: "The Hero"), The Atlantic, 309(2), April, pp. 48-60. `[`Bernanke, other economists, and politicians on U.S. monetary policy since 2006.`]`
32. ^ • Karl Brunner and Allan H. Meltzer, 1988. "Money and Credit in the Monetary Transmission Process," American Economic Review, 78(2), pp. 446-451.
• Ben S. Bernanke and Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, 9(4), 1995 pp. 27-48. Archived 2009-03-19 at the Wayback Machine
• Frederic S. Mishkin, 1996. "The Channels of Monetary Transmission: Lessons for Monetary Policy," Banque de France Bulletin Digest, No. 27, pp. 33-44.[permanent dead link]
• Ben S. Bernanke and Vincent R. Reinhart, 2004. "Conducting Monetary Policy at Very Low Short-Term Interest Rates," American Economic Review, 94(2), pp. 85-90 Archived 2015-07-04 at the Wayback Machine.
• Peter N. Ireland, 2008. "monetary transmission mechanism," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Archived 2012-02-15 at the Wayback Machine Pre-publication copy. Archived 2010-06-12 at the Wayback Machine
• Alan S. Blinder et al., 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Journal of Economic Literature, 46(4), pp. 910–945 Pre-publication copy. Archived 2009-03-19 at the Wayback Machine
• Vasco Cúrdia and Michael Woodford, 2011, "The Central-Bank Balance Sheet as an Instrument of Monetary Policy," Journal of Monetary Economics, 58(1), pp. 54-79. Abstract.
• Xavier Freixas, 2009. "Monetary Policy in a Systemic Crisis," Oxford Review of Economic Policy, 25(4), pp. 630-53. Abstract.
33. ^ • Don Patinkin, 1987. "neutrality of money," The New Palgrave: A Dictionary of Economics, v. 3, pp. 639–44. Reprinted in John Eatwell et al., 1989, Money: The New Palgrave, pp. 273- 287.
• Irving Fisher, 1928. The Money Illusion. Chapter-preview links.
• William H. Branson and Alvin K. Klevorick, 1969. "Money Illusion and the Aggregate Consumption Function," American Economic Review, 59(5), pp. 832-849. Archived 2012-03-06 at the Wayback Machine
• Eldar Shafir, Peter Diamond, and Amos Tversky, 1997. "Money Illusion," Quarterly Journal of Economics, 112(2), pp. 341 Archived 2023-01-16 at the Wayback Machine-374.
• Bruno, Michael, and William Easterly, 1998. "Inflation Crises and Long-run Growth," Journal of Monetary Economics 41(1), pp. 3–26. Abstract.
34. ^ • Milton Friedman, [1987] 2008. "quantity theory of money." sect. 4, The Theory of Rational Expectations, The New Palgrave Dictionary of Economics. 2nd Edition. Earlier at John Eatwell et al., 1989), Money: The New Palgrave, pp. 26 Archived 2023-01-16 at the Wayback Machine-28.
• From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
"rational expectations" by Thomas J. Sargent. Abstract. Archived 2012-03-26 at the Wayback Machine
"inflation expectations" by Bennett T. McCallum. Abstract. Archived 2012-03-26 at the Wayback Machine
"inflation targeting" by Lars E.O. Svensson. Abstract Archived 2012-03-26 at the Wayback Machine and pre-publication copy. Archived 2008-12-01 at the Wayback Machine
• Thomas J. Sargent and Neil Wallace, 1975. "'Rational' Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, 83(2), pp. 241-254 Archived 2014-05-27 at the Wayback Machine.
• Thomas J. Sargent, 1976. "A Classical Macroeconometric Model for the United States," Journal of Political Economy, 84(2), pp. 207 Archived 2023-01-16 at the Wayback Machine-238. Reprinted in Lucas and Sargent, ed., 1981, Rational Expectations and Econometric Practice, University of Minnesota Press, 1981. v. 2, pp. 521-51.
• Christopher A. Sims, 1980. "Macroeconomics and Reality", Econometrica, 48(1), pp. 1-48 Archived 2012-04-02 at the Wayback Machine.
• Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," in Robert E. Hall, ed., Inflation: Causes and Effects, ch. 2, pp. 41-98. Archived 2017-08-17 at the Wayback Machine Chicago.
• Steven M. Sheffrin, 1996, 2nd Ed. Rational Expectations. Cambridge. Description and preview.
• Robert E. Lucas Jr., 1972. "Expectations and the Neutrality of Money," Journal of Economic Theory, 4(2), pp. 103-124. Archived 2009-03-19 at the Wayback Machine
• _____, 1976. "Econometric Policy Evaluation: A Critique," Carnegie-Rochester Conference Series on Public Policy, 1(1), pp. 19–46.
• _____, 1980. "Two Illustrations of the Quantity Theory of Money," American Economic Review, 70(5), pp. 1005-1014. Archived 2011-05-31 at the Wayback Machine
• _____, 1995. "Monetary Neutrality," Archived 2009-03-19 at the Wayback Machine Nobel Prize Lecture.
• Stanley Fischer, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, 85(1), pp. 191-205. Archived 2011-06-15 at the Wayback Machine
• Robert J. Barro, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, 86(4), pp. 549 Archived 2023-01-16 at the Wayback Machine-580, reprinted in Lucas and Sargent, ed., 1981, Rational Expectations and Econometric Practice, University of Minnesota Press, pp. 585-616.
• Clifford L. F. Attfield and Nigel W. Duck, 1983. "The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates," Journal of Money, Credit and Banking, 15(4), pp. 442 Archived 2023-01-16 at the Wayback Machine-454.
• Olivier J. Blanchard, 1990. "Why Does Money Affect Output? A Survey," in B. M. Friedman and F. H. Hahn, ed., 1990, Handbook of Monetary Economics, v. 2, ch. 15, pp. 779-835. doi:10.3386/w2285
35. ^ • From 2008, The New Palgrave Dictionary of Economics, 2nd Edition:
"monetary business cycles (imperfect information)" by Christian Hellwig. Abstract. Archived 2016-03-03 at the Wayback Machine
"bubbles" Archived 2012-03-26 at the Wayback Machine by Markus K. Brunnermeier.
"speculative bubbles" by Miguel A. Iraola and Manuel S. Santos. Abstract. Archived 2012-03-26 at the Wayback Machine
"information cascades," by Sushil Bikhchandani, David Hirshleifer and Ivo Welch. Abstract. Archived 2016-03-03 at the Wayback Machine
• 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. Archived 2011-06-04 at the Wayback Machine
• Matthew B. Canzoneri, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, 75(5), pp. 1056 Archived 2023-01-16 at the Wayback Machine-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. Archived 2011-07-28 at the Wayback Machine
• Pradeep Dubey, John Geanakoplos, and Martin Shubik, 1987. "A Critique of Rational Expectations Equilibrium," Journal of Mathematical Economics, 16(2), pp. 105-137 Archived 2012-04-25 at the Wayback Machine.
• Joseph Stiglitz and Bruce Greenwald, 2003. Towards a New Paradigm in Monetary Economics. Cambridge. Arrow page-searchable Description Archived 2007-01-13 at the Wayback Machine and Table of Contents chapter-preview links.
• 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
36. ^ • Paul Povel, Rajdeep Singh, and Andrew Winton, 2007. "Booms, Busts, and Fraud," Review of Financial Studies, 20(4), pp. 1219-1254. Archived 2010-04-14 at the Wayback Machine
• William K. Black, 2005. The Best Way to Rob a Bank Is to Own One. Description and preview.
• _____, 2005. "'Control Frauds' as Financial Super-predators: How 'Pathogens' Make Financial Markets Inefficient," Journal of Socio-Economics, 34(6), pp. [4] Abstract. Archived 2015-09-24 at the Wayback Machine
• _____, 2009. "Those Who Forget the Regulatory Successes of the Past are Condemned to Failure," Economic & Political Weekly, 44(13), pp. 80-86,. Abstract. Archived 2023-01-16 at the Wayback Machine
37. ^ • 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.
• _____, 2004. The Theory of Money and Financial Institutions, MIT Press:
v. 1. Description Archived 2006-09-15 at the Wayback Machine, contents Archived 2006-09-20 at the Wayback Machine, and chapter-preview links Archived 2023-01-16 at the Wayback Machine
v. 2. Description Archived 2006-09-16 at the Wayback Machine and contents Archived 2006-09-20 at the Wayback Machine.
v. 3: Description Archived 2011-11-02 at the Wayback Machine.
• Guido Tabellini, 1986. "Money, Debt and Deficits in a Dynamic Game," Journal of Economic Dynamics and Control, 10(4), pp. 427-442. Abstract Archived 2015-09-24 at the Wayback Machine.
• Koichi Hamada, 1976. "Strategic Analysis of Monetary Interdependence," Journal of Political Economy, 84(4, Part 1), pp. 677-700.
• _____, 1985. The Political Economy of International Monetary Interdependence, MIT Press. Description Archived 2006-09-15 at the Wayback Machine and content-chapter links Archived 2006-09-20 at the Wayback Machine. Review extract Archived 2023-01-16 at the Wayback Machine.
• Matthew B. Canzoneri and Dale W. Henderson, 1991. Monetary Policy in Interdependent Economies: A Game-Theoretic Approach, MIT Press. Description Archived 2006-09-15 at the Wayback Machine and chapter-preview links.
38. ^ • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
"monetary policy, history of" by Michael D. Bordo. Abstract Archived 2012-02-26 at the Wayback Machine and pre-publication copy. Archived 2016-03-04 at the Wayback Machine
"Taylor rules," v. 8, pp. 200-04, by Athanasios Orphanides. Abstract. Archived 2016-03-10 at the Wayback Machine
"time consistency of monetary and fiscal policy," by Paul Klein. Abstract. Archived 2016-03-28 at the Wayback Machine
"epistemic game theory: incomplete information" by Aviad Heifetz. Abstract. Archived 2016-03-03 at the Wayback Machine
• Finn E. Kydland and Edward C. Prescott, 1977. "Rules Rather than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, 85(3), pp. 473–92. Archived 2017-09-23 at the Wayback Machine
• Robert J. Barro and David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," Journal of Monetary Economics, 12(1), pp. 101–21. Archived 2011-09-27 at the Wayback Machine
• John B. Taylor, 1993. "Discretion versus Policy Rules in Practice," Carnegie-Rochester Conference Series on Public Policy, 39, pp. 195-214. Archived 2013-01-16 at the Wayback Machine
• 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, table of contents Archived 2009-02-25 at the Wayback Machine, and chapter-1 ["The Return of Monetary Rules"] link. Archived 2010-07-02 at the Wayback Machine Reviews by Robert Formaini Archived 2009-03-13 at the Wayback Machine and Bennett T. McCallum.

## 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.

* Boughton, James R., and Elmus R. Wicker, 1975. The Principles of Monetary Economics.
* Brunner, Karl, and Allan H. Meltzer, 1993. Money and the Economy: Issues in Monetary Analysis, Cambridge. Description and chapter previews, pp. ix-x.
* Clower, Robert W., ed., 1969. Monetary Theory: Selected Readings, Harmondsworth, Penguin.
* Eden, Benjamin, 2005. A Course in Monetary Economics: Sequential Trade, Money, and Uncertainty. Description.
* Gale, Douglas, 1982. Money: in Equilibrium, Cambridge University Press, Cambridge Economic Handbooks, 349 pp. ISBN 978-0-521-28900-9. Description and preview.
* _____, 1983. Money: in Disequilibrium, Cambridge Economic Handbooks, 382 pp. ISBN 978-0-521-26917-9. Description and preview.
* Goodhart, Charles, 1989. Money, Information and Uncertainty, 2nd Ed. MIT Press. Description and chapter titles.
* Grandmont, Jean-Michel, 1985. Money and Value: A Reconsideration of Classical and Neoclassical Monetary Economics, Econometric Society Monographs, v. 5, Cambridge University Press. ISBN 978-0-521-31364-3. Description and preview .
* Handa, Jagdish, 2007. Monetary Economics, 2nd ed. Routledge. Description and preview.
* Harris, Laurence, 1981. Monetary Theory. New York: McGraw-Hill.
* Hicks, John R., 1967. Critical Essays in Monetary Theory, Chapter preview links. Oxford.
* The New Palgrave Dictionary of Finance and Money, 1992. 3 v. Description.
* The New Palgrave Dictionary of Economics Online, 2008. Abstract links for "Monetary Economics" (alphabetical) and "monetary".
* Rabin, Alan A., 2004. Monetary Theory MPG Books: London. Arrow-page-searchable chapter previews.
* Starr, Ross M., ed. (1989). General equilibrium models of monetary economies: Studies in the static foundations of monetary theory. Economic theory, econometrics, and mathematical economics. Academic Press. p. 351\. ISBN 978-0-12-663970-4.
* Walsh, Carl E., 2003. Monetary Theory and Policy, 2nd ed., MIT Press. ISBN 0-262-23231-6. Description and chapter-preview links.
* Woodford, Michael (2003). Interest and prices: Foundations of a theory of monetary policy. Princeton, New Jersey: Princeton University Press. ISBN 0-691-01049-8.

## External links

[edit]

Monetary economics at Wikipedia's sister projects

* Definitions from Wiktionary
* Media from Commons
* Textbooks from Wikibooks
* Data from Wikidata

This article's use of external links may not follow Wikipedia's policies or guidelines. Please improve this article by removing excessive or inappropriate external links, and converting useful links where appropriate into footnote references. (October 2018) (Learn how and when to remove this message)

|

* Journal of Money, Credit and Banking
* Journal of Monetary Economics
* NBER Working Papers: Links to JEL classes of abstracts or downloads for Macroeconomics and Monetary Economics, including:

(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

Authority control databases: National |

* Germany
* United States
* Israel

|

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template