Monetary Economics
Theories, Evidence and Policy
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Monetary Economics: Theories, Evidence and Policy, Second Edition provides basic introduction to various aspects of monetary economics. The first chapter tackles the functions, advantages, and definitions of money. Chapter 2 deals with the monetary transmission mechanism. Chapter 3 discusses the demand for money, while Chapter 4 talks about the financial intermediaries and the supply of money. The book also covers the classical system and the neutrality of money. The Keynesian system and monetarism are then tackled. The text reviews the empirical evidence relating to the role of money. Other related topics covered are inflation; the balance of payments and the foreign exchange rate; and monetary policy. The book also deals with the techniques of monetary control. The last chapter discusses the U.K. post-WW2 monetary policy. The book will be of great interest to students and professionals involved in the study of monetary economics.
Table of Contents
1 The Functions, Advantages and Definitions of Money
The Functions of Money
The Advantages of Having Money: the Monetary Economy
What is Money? Some Theoretical and Empirical Definitions
United Kingdom Definitions of Monetary Aggregates
2 Monetary Transmission Mechanisms and the Channels of Monetary Influence
The Portfolio Balance Transmission Mechanism
The Wealth Transmission Mechanism
The Credit Availability Transmission Mechanism
The Expectations Transmission Mechanism
The Open Economy
Summary and Conclusion
3 The Demand for Money
The Classical Approach
The Keynesian Analysis
Post-Keynesian Developments
The Monetarist Approach
The Empirical Evidence
4 Financial Intermediaries and the Supply of Money
The Nature and Functions of Financial Intermediaries
The Supply of Money
Non-Bank Financial Intermediaries
Notes
5 The Classical System and the Neutrality of Money
The Classical System
The Neutrality Conditions
Note
6 The Keynesian System
Keynesian Economics
The Keynesian Model in the Open Economy
The Re-Interpretation of Keynes
Notes
7 Monetarism
The Quantity Theory
The Transmission Mechanism
The Inherent Stability of the Private Sector and the Unimportance of Sectoral Detail
The Role of Macroeconomic Policy
Monetarists, Fiscal Policy and Crowding-out
Note
8 A Review of the Empirical Evidence Relating to the Role of Money and the Effectiveness of Monetary Policy
Time Lags
Keynes versus the Quantity Theory in Predicting Macrovariables
Monetary Policy versus Fiscal Policy
A Question of Causality
9 Inflation
Market Theories of Inflation
Non-Market Theories of Inflation
Inflation in an International Context
Note
10 The Balance of Payments and the Foreign Exchange Rate
Monetary and Other Approaches to the Balance of Payments
Foreign Exchange Rate Determination
11 Monetary Policy: Targets, Indicators, Rules and Discretion
The Choice of Targets and Indicators
Rules versus Discretion
12 Techniques of Monetary Control
Direct Controls over Deposits
Direct Controls over Supply-Side Counterparts
Market Controls over Deposits
Market Controls over Supply-Side Counterparts
Controlling the PSBR
Note
13 Monetary Policy in the UK since the Second World War
1945-59
The 1960s
Competition and Credit Control
December 1973-9
The Early 1980s
Appendix
References
Index
Product details
- No. of pages: 308
- Language: English
- Copyright: © Butterworth-Heinemann 1985
- Published: January 1, 1985
- Imprint: Butterworth-Heinemann
- eBook ISBN: 9781483105857