Money, Banking, and the Economy - 1st Edition - ISBN: 9780126414202, 9781483277530

Money, Banking, and the Economy

1st Edition

A Monetarist View

Authors: Barry N. Siegel
eBook ISBN: 9781483277530
Imprint: Academic Press
Published Date: 1st January 1982
Page Count: 558
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Description

Money, Banking, and the Economy: A Monetarist View presents a systematic "monetarist" approach to money, banking, and the economy. The monetarist approach is a blend of the pre-Keynesian quantity theory, the tradition represented by D. H. Robertson, and the modern monetarist school, represented by Milton Friedman and his followers. A systematic development of a model of nominal income, based upon the Cambridge equation and the loanable funds theory of interest, is presented. This model is applied to the business cycle; inflation and stagflation; balance of payments and foreign exchange rates; and monetary and fiscal policy theories.

Comprised of 20 chapters, this book begins with an introduction to the concept of money and its functions and how it contributes to economic instability. The discussion then turns to the new and old definitions of the things that serve as money, the structure and institutions of financial markets and financial instruments; banks, banking markets, and banking regulations; and the money supply process. Subsequent chapters explore the structure and functions of the Federal Reserve System; the problem of implementing monetary policy; the Clower-Leijonhufvud idea of Say's Principle; the quantity theory of money as described by the equation of exchange or the Cambridge equation; and the connection between money and business cycles. The book concludes by describing a monetarist-public choice perspective on the efficacy of monetary and fiscal policies.

This monograph will be of value to undergraduate students and economists.

Table of Contents


1 Problems of a Money Economy

1.1 The Functions of Money and Economic Efficiency

1.2 Money and Economic Instability

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

2 The United States Money Stock: Changing Definitions

2.1 The U.S. Money Stock—Old and New Definitions

2.2 Which Definition of Money Is Best?

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

3 Financial Markets and Financial Institutions

3.1 Types of Financial Markets

3.2 Some Detail on Financial Intermediaries

3.3 Federal and Federally Sponsored Credit Agencies

3.4 Financial Instruments

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

4 The Banking Business: Fundamentals

4.1 Commercial Banks as Firms

4.2 Time and Savings Deposits; Borrowing and Bank Capital

4.3 Bank Assets

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

5 Bank Operations, Regulation, and Structure

5.1 Running a Bank

5.2 Bank Regulation

5.3 The Structure of the U.S. Banking Industry

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

6 The Money Supply Process

6.1 An M-1 Money Supply Model

6.2 Shifts in the Money Multipliers

6.3 Analysis of Monetary Changes, 1960-1978

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

7 Organization and Control of the Federal Reserve System

7.1 Organization of the Federal Reserve System

7.2 Independence of the Federal Reserve System

7.3 The Fed's Dechning Membership

7.4 The Monetary Control Act of 1980

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

8 The Federal Reserve System as a Central Bank

8.1 The Fed's Balance Sheet

8.2 Member Bank Reserve Equation

8.3 The Monetary Base as a Policy Target

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

9 The Instruments of Monetary Policy

9.1 Open Market Operations

9.2 The Discount Mechanism

9.3 Reserve Requirements as a Policy Instrument

9.4 Selective Instruments of Monetary Policy

9.5 Moral Suasion

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

10 The Strategy of Monetary Policy

10.1 An Outhne of the Strategy Problem

10.2 Past Monetary Policy Strategies

10.3 Recent Strategies of Monetary Policy

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

11 Say's Principle and Monetary Equilibrium

11.1 Demand, Supply, and the Concept of Market Equilibrium: A Review

11.2 Say's Principle

11.3 Monetary Equilibrium and Disequilibrium

11.4 Income Equilibrium and Monetary Equilibrium

11.5 Equilibrium Income and Full Employment

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

12 Money and the Theory of Money Income

12.1 The Quantity Theory of Money

12.2 The Demand for Money

12.3 A Monetary Theory of Money Income

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

13 The Rate of Interest and the Theory of Income

13.1 Say's Principle and the Bond Market

13.2 The Theory of Interest

13.3 A Monetary Theory of Income

Summary

Appendix: The Term Structure of Interest Rates

Discussion Questions

Important Terms and Concepts

Additional Readings

14 The Federal Budget and the Economy

14.1 Methods of Financing Government Spending

14.2 Effects of a Pure Fiscal Policy on Money Income

14.3 Fiscal Policy Financed with Changes in the Money Supply

14.4 Empirical Evidence on Fiscal Policy

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

15 Transmission Mechanism of Monetary Influences on Income

15.1 How Monetary Shocks Affect Nominal Income

15.2 The Effects of Monetary Shocks on Output and Prices

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

16 Money and Business Cycles: The U.S. Experience

16.1 Monetary and Nonmonetary Theories of the Business Cycle

16.2 Behavior of Money Supply Over the Business Cycle

16.3 Cyclical Changes in the Cambridge k (or the Income Velocity of Money)

16.4 A "Neoclassical" Supply-Side Monetary Model

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

17 Inflation: Cause and Effects

17.1 The Problem and Its Causes

17.2 Some Myths of Inflation

17.3 Effects of Inflation on Households and Business

17.4 Inflationary Redistributions of Wealth and Income

17.5 Effects of Inflation on Resource Allocation

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

18 Inflation and Unemployment: The Stagflation Problem

18.1 The Natural Unemployment Rate Hypothesis

18.2 Expectations-Augmented Phillips Curves and the Accelerationist Hypothesis

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

19 Money, the Balance of Payments, and Exchange Rates

19.1 Money and the Balance of Payments Under Fixed Exchange Rates

19.2 Flexible Exchange Rates and the Purchasing Power Parity Theory

19.3 World Inflation

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

20 New Views on Stabilization Policies

20.1 Brief Review of Empirical Evidence on Policy Activism

20.2 The Credibility Effect, the German Hyperinflation, and the Fed

20.3 Incomes Policies

20.4 Can Democracy Tame Inflation?

Summary

Discussion Questions

Important Terms and Concepts

Additional Readings

Glossary

Index

Details

No. of pages:
558
Language:
English
Copyright:
© Academic Press 1982
Published:
Imprint:
Academic Press
eBook ISBN:
9781483277530

About the Author

Barry N. Siegel