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Author: Lawrence White
Publisher: Wiley-Blackwell
Published: 1999-06-18
Total Pages: 288
ISBN-13: 9780631212140
DOWNLOAD EBOOK →The Theory of Monetary Institutions covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.
Author: White
Publisher: Wiley-Blackwell
Published:
Total Pages:
ISBN-13: 9780631164173
DOWNLOAD EBOOK →Author: Carl E. Walsh
Publisher: MIT Press
Published: 2003
Total Pages: 636
ISBN-13: 9780262232319
DOWNLOAD EBOOK →An overview of recent theoretical and policy-related developments in monetary economics.
Author: Peter J. Boettke
Publisher: Cambridge University Press
Published: 2021-06-03
Total Pages: 213
ISBN-13: 110884619X
DOWNLOAD EBOOK →Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.
Author: Leonidas Zelmanovitz
Publisher: Lexington Books
Published: 2015-12-24
Total Pages: 471
ISBN-13: 0739195123
DOWNLOAD EBOOK →The central thesis of the book is that in order to evaluate monetary policy, one should have a clear idea about the characteristics and functions of money as it evolved and in its current form. That is to say that without an understanding about how money evolved as a social institution, what it is today, and what is possible to know about monetary phenomena, it is not possible to develop a meaningful ethics for money; or, to put it differently, to find what kind of institutional arrangements may be deemed good money for the kind of society we are in. And without that, one faces severe limitations in offering a normative position about monetary policy. The project is, consequently, an interdisciplinary one. Its main thread is an inquiry of moral philosophy and its foundations, as applied to money, in order to create tools to evaluate public policy in regard to money, banking, and public finance; and the views of different schools on those topics are discussed. The book is organized in parts on metaphysics, epistemology, ethics and politics of money to facilitate the presentation of all the subjects discussed to an educated readership (and not necessarily just one with a background in economics).
Author: L. Randall Wray
Publisher: Springer
Published: 2015-09-22
Total Pages: 322
ISBN-13: 1137539925
DOWNLOAD EBOOK →This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Author: Jesús Huerta de Soto
Publisher: Ludwig von Mises Institute
Published: 2006
Total Pages: 938
ISBN-13: 1610163885
DOWNLOAD EBOOK →Author: Martin Shubik
Publisher: MIT Press
Published: 1999
Total Pages: 472
ISBN-13: 9780262693110
DOWNLOAD EBOOK →This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author: Avi J. Cohen
Publisher: Springer
Published: 1997-05-31
Total Pages: 378
ISBN-13:
DOWNLOAD EBOOK →These 18 papers from the April 1995 conference at York U., Toronto present comparative and international perspectives on recent research in monetary theory and its application to practical policy issues. Although the contributors tend to emphasize the importance of credit creation in the monetary process, some of the authors offer more mainstream approaches. Topics include the roles of interest rate determination and the endogeneity of money in the credit economy, and monetary policy in North America and Europe. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Michael Woodford
Publisher: Princeton University Press
Published: 2011-12-12
Total Pages: 805
ISBN-13: 1400830168
DOWNLOAD EBOOK →With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
