|
Monetary economics is a branch of economics that provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers how money, for example fiat currency, can gain acceptance purely because of its convenience as a public good.〔• 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 ). • 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 ) and References, pp. (305-13. ) • 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.〕 It examines the effects of monetary systems, including regulation of money and associated financial institutions〔• 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. )〕 and international aspects.〔• 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. ) • 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. ) (Description. )〕 The discipline has historically prefigured, and remains integrally linked to, macroeconomics.〔• 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 (). ''Money and the Mechanism of Exchange''. Chapter-preview (links. ) • Carl Menger, 1892. "On the Origin of Money," ''Economic Journal'', 2(6), pp. (239–255. ) • Knut Wicksell, () 1936. ''Interest and Prices'', tr. R.F. Kahn. Macmillan, Chapter links, pp. (v )-(vi. ) • _____, () 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, () 1922, 2nd ed.. ''The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises'', Chapter (links. ) • John Maynard Keynes, 1923. ''A Tract on Monetary Reform''. Macmillan. Reviews, (1924 ) & (1996 ). • _____, 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. ) • Bennett T. McCallum, 1989. ''Monetary Economics: Theory and Policy''. Macmillan. (Preview. )〕 Modern analysis has attempted to provide microfoundations for the demand for money〔• William J. Baumol 1952. "The Transaction Demand for Cash: An Inventory Theoretic Approach," ''Quarterly Journal of Economics'', 66(4), pp. (545–556. ) • James Tobin, 1956. "The Interest-Elasticity of Transactions Demand for Cash," ''Review of Economics and Statistics'', 38(3), pp. (241-247. ) 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. ) 〕 and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.〔• 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 ) and (chapter-preview. ) • David Laidler, 1988. "Taking Money Seriously," ''Canadian Journal of Economics'', 21(4), pp. (687 )-713.< • _____, 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. • 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. ).〕 Its methods include deriving and testing the implications of money as a substitute for other assets〔• 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. )〕 and as based on explicit frictions.〔• 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. ) 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. )〕 ==Research areas== 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〔• 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.〕 * 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.〔• 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 ) 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. ) • 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. (Abstract. ) • Nobuhiro Kiyotaki and John H. Moore, 1997. "Credit Cycles," ''Journal of Political Economy'', 105(2), pp. (211 )-248. • 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 ).〕 and the relationship between the demand for output and the demand for money〔• 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 ). • 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.〕 * monetary implications of the asset-price/macroeconomic relation〔• Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," ''American Economic Review'', 95(3), pp. (739-764. ) • 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. • Otmar Issing, 2003. ("Monetary and Financial Stability: Is There a Trade-off?," ) ''Monetary Stability, Financial Stability and the Business Cycle'', European Central Bank Conference. • Charles P. Kindleberger and Robert Z. Aliber, () 2009. ''Manias, Panics, and Crashes: A History of Financial Crises'', 6th edition. Palgrave. (Description & TOC. ) • 2008:4. ("Kenneth Rogoff Interview," ) ''The Region'', Federal Reserve Bank of Minneapolis. • Lawrence Summers, 2007. ("Beware Moral Hazard Fundamentalists," ) ''Financial Times'', September 23. • 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 ).〕 * the quantity theory of money,〔Milton Friedman, () 2008. "quantity theory of money." ''The New Palgrave Dictionary of Economics''. 2nd Edition. (Abstract. ) Arrow-page searchable (preview ) at John Eatwell ''et al.'', 1989, ''Money: The New Palgrave'', pp. 1-40.〕 monetarism,〔• 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.〕 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.〔• Benjamin M. Friedman, 2008. "money supply," ''The New Palgrave Dictionary of Economics'', 2nd Edition. v. 5, pp. 745-51. (Abstract. ) • 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. ) • 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. ) • 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. ) • Tack Yun, 1996. "Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles," ''Journal of Monetary Economics'', 37, 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. )〕 * monetary impacts on interest rates and the term structure of interest rates〔• Robert Mundell, 1963. "Inflation and Real Interest," ''Journal of Political Economy'', 71(3), pp. (pp. 280-283. ) (Briefer description. ) • Burton G. Malkiel, () 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. ) • William Poole, 2005. ("Understanding the Term Structure of Interest Rates," ) 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. ) 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. )〕 * lessons of monetary/financial history〔• Michael D. Bordo, 2008. "monetary policy, history of," ''The New Palgrave Dictionary of Economics'', 2nd Edition. (Abstract ) and (pre-publication copy. ) • John Kenneth Galbraith, 1975. ''Money: Whence it Came, Where it Went'', Houghton Mifflin. ISBN 0-7351-0070-5} (Extracts ) and review extracts.()() • 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 ) 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," ) May 31, (speech) Federal Reserve Board. • _____, 2005. ''Essays on the Great Depression'', ch. 1-4. Princeton. (Description, ) (TOC ), and ch. 1, " The Macroeconomics of the Great Depression," (preview. ) • Satyajit Chatterjee and P. Dean Corbae, 2008. "Great Depression, monetary and financial forces in," ''The New Palgrave Dictionary of Economics'' , 2nd Edition. (Abstract. ) • 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. ) • Richard C. Koo, 2008. ''The Holy Grail of Macro Economics: Lessons From Japan's Great Recession'', Wiley. (Description ) and (Review. ) • Carmen M. Reinhart and Kenneth S. Rogoff, 2009. ''This Time Is Different: Eight Centuries of Financial Folly''. Princeton University Press. (Description ), ch. 1 ("Varieties of Crises and their Dates," pp. (3-20) ), and chapter-preview (links. ) • 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, ) (TOC ), and (Introduction ). • Christopher L. Foote and Paul S. Willen, 2011. "subprime mortgage crisis, the," ''The New Palgrave Dictionary of Economics, Online Edition''. (Abstract. ) • Thomas J. Sargent, 2011. ("United States Then, Europe Now," ) Nobel lecture, sect. 7, Lessons for Now. • Roger Lowenstein, 2012. ("The Villain," ) (front-cover title: "The Hero"), ''The Atlantic'', 309(2), April, pp. 48-60. (HREF="http://www.kotoba.ne.jp/word/11/Ben Bernanke" TITLE="Ben Bernanke">Bernanke, other economists, and politicians on U.S. monetary policy since 2006.抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「monetary economics」の詳細全文を読む スポンサード リンク
|