Modeling Monetary Economies
5th Edition
Published on 2. June 2022
Book
Hardback
420 pages
978-1-316-51521-1 (ISBN)
Description
Thoroughly updated and expanded with a new chapter on blockchain and increased coverage of cryptocurrency, as well as new data, this established advanced undergraduate textbook approaches the subject via first principles. It builds on a simple, clear monetary model and applies this framework consistently to a variety of monetary questions. Starting with trade being mutually beneficial, the authors demonstrate that money makes people better off, and that government money competes against other means of payments, including other types of government payments. After developing each of these topics, the book tackles the issue of money competing against other stores of value, examining issues associated with trade, finance, and modern banking. From simple economies to modern economies, the authors address the role banks play in making more trade possible, concluding with the information problems plaguing modern banking.
Reviews / Votes
'My students and I have enjoyed using this excellent text because of its clear presentation and use of a simple overlapping generations model to analyze fundamental issues in monetary economics. The new edition retains this approach and expands its coverage of financial stability issues and recent developments in monetary policy. This is clearly the best undergraduate text on monetary economics.' Michael Ellis, Kent State University 'Modeling Monetary Economies is the only textbook that allows undergraduates to learn important results and applications in monetary economics in a rigorous theoretical framework. The fifth edition continues this tradition with the addition of a discussion of blockchains as a monetary record-keeping system, as well as updated applications of the theory to the 2007-8 financial crisis and pandemic-related monetary policy.' Michael Loewy, University of South Florida 'This primer on monetary economics, written by three stalwarts in the field, is already a classic. The material covered is outstanding in its breadth and depth. Unlike other money and banking texts, this one asks more of the reader, but delivers a whole lot more. The writing is fresh and intellectually stimulating, rigorous, and yet approachable. I love this new edition and wish it continued success in its efforts to bring serious monetary economics to the reach of the curious undergraduate.' Joydeep Bhattacharya, Iowa State University 'The textbook Modeling Monetary Economies provides a rigorous treatment of money, banking, and financial intermediation within a unified framework that is accessible to advanced undergraduate students. It addresses the most fundamental questions in monetary theory - e.g., Can fiat money be valued in equilibrium? Can it coexist with interest-bearing assets? Why do banks exist? - without shortcuts. It also covers material that is relevant for today's problems, including cryptocurrencies and blockchain technologies, the design of payment systems, bank regulations, the welfare costs of inflation ... It is a must-read for all students interested in monetary issues.' Guillaume Rocheteau, University of California, IrvineMore details
Edition
5th Revised edition
Language
English
Place of publication
Cambridge
United Kingdom
Target group
College/higher education
Edition type
Revised edition
Illustrations
Worked examples or Exercises
Dimensions
Height: 260 mm
Width: 183 mm
Thickness: 27 mm
Weight
981 gr
ISBN-13
978-1-316-51521-1 (9781316515211)
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Schweitzer Classification
Other editions
Additional editions
Bruce Champ | Scott Freeman | Joseph H. Haslag
Modeling Monetary Economies
Book
06/2022
5th Edition
Cambridge University Press
€65.90
Shipment within 15-20 days
Bruce Champ | Scott Freeman | Joseph H. Haslag
Modeling Monetary Economies
E-Book
05/2022
5th Edition
Cambridge University Press
€47.49
Available for download
Persons
Bruce Champ was a senior research economist at the Federal Reserve Bank of Cleveland, and passed away in 2013. Earlier, he taught at Virginia Polytechnic Institute, the Universities of Iowa and Western Ontario, and Fordham University, New York. Dr. Champ's research interests focused on monetary economics, and his articles have appeared in the American Economic Review, the Journal of Monetary Economics, the Canadian Journal of Economics, and the Journal of Money, Credit, and Banking, among other leading academic publications. He coauthored the first and second editions of Modeling Monetary Economies with the late Scott Freeman.
Content
List of figures; List of tables; Preface; Part I. Money; 1. The economy and the planner's solution; 2. Equilibrium trade in the economy without money; 3. A simple model of money; 4. Barter and commodity money; 5. Inflation; 6. International monetary systems; 7. Price surprises; Part II. Capital and Banking; 8. Capital; 9. Liquidity and financial intermediation; 10. Central banking and the money supply; 11. Money stock fluctuations; 12. Fully backed central bank money; 13. Payment systems; 14. Bank risk; 15. Liquidity risk and bank panics; Part III. Government Policy; 16. De?cits and the national debt; 17. Savings and investment; 18. The effect of the national debt on capital and savings; 19. The temptation of in?ation; References; Index.