Monetary economics

Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good.[1] The discipline has historically prefigured, and remains integrally linked to, macroeconomics.[2] This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions[3] and international aspects.[4]

Modern analysis has attempted to provide microfoundations for the demand for money[5] and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.[6] Its methods include deriving and testing the implications of money as a substitute for other assets[7] and as based on explicit frictions.[8]

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  6. ^ • 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 Archived 2023-01-16 at the Wayback Machine and chapter-preview. Archived 2023-01-16 at the Wayback Machine
       • David Laidler, 1988. "Taking Money Seriously," Canadian Journal of Economics, 21(4), pp. 687–713. JSTOR 135258
       • _____, 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description. Archived 2023-01-16 at the Wayback Machine
       • _____, 1997. "Notes on the Microfoundations of Monetary Economics," Economic Journal, 107(443), pp. 1213–1223. JSTOR 2957862
       • 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 Archived 2021-09-17 at the Wayback Machine), and 1991 evaluation Archived 2023-01-16 at the Wayback Machine by Stanley Fischer.
       • Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description Archived 2019-09-19 at the Wayback Machine and Table of Contents. Archived 2009-02-25 at the Wayback Machine.
  7. ^ • James Tobin, 1969. "A General Equilibrium Approach To Monetary Theory," Journal of Money, Credit and Banking, 1(1), pp. 15-29. Archived 2015-09-23 at the Wayback Machine
       • _____ with Stephen S. Golub, 1998. Money, Credit, and Capital. Irwin/McGraw-Hill. TOC. Archived 2011-07-21 at the Wayback Machine
       • Stephen M. Goldfeld and Daniel E. Sichel, 1990. "The Demand for Money," in Handbook of Monetary Economics, v. 1, pp. 299-356. Outline.[permanent dead link‍] Elsevier.
       • Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, 47(3). International Monetary Fund. pp. 334-65. Archived 2021-04-25 at the Wayback Machine
  8. ^ • 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. Archived 2011-07-26 at the Wayback Machine Federal Reserve Bank of Minneapolis.
       • Neil Wallace, 2001. "Whither Monetary Economics?," International Economic Review, 42(4), pp. p. 847 Archived 2023-01-16 at the Wayback Machine-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. Archived 2009-03-19 at the Wayback Machine