Hostname: page-component-586b7cd67f-2plfb Total loading time: 0 Render date: 2024-11-26T09:08:29.491Z Has data issue: false hasContentIssue false

INTRODUCTION TO THE MACROECONOMIC DYNAMICS SPECIAL ISSUES ON MONEY, CREDIT, AND LIQUIDITY

Published online by Cambridge University Press:  16 March 2011

Ed Nosal*
Affiliation:
Federal Reserve Bank of Chicago
Christopher J. Waller
Affiliation:
Federal Reserve Bank of St. Louis
Randall Wright
Affiliation:
University of Wisconsin–Madison and Federal Reserve Bank of Minneapolis
*
Address correspondence to: Ed Nosal, Research Department, Federal Reserve Bank of Chicago, 230 S La Salle Street, Chicago, IL 60604, USA; e-mail: [email protected].

Abstract

We motivate and provide an overview to New Monetarist Economics. We then briefly describe the individual contributions to the Macroeconomics Dynamics special issues on money, credit, and liquidity.

Type
Introduction
Copyright
Copyright © Cambridge University Press 2011

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Aiyagari, S. Rao and Wallace, Neil (1991) Existence of steady states with positive consumption in the Kiyotaki–Wright model. Review of Economic Studies 58, 901916.Google Scholar
Aruoba, S. Boragan and Schorfheide, Frank (2011) Sticky prices versus monetary frictions: An estimation of policy trade-offs. American Economic Journal: Macroeconomics 3, 6090.Google Scholar
Aruoba, S. Boragan, Waller, Christopher J., and Wright, Randall (2009) Money and Capital: A Quantitative Analysis. Working paper 2009-031, Federal Reserve Bank of St. Louis.Google Scholar
Berentsen, Aleksander, Camera, Gabriele, and Waller, Christopher (2007) Money, credit and banking. Journal of Economic Theory 135, 171195.Google Scholar
Berentsen, Aleksander and Monnet, Cyril (2008) Monetary policy in a channel system. Journal of Monetary Economics 55, 10671080.CrossRefGoogle Scholar
Berentsen, Aleksander and Waller, Christopher (in press) Price level targeting and stabilization policy. Journal of Money, Credit and Banking.Google Scholar
Clarida, Richard, Gali, Jordi, and Gertler, Mark (1999) The science of monetary policy: A New Keynesian perspective. Journal of Economic Literature 37, 16611707.CrossRefGoogle Scholar
Cooley, Thomas and Hansen, Gary (1989) The inflation tax in a real business cycle model. American Economic Review 79, 733748.Google Scholar
Debreu, Gerard (1959) Theory of Value. New Haven, CT: Yale University Press.Google Scholar
Duffie, Darrell, Gârleanu, Nicolae, and Pederson, Lasse Heje (2005) Over-the-counter markets. Econometrica 73, 18151847.CrossRefGoogle Scholar
Duffie, Darrell, Gârleanu, Nicolae, and Pederson, Lasse Heje (2008) Valuation in over-the-counter markets. Review of Financial Studies 20, 18651900.Google Scholar
Ennis, Huberto (2008) Avoiding the inflation tax. International Economic Review 50, 607625.CrossRefGoogle Scholar
Gertler, Mark and Kiyotaki, Nobuhiro (2010) Financial Intermediation and Credit Policy in Business Cycle Analysis. Mimeo, Princeton University.CrossRefGoogle Scholar
Hicks, John R. (1935) A suggestion for simplifying the theory of money. Economica 2, 119.CrossRefGoogle Scholar
Holmstrom, Bengt and Triole, Jean (2010) Inside and Outside Liquidity. Wicksell Lectures, Mimeo.Google Scholar
Kareken, John and Wallace, Neil (1980) Models of Monetary Economies. Minneapolis: Federal Reserve Bank of Minneapolis.Google Scholar
Kiyotaki, Nobuhiro and Moore, John (2008) Liquidity, Business Cycles, and Monetary Policy. Mimeo, London School of Economics.Google Scholar
Kiyotaki, Nobuhiro and Wright, Randall (1989) On money as a medium of exchange. Journal of Political Economy 97, 927954.Google Scholar
Kiyotaki, Nobuhiro and Wright, Randall (1991) A contribution to the pure theory of money. Journal of Economic Theory 53, 215235.CrossRefGoogle Scholar
Kocherlakota, Narayana (1998a) Money is memory. Journal of Economic Theory 81, 232251.CrossRefGoogle Scholar
Kocherlakota, Narayana (1998b) The technological role of fiat money. Federal Reserve Bank of Minneapolis Quarterly Review 22, 210.Google Scholar
Lagos, Ricardo (in press) Asset prices and liquidity in an exchange economy., Journal of Money, Credit and Banking.Google Scholar
Lagos, Ricardo and Rocheteau, Guillaume (2005) Inflation, output and welfare., International Economic Review 46, 495522.Google Scholar
Lagos, Ricardo and Rocheteau, Guillaume (2009) Liquidity in asset markets with search frictions. Econometrica 77, 403426.Google Scholar
Lagos, Ricardo, Rocheteau, Guillaume, and Weill, Pierre-Olivier (2010) Crises and Liquidity in Over-the-Counter Markets. Mimeo, New York University.Google Scholar
Lagos, Ricardo and Wright, Randall (2005) A unified framework for monetary theory and policy analysis. Journal of Political Economy 113, 463484.CrossRefGoogle Scholar
Li, Victor (1995) The optimal taxation of fiat money in search equilibrium. International Economic Review 36, 927942.Google Scholar
Lucas, Robert (2000) Inflation and welfare. Econometrica 68, 247274.CrossRefGoogle Scholar
Nosal, Ed and Rocheteau, Guillaume (2011) Money, Payments, and Liquidity. Cambridge, MA: MIT Press.Google Scholar
Nosal, Ed and Wallace, Neil (2007) A model of (the threat of) counterfeiting. Journal of Monetary Economics 54, 9941001.CrossRefGoogle Scholar
Rocheteau, Guillaume, Rupert, Peter, and Wright, Randall (2007) Inflation and unemployment in general equilibrium. Scandinavian Journal of Economics 109, 837855.Google Scholar
Sanches, Daniel and Williamson, Stephen (2010) Money and credit with limited commitment and theft. Journal of Economic Theory 145, 15251549.CrossRefGoogle Scholar
Sargent, Thomas and Velde, Francois (2002) The Big Problem of Small Change. Princeton, NJ: Princeton University Press.Google Scholar
Shi, Shouyong (1995) Money and prices: A model of search and bargaining. Journal of Economic Theory 67, 467496.Google Scholar
Shi, Shouyong (1997) A divisible search model of fiat money. Econometrica 65, 75102.CrossRefGoogle Scholar
Trejos, Alberto and Wright, Randall (1995) Search, bargaining, money, and prices. Journal of Political Economy 103, 118141.CrossRefGoogle Scholar
Wallace, Neil. (1998) A dictum for monetary theory. Federal Reserve Bank of Minneapolis Quarterly Review, Winter, 20–26.Google Scholar
Wallace, Neil (2001) Whither monetary economics? International Economic Review 42, 847869.Google Scholar
Wallace, Neil (2003) Modeling small change: A review article. Journal of Monetary Economics 50, 13911401.CrossRefGoogle Scholar
Wallace, Neil (in press) The mechanism design approach to monetary theory. In Friedman, Benjamin and Woodford, Michael (eds.), Handbook of Monetary Economics, 2nd ed. Amsterdam: North-Holland.Google Scholar
Weill, Pierre-Olivier (2008) Liquidity premia in dynamic bargaining markets. Journal of Economic Theory 140, 6696.CrossRefGoogle Scholar
Williamson, Stephen (1987) Recent developments in modeling financial intermediation. Federal Reserve Bank of Minneapolis Quarterly Review, Fall, 19–29.CrossRefGoogle Scholar
Williamson, Stephen (2009) Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model. Mimeo, Washington University in St. Louis.Google Scholar
Williamson, Stephen and Wright, Randall (2010) New monetarist economics: Methods. Federal Reserve Bank of St. Louis Review 92, 265302.Google Scholar
Williamson, Stephen and Wright, Randall (in press) New monetarist economics: Models. In Friedman, Benjamin and Woodford, Michael (eds.), Handbook of Monetary Economics, 2nd ed. Amsterdam: North-Holland.Google Scholar
Woodford, Michael (2003) Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton, NJ: Princeton University Press.Google Scholar