MONETARY ECONOMICS DURALAUF S.N. BLUME L.E (EDITORS) Księgarnia

Editors Durlauf and Blume have selected key articles from the original 8-volume edition of The New Palgrave Dictionary of Economics and collected them into one handy volume. Each article in this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field.

STEVEN N. DURLAUF is the Kenneth J. Arrow Professor of Economics at the University of Wisconsin at Madison, USA. He has served as Co-Director of the Economics Program of the Santa Fe Institute and is currently a Research Associate of the National Bureau of Economic Research. A Fellow of the Econometric Society, Durlauf's research covers a range of topics in macroeconomics, econometrics, and income inequality. He received a BA in Economics from Harvard in 1980 and his PhD in Economics from Yale in 1986.

LAWRENCE E BLUME is Goldwin Smith Professor of Economics at Cornell University, USA. He is a member of the external faculty at the Santa Fe Institute, where he has served as Co-Director of the Economics Program and on the Institute's steering committee. He teaches and conducts research in general equilibrium theory and game theory, and also has research projects on natural resource management and network design. A Fellow of the Econometric Society, he received an AB in Economics from Washington University and a PhD in Economics from Berkeley.

Table of Contents

List of Contributors vii

General Preface ix

Introduction x

Bank of England Charles A.E. Goodhart 1

banking crises Charles W. Calomiris 14

central bank independence Carl E. Walsh 21

commodity money François R. Velde Warren E. Weber 27

euro Adam S. Posen 34

European Central Bank Michael Binder Volker Wieland 42

Federal Reserve System Donald D. Hester 51

fiat money Neil Wallace 66

financial intermediation J.H. Boyd 76

free banking era Arthur J. Rolnick Warren E. Weber 88

German hyperinflation Theo Balderston 92

gold standard Lawrence H. Officer 96

government budget constraints Eric M. Leeper James M. Nason 108

Great Depression, monetary and financial forces in Satyajit Chatterjee P. Dean Corbae 118

hyperinflation Juan Pablo Nicolini 123

inflation targeting Lars E.O. Svensson 127

inside and outside money Ricardo Lagos 132

liquidity trap Gauti B. Eggertsson 137

monetarism Phillip Cagan 146

monetary aggregation William A. Barnett 157

monetary and fiscal policy overview Narayana R. Kocherlakota 164

monetary business cycle models (sticky prices and wages) Christopher J. Erceg 175

monetary business cycles (imperfect information) Christian Hellwig 181

monetary economics, history of Robert W. Dimand 189

monetary policy, history of Michael D. Bordo 205

monetary transmission mechanism Peter N. Ireland 216

money James Tobin 224

money and general equilibrium Douglas Gale 242

money supply Benjamin M. Friedman 250

neutrality of money Don Patinkin 262

optimal fiscal and monetary policy (with commitment) Mikhail Golosov Aleh Tsyvinski 277

optimal fiscal and monetary policy (without commitment) Mikhail Golosov Aleh Tsyvinski283

optimum quantity of money Timothy S. Fuerst 287

payment systems William Roberds 291

quantity theory of money Milton Friedman 299

real bills doctrine versus the quantity theory Timothy S. Fuerst 339

search-and-matching models of monetary exchange Randall Wright 348

silver standard Lawrence H. Officer 357

Taylor rules Athanasios Orphanides 362

time consistency of monetary and fiscal policy Paul Klein 370

Index 376

380 pages, Harcover

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