MONEY AND THE ECONOMY
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MONEY AND THE ECONOMY
by Apostolos Serletis (University of Calgary, Canada)
This book provides a comprehensive and systematic introduction to the problem of the definition of money and investigates the gains that can be achieved by a rigorous use of microeconomic- and aggregation-theoretic foundations in the construction of monetary aggregates. It provides readers with key aspects of monetary economics and macroeconomics, including monetary aggregation, demand systems, flexible functional forms, long-run monetary neutrality, the welfare cost of inflation, and nonlinear chaotic dynamics.
This book offers the following conclusions: the simple-sum approach to monetary aggregation and log-linear money demand functions, currently used by central banks, are inappropriate for monetary policy purposes; the choice of monetary aggregation procedure is crucial in evaluating the welfare cost of inflation; the inter-related problems of monetary aggregation and money demand will be successfully investigated in the context of flexible functional forms that satisfy theoretical regularity globally, pointing the way forward to useful and productive research.
Contents:
- The Theory of Monetary Aggregation
- Money, Prices, and Income
- Aggregation, Inflation, and Welfare
- Chaotic Monetary Dynamics
- Monetary Asset Demand Systems
- Dynamic Asset Demand Systems
- Empirical Comparisons
View Full Text (14,531 KB)
Readership: Upper level undergraduates and graduate students in monetary
economics, macroeconomics, applied microeconomics and applied econometrics. Of interest to academicians and practitioners as well.
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352pp
Pub. date: Aug 2006
eISBN 978-981-277-350-0
Price: US$81
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