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Coordination and Externalities in Macroeconomics

Fabio-Cesare Bagliano and Giuseppe Bertola

in Models for Dynamic Macroeconomics

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199266821
eISBN:
9780191601606
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199266824.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Focusses on the macroeconomic effects of strategic interactions among optimizing agents in several contexts. Trading externalities are introduced in a non‐monetary economy and the possibility of ... More


Competing Media of Exchange

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0010
Subject:
Economics and Finance, Econometrics

This chapter explores alternatives to fiat money. These include gold and silver commodities, or demand deposits, checkable mutual funds, and government securities. Assets such as capital, claims on ... More


The Structural Safeguards of Federalism Bargaining

Erin Ryan

in Federalism and the Tug of War Within

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199737987
eISBN:
9780199918652
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199737987.003.0009
Subject:
Law, Constitutional and Administrative Law

Chapter Nine explores the structural safeguards of bilateral balancing through the bargaining norms and media of exchange that accompany the trade in federalism entitlements. Federalism bargaining ... More


Creation stories

Christine Desan

in Making Money: Coin, Currency, and the Coming of Capitalism

Published in print:
2014
Published Online:
January 2015
ISBN:
9780198709572
eISBN:
9780191779800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198709572.003.0002
Subject:
Law, Legal History

The chapter contrasts two approaches to money’s origins, the assumptions that accompany those accounts, and the historical evidence for them in the early Anglo-Saxon world. The “convergence story” is ... More


Taking the Money Market Seriously

Morgan Ricks

in The Money Problem: Rethinking Financial Regulation

Published in print:
2016
Published Online:
September 2016
ISBN:
9780226330327
eISBN:
9780226330464
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226330464.003.0002
Subject:
Law, Company and Commercial Law

This chapter documents the explosive growth of the market for cash equivalent instruments (the money market) during the two decades preceding the recent financial crisis. This growth went virtually ... More


Chapter One Taking the Money Market Seriously

Morgan Ricks

in The Money Problem: Rethinking Financial Regulation

Published in print:
2016
Published Online:
September 2016
ISBN:
9780226330327
eISBN:
9780226330464
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226330464.003.0002
Subject:
Law, Company and Commercial Law

This chapter documents the explosive growth of the market for cash equivalent instruments (the money market) during the two decades preceding the recent financial crisis. This growth went virtually ... More


Liquidity, Monetary Policy, and Asset Prices

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0011
Subject:
Economics and Finance, Econometrics

This chapter investigates the process through which asset prices are determined in monetary economies. Here, fiat money is viewed as an asset when situated within a monetary economy. Though its ... More


Properties of Money

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0005
Subject:
Economics and Finance, Econometrics

This chapter examines how the value of money and its ability to perform the role of a medium of exchange is affected by its physical properties. It investigates the implications of money being ... More


Money

Jean-Pascal Bénassy

in Macroeconomic Theory

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195387711
eISBN:
9780190261405
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195387711.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter explains the nature of money as a unit of account, medium of exchange, and as a store of value, and addresses the problem of introducing money using rigorous dynamic models. It begins by ... More


From the State Theory of Money to Modern Money: An Alternative to Economic Orthodoxy

L. Randall Wray

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

Published in print:
2016
Published Online:
April 2016
ISBN:
9780198704744
eISBN:
9780191774041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704744.003.0029
Subject:
Law, Legal History

This chapter examines the theoretical building blocks of the Modern Money Theory (MMT), an economic theory that details the procedures and consequences of using government-issued tokens as the unit ... More


The Basic Environment

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0001
Subject:
Economics and Finance, Econometrics

This chapter first explores the basic environment for society’s need for a media of exchange. It defines the standard Arrow–Debreu model economy and suggests that such a study of media exchange ... More


The Role of Money

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0003
Subject:
Economics and Finance, Econometrics

Building on the previous chapter’s presentation of credit arrangements that allow intertemporal gains from trade to be exploited by agents, this chapter studies agents under an environment of ... More


Money in the Roman Law Texts

Thomas Rüfner

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

Published in print:
2016
Published Online:
April 2016
ISBN:
9780198704744
eISBN:
9780191774041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704744.003.0006
Subject:
Law, Legal History

This chapter provides an overview of the monetary laws during the Ancient Roman Empire. Specifically, it discusses the codifications instituted by Emperor Justinian in the corpus iuris, a collection ... More


Liquidity and Trading Frictions

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0012
Subject:
Economics and Finance, Econometrics

This chapter expounds on the notion of the liquidity of an asset and its ability to function as a medium of exchange. Here, trading frictions are not associated with the purchase and consumption of ... More


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