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1、获取报告1、2、3、每周内5+；当日华尔街日报、学人4、每月汇总500+份当月（增值服务）报告扫一扫二维码关注回复：研究报告 加入“起点财经”。Ming Monetary EconomiesToo often monetary economics has been taught as a collection of facts about institutionsfors to memorize. By teaching from first principles instead, this advancedundergraduate textbook builds on a simple,

2、clear monetary mand applies thisframework consistently to a wide variety of monetary questions. Starting with the casein which trade is mutually beneficial, the book demonstrates that money makes peoplebetter off, and that government money competes including other types of government money. After de

3、veloother means of payments, each of these topics, the stores of value, examiningbook tackles the issue of money competingotherissues associated with trade, finance, and modern banking. The book then moves from simple economies to modern economies, addressing the role banks play in making more trade

4、s possible, concluding with the information problems plaguing modern banking, which result in fin al crises.Bruce Champ was a Senior Research Economist at the Federal Reserve Bank of Cleveland, and passed away in 2013. Earlier he taught at Virginia Polytechnic Institute, the Universities of Iowa and

5、 Western Ontario, and Fordham University. Dr. Champs research interests focused on monetary economics and his articles have appeared in the American Economic Review; Journal of Monetary Economics; Canadian Journal of Economics; and Journal of Money, Credit, and Banking, among other leadingacademic p

6、ublications. He coauthored the first and second editions of MingMonetary Economies with the late Scottman.Scottman was a Professor of Economics at the University of Texas, Austin. Hetaught earlier at Boston College and the University of California, Santa Barbara.Professorman died in 2004 after strug

7、gling with Amyotrophic Lateral Sclerosisfor several years. Professorman specialized in monetary theory, and his articlesappeared in the Journal of Political Economy; American Economic Review; Journalof Monetary Economics; and Journal of Money, Credit, and Banking, among other eminent academic journa

8、ls.Joe Haslag is Professor and Kenneth Lay Chair in Economics at the University of Missouri. Professor Haslag received his PhD in Economics from Southern Methodist University in 1987. Professor Haslag spent 12 years in the Research Department at theFederal Reserve Bank of Dallas, teaching graduate a

9、nd undergraduate courses at Southern Methodist University. He visited the Economics Department at Michigan State University in 2000 and the Department of Monetary Economics at Erasmus University in 1994. He has published his research in such prestigious academic journals as the Journal of Monetary E

10、conomics; Journal of Money, Credit, and Banking; The Review of Economics and Statistics; International Economic Review; and Review of Economic Dynamics, among other leading academic journals.Ming Monetary Economies Fourth EditionBruce ChampScottmanJoseph HaslagUniversity of Missouri-Columbia32 Avenu

11、e of the Americas, New York NY 10013 Cambridge University Press is part of the University of Cambridge.It furthers the Universitys mission by disseminating knowledge in the pursuit of education, learning, and research at the highest international levels of excellence.Information on this title: Bruce

12、 Champ, Scottman, and Joseph Haslag 2016This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.First published 2016Prin

13、ted in United States of America by Sheridan Books, Inc.A catalog record for this publication is available from the British Library.Library of Congress Cataloging in Publication DataNames: Champ, Bruce, author. |man, Scott, author. | Haslag, Joseph H., author.Title: Ming monetary economies / Bruce Ch

14、amp, Scottman, Joseph Haslag.Description: Fourth edition. | New York : Cambridge University Press, 2016. | Revisededition of the authors Ming monetary economies, 2011. | Includes bibliographical references and index.Identifiers: LCCN 2016000897| ISBN 9781107145221 (hardback) | ISBN 9781316508671 (pa

15、perback)Subjects: LCSH: MoneyMathematical ms.Classification: LCC HG221 .C447 2016 | DDC 339.5/301dc23 LC record available atISBN 978-1-107-14522-1 HardbackISBN 978-1-316-50867-1 PaperbackAdditional resources for this publication atCambridge University Press has no responsibility for the persistence

16、or accuracy ofURLs for external or third-party Internet Web sites referred to in this publication and does not guarantee that any content on such Web sites is, or will remain, accurate or appropriate.I dedicate this book to Bruce Champ, a generous friend and a skilled economist. Bruce was loved by m

17、any and is missed every day. I am writing this edition to honor his love for economics and his love for friends. He taught me a great deal and I hope to carry on his legacy. ContentsPrefacePart IMoney1Trade without Money: The Role of Record KeeRoadmap BeginningsThe Environment Preferences4.1 Future

18、Generations4.2 The Initial Old4.3 The Never-Ending Economy The Economic Problem5.1 Feasible Allocations5.2 The Golden Rule Allocation Decentralized Solutions1234566.1 A Record-KeeEquilibrium6.2 Finding the Conversion Rate6.3 The Game and the Enforcement789Is the Record-Kee Summary ExercisesEquilibri

19、um the Golden Rule?2A Simple MRoadmapof Money123The EnvironmentThe Economic Problem3.1 Feasible Allocations4Decentralized Solutions4.1 Equilibrium without Money4.2 Equilibrium with MoneyFinding the Demand for Fiat MoneyAs BudgetFinding Fiat Moneys Rate of ReturnThe Quty Theory of Money5.4

20、The Neutrality of the Fiat Money Stock5.5 The Role of Fiat MoneyIs This Monetary Equilibrium the Golden Rule?A Monetary Equilibrium with a Growing Economy7.1 The Feasible Set with a Growing Population7.2 The Budget Set with a Growing Population678Summary9 Exercises10 Appendix: Using Calculus10.1 An

21、Example11Appendix ExerciseBarter and Commodity MoneyRoadmapBarter and Commodity Money3123A Mof Barter3.1 Direct Barter3.2 Monetary ExchangeWhat Should Be Used as Money?4.1 Exchange Costs45A Mof Commodity Money5.1 The Consumption of Gold5.2 The Inefficiency of Commodity Money SummaryExercisesInflatio

22、n Roadmap InflationA Growing Supply of Fiat Money67413.4The Budget Set with Monetary Growth The Inefficiency of InflationThe Golden Rule Monetary Policy in a Growing Economy A Government Policy to Fix the Price Level4Finng Government Purchases4.1 Is Inflation an Efficient Tax?4.2 A Nondis

23、torting Tax The Limits to Seigniorage SummaryExercises5678Appendix: Equilibrium Consumption Is at the Edge of the Feasible Set5International Monetary SystemsRoadmap123A Mof International ExchangeForeign Currency Controls3.1 Fixed Exchange Rates3.2 The Costs of Foreign Currency Controls The Indetermi

24、nacy of the Exchange Rate4.1 Exchange Rate Fluctuations4.2 International Currency Traders Fixing the Exchange Rate5.1 Cooperative Stabilization5.2 Unilateral Defense of the Exchange Rate5.3 Speculative Attacks on Currencies5.4 Inflationary IncentivesThe Optimal International Monetary System SummaryE

25、xercisesPrice SurprisesRoadmap The Data2.1 The Phillips Curve2.2 Cross-Country Comparisons Expectations and the Neutrality of Money3.1 The Lucas M3.2 Nonrandom Inflation3.3 Random Monetary PolicyThe Lucas Critique of Econometric Policy Evaluation Optimal PolicySummary ExercisesAppendix: A Proof by C

26、ontradiction45678612345678Part IIBanking7Capital Roadmap CapitalRate-of-Return EqualityCan Fiat Money Coexist with Another Asset?4.1 The Tobin EffectWhen Fiat Money and Other Assets Are Not Substitutes123455.1 Nominal Interest Rates5.25.3Riskipated Inflation and the Nominal Interest Rate ipated Infl

27、ation and the Real Interest Rate6789Summary Exercises Appendix A: A Mof Private Debt9.49.5Private DebtThe Lender ProblemThe Borrower Problem Private Debt and Capital Appendix Exercises10Appendix B: The Golden Rule Capital Stock10.1 Appendix Exercise8Liquidity and FinRoadmapal Intermediation

28、12Money as a Liquid Asset2.1 A Mof Illiquidity3The Business of Banking3.1 A Simple Arbitrage Plan3.2 The Effect of Arbitrage on Equilibrium Banks as Monitors4.1 Unintermediated Investment4.2 Intermediated Investment SummaryExercisesCentral Banking and the Money SupplyRoadmap4569123Legal Restrictions

29、 on Fin Reserve Requirementsal IntermediationBanks with Reserve Requirements PricesSeigniorage Capital and Output DepositsWelfare4Central Bank Definitions of Money4.1 The Total Money Supply in Our M Central Bank Lending5.1 Limited Central Bank Lending55.2 Unlimited Central Bank Len

30、ding5.3 Central Bank Lending Policies in the United States and Canada5.4 Central Bank Lending since the 2007 Fin SummaryExercisesMoney Stock FluctuationsRoadmapThe Correlation between Money and Outputal Crisis6710123A M3.1 A Mof Currency and Depositsof Inside and Outside Money4Linking Output and the

31、 Money Multiplier4.1 Correlation or Causality?4.2 A Once-and-for-All Change in the Fiat Money Stock A Monetary Stabilization Policy?5.1 Another Look at Monetary Aggregates ipated Inflation and Output RevisitedSummary ExercisesAppendix: The Money Supply with Reserves and Currency5678910Appendix Exerc

32、isesFully Backed Central Bank MoneyRoadmapPaying Interest on Money11123Another Look at the Quty Theory3.1 Money and Prices: 20072015 DeflationCurrency Boards Summary Exercises4567812123Appendix: Price Level IndeterminacyThe Payments System Roadmap ClearinghousesA Mof the Clearing of Debt3.1 Trading4

33、5Institutions for the Clearing of Debt Providing Liquidity5.1 Equilibrium with an Inelastic Money Supply5.2 An Elastic Fiat Money Supply5.3 An Elastic Supply of Inside Money5.4 Fully Backed Bank NotesA Potential for an Inflationary Overissue of Bank Notes The Short-Term Interest Rate7.1 Policy Optio

34、ns678Liquidity and the 2007 Final Crisis8.1 Unconventional Monetary Policy Summary91011ExercisesAppendix: A Secondary MarketBank RiskRoadmapDemand Deposit Banking13122.1 A Mof Demand Deposit Banking34Bank RunsPreventing Panics4.4Interbank LendingIdentifying Unnecessary Withdrawals Suspensio

35、ns of Withdrawals Government Deposit Insurance567Bank FailuresThe Moral Hazard of Deposit Insurance The Importance of Capital Requirements7.1 Capital Requirements for Insured Banks7.2 Closing Insolvent Banks SummaryExercisesLiquidity Risk and Bank PanicsRoadmapMoney with Limited Communication8914122

36、.A MThewith Random Relocation s Portfolio DecisionPortfolio Allocation with a BankWith Only Second-Period Consumption3Optimal Consumption Bundles3.1 Optimal Monetary Policy Bank Risk44.1 Regulation and Bank Panics4.2 Inelastic Currency Supply4.3 Elastic Currency Supply567Money, Banking, an

37、d the Zero Lower Bound SummaryExercisesPart IIIGovernment Debt1512Deficits and the National DebtRoadmapHigh-Denomination Government Debt2.1 A Mof Separated Asset Markets2.2 Introducing Government Bonds Continual Debt Issue3.1 Rolling Over the DebtThe Burden of the National Debt344.1 The Government B

38、udget Constraint4.2 The Governments Intertemporal Choice Open Market OperationsPolitical Strategy and the National Debt SummaryExercisesSavings and InvestmentRoadmapThe Savings Decision2.1 Wealth2.2 Present Value2.3 Wealth and Consumption2.4 Income and SavingThe Effects of Taxes on Consumption and S

39、avings3.1 Wealth-Neutral Tax Changes3.2 Wealth Effects Social Security4.1 Fully Funded Government Pensions4.2 Pay-as-You-Go Pensions SummaryExercisesThe Effect of the National Debt on Capital and SavingsRoadmapThe National Debt and the Crowding Out of Capital2.1 Deficits and Interest Rates Neutral G

40、overnment Debt567816123456171234Fiat Money and the Crowding Out of Capital4.1 Offsetting Wealth Transfers Infinitely Lived AgentsA Mof Infinitely Lived PeopleWealth, Capital, and Interest-Bearing Government Debt Wealth, Capital, and Real Money BalancesParents, Bequests, and Infini

41、te LivesA Simple Mof ParentsParents Leaving No Bequest671812SummaryExercisesThe Temptation of InflationRoadmapDefaulting on the Debt2.4The Inconsistency of Default CommitmentReputationThe Rate of Return on Risky Debt3Inflation and the Nominal National Debt3.7Unipated Infla

42、tion and the Real National Debtipated Inflation and the Real National DebtRational ExpectationsThe Lucas Critique RevisitedSelf-Fulfilling Inflationary Expectations HyperinflationCommitment in Monetary Policy45678The Temptation of Seigniorage Inflation and Private Debt SummaryExercisesAppendix: An A

43、ctivist Monetary PolicyReferences Author Index Subject Index PrefaceMonetary economics is the branch that seeks to explain how people execute trades withone another. In particular, why would abe willing to accept a colored piece ofpaper, willingly giving up something valuable? The answer is compelli

44、ng.In this fourth edition, we build an undergraduate-level exposition about economies in which these colored pieces of paper are a means of executing trade. The backdrop isthe overlapgenerations ms. Money, with a record-keefriction, expands theset of allocations that acan acquire during their lifeti

45、me. Once this door is open,thecan begin to dig deeper and deeper into world in which we live. The goalhere is to develop a toolkit so that undergraduates can address important questions.After more than 20 years in publication, these ms are well within the reach ofundergraduates at the intermediate a

46、nd advanced levels. These elegantly simple msstrengthen our fundamental understanding of the most basic questions in monetary economics. How does money promote exchange? What should serve as money? What causes inflation? What are the costs of inflation?This approach to teaching monetary economics fo

47、llows the professions general recognition of the need to start building the microeconomic foundations. More directly, our observation is that economists explain aggregate economic phenomena as the implications of the choices of rational people who seek to improve their welfare within their limited m

48、eans. The use of microeconomic foundations makes macroeconomics easier to understand because the performance of such abstract economic processes as gross domestic product and inflation is linked to something understood by all rational individual behavior. It brings powerful tools such as indifferenc

49、e curves and budgetlinestobear macroeconomicsonquestionsofinterest.Finally,thejoiningofmicro-and andofferssymmetry;insteadofstudyingmicroeconomicsmacroeconomics as independent entities with different tools, there is just economics.When the first edition of this book was published, inertia and tradit

50、ion couldfor teaching monetary economics as a swamp of institutionals. It was as ifmonetary economies were only an unchanging set of facts to be memorized. The rapidpace of change in the final world belies this view. Undergraduates need a way toanalyze a wide variety of monetary events and instituti

51、onal arrangements because theevents and institutions of the future will not be the same as those thes learned inthe classroom. The teaching of analysis, the heart of a liberal education, is bestaccomplished by havings learn clear, explicit, and internally consistent ms.In this way,s may uncover the

52、links between the assumptions underlying thems and theperformance of the meconomies and thus apply their lessons tonew events or changes in government priorities or policies.This book implements our goals by starting with the simplest m the basicoverlapgenerations m which we analyze for insights int

53、o the most basicquestions worthlessof monetary economics, including the puzzling demand for intrinsically pieces of paper and the costs of inflation. Of course, such a simple mwill not be able to discuss all the issues of monetary economies. Therefore, weproceed in successive chapters by asking whic

54、h features of actual economies the simplemdoes not address. We then introduce those neglected features into the mtoenable us to discuss the movanced topics. We believe that this gradual approachallows us to build, step by step, an integrated mof the monetary economy withoutoverwhelthes.The book is o

55、rganized into three parts of increasing complexity. Part I examines money in isolation. Here we take the questions of the demand for fiat money, a comparison of fiat and commodity money, inflation, and exchange rates. In Part II, we add capital, to study moneys interaction with other assets, banking, the intermediation of these assets into fiat money, and alternative arrangement of central banking. In Part II, we look at moneys effects on saving, investment, output, and non-monetary government debt.This book is written for un