Two experts in monetary policy offer a unified framework for studying the role of money and liquid assets in the economy.In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide a comprehensive investigation into the economics of money and payments by explicitly modeling trading frictions between agents. Adopting the search-theoretic approach pioneered by Nobuhiro Kiyotaki and R...
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Money, Payments, And Liquidity (The Mit Press) reviews:
Nearly all economies require a need for media of exchange (i.e. fiat currency), though few monetary models are precise about the frictions that give rise to this. Nosal and Rocheteau offer a clear and...
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