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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 Randall Wright, Nosal and Rocheteau provide a logically coherent dynamic framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss the implications of such frictions for the suitable properties of a medium of exchange, monetary policy, the cost of inflation, the inflation-output trade-off, the coexistence of money, credit, and higher return assets, settlement, and liquidity.After presenting the basic environment used throughout the book, Nosal and Rocheteau examine pure credit and pure monetary economies, and discuss the role of money, different pricing mechanisms, and the properties of money. In subsequent chapters they study monetary policy, the Friedman rule in particular, and the relationship between inflation and output under different information structures; economies where monetary exchange coexists with credit transactions; the coexistence of money and other assets such as another currency, capital, and bonds; and a continuous-time version of the model that describes over-the-counter markets and different dimensions of liquidity (bid-ask spreads, trade volume, trading delays).
- Sales Rank: #1322038 in Books
- Published on: 2011-10-28
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .63" w x 6.00" l, 1.41 pounds
- Binding: Hardcover
- 384 pages
About the Author
Ed Nosal is Vice President and Senior Research Advisor at the Federal Reserve Bank of Chicago. Guillaume Rocheteau is Professor of Economics at the University of California, Irvine, and Research Associate at the Federal Reserve Bank of Cleveland.
Most helpful customer reviews
2 of 3 people found the following review helpful.
A novel approach to liquidity
By Cathy Zhang
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 thorough treatment of the "search and matching" approach to payments and liquidity, one which provides explicit microfoundations for monetary exchange.
The book is self-contained and easy to follow, while also being rigorous in its presentation. It begins by introducing the basic environment, nicely condensing pioneering works in monetary theory in the first couple of chapters. Little or no prior course-work in monetary economics is required, but a deeper understanding and appreciation of some results is enhanced with some prior exposure (knowing some basics to game theory is helpful too). I like how the intuition for key equations and results is always provided, though it might be helpful for instructors and students to have problems at the end of each chapter. The suggestions for further reading are extremely helpful for students and researchers interested in pursuing such topics in their own work.
Crucially, the book is not just about the role of currency in exchange: it also studies how assets are valued for their liquidity properties. The later chapters in fact relate assets prices to monetary factors and seek to explain famous asset pricing puzzles (e.g. the equity premium puzzle), illustrating how search theory can generate new insights that more standard theory cannot. At the same time, different notions of liquidity from the finance literature (e.g. bid-ask spreads, trading volume) is also shown to be captured quite well by the general framework (this treatment is in the last chapter which studies "over the counter" markets with pairwise matches between investors and dealers).
Overall, I would definitely recommend this book to any researcher or graduate student interested in the economics of money and payments. Those interested in monetary history, game theory, market microstructure, and international trade would benefit as well.
0 of 1 people found the following review helpful.
Book Review
By Ryan
Money, Payments, and Liquidity by Nosal and Rocheteau provides a very coherent, tractable framework that utilizes search frictions to understand the role of money and payments. The book lays out a basic microfounded environment in which money endogenously takes on a role as a medium of exchange. Nosal and Rocheteau extend the basic model to study monetary policy, the inflation-output tradeoff, liquidity, credit and asset prices.
No prior knowledge of the search and matching literature is needed to follow the book as Nosal and Rocheteau do a great job of providing intuition for the environment and key equations. At the end of each chapter is a comprehensive literature review for those interested in further research.
I highly recommend this book for those interested in monetary economics, macroeconomics and finance. This book presents the models in a simplistic, yet rigorous way making it perfect for both graduate classes and upper level undergraduate classes.
0 of 1 people found the following review helpful.
Great book!
By Liang Wang
The organization of the materials is excellent. The book gives readers enough but not overwhelming background knowledge in order to discuss more interesting and important topics. It is fun to read and also touches some pretty in-depth materials. I believe this is going to be a good reference book for first year PhD macro and a textbook for 2nd or 3rd year monetary macroeconomics. In fact, I am planning to use it in my course. Personally, I also enjoyed the book a lot while relaxing on the beach.
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