Monetary economics

Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good.^[1] The discipline has historically prefigured, and remains integrally linked to, macroeconomics.^[2] This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions^[3] and international aspects.^[4]

Modern analysis has attempted to provide microfoundations for the demand for money^[5] and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.^[6] Its methods include deriving and testing the implications of money as a substitute for other assets^[7] and as based on explicit frictions.^[8]

History

Islamic Golden Age

At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar). Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,^[9] cheques, promissory notes,^[10] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,^[11] and banking institutions for loans and deposits.^[11]

1500s to 1700s

Silver coin of the Maurya Empire, known as *rūpyarūpa*, with symbols of wheel and elephant. 3rd century BC.

In the Indian subcontinent, Sher Shah Suri (1540–1545), introduced a silver coin called a rupiya, weighing 178 grams. Its use was continued by the Mughal rulers.^[12] The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world,^[13] along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen. The term is from rūpya, a Sanskrit term for silver coin,^[14] from Sanskrit rūpa, beautiful form.^[15]

The imperial taka was officially introduced by the monetary reforms of Muhammad bin Tughluq, the emperor of the Delhi Sultanate, in 1329. It was modeled as representative money, a concept pioneered as paper money by the Mongols in China and Persia. The tanka was minted in copper and brass. Its value was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals.^[16]

Both the Kabuli rupee and the Kandahari rupee were used as currency in Afghanistan prior to 1891, when they were standardized as the Afghan rupee. The Afghan rupee, which was subdivided into 60 paisas, was replaced by the Afghan afghani in 1925.

Until the middle of the 20th century, Tibet's official currency was also known as the Tibetan rupee.^[17]

Serious interest in the concepts behind money occurred during the dramatic period of inflation in the late 15th to early 17th centuries known as the Price Revolution, during which the value of gold fell precipitously, sometimes fluctuating wildly, because of the importation of gold from the New World, primarily by Spain.^{[citation needed]}

At the end of this period, the first modern texts on monetary economics were beginning to appear.

During the eighteenth century, the concept of banknotes became more common in Europe. David Hume referred to it as "this new invention of paper".^[18]

In 1705, John Law in Scotland published Money and Trade Considered, which examined the failure of metal-based money during the previous hundred and fifty years. He proposed replacing that system with a land bank system of paper money based on the value of real estate. He succeeded in getting this proposal implemented. However, his bank failed due to a bubble of speculation collapsing into extreme inflation; perhaps because he failed to take the lessons of the Spanish Price Revolution seriously.^{[citation needed]}

In 1720, Isaac Gervaise wrote The System or Theory of the Trade of the World. He criticised mercantilism and state-supported credit for the inflation problems of his era.^{[citation needed]}

Della Moneta, was published by Ferdinando Galiani in 1751, and is arguably the first modern text on economic theory. It was printed twenty-five years before Adam Smith's more famous book, The Wealth of Nations, which touched on some of the same topics. Della Moneta covered many modern monetary concepts, including the value, origin, and regulation of money. It carefully examined the possible causes for money's value to fluctuate.

The year following, 1752, Of the Balance of Trade was published by Hume. He argued that one need not worry about the import or export of goods creating a surplus or shortage of either money or goods because an excess or shortage of money will always increase or decrease demand until equilibrium is reached. In modern economic terms, this is as equilibration through the price–specie flow mechanism.

Modern Theory of money

The foundational concept of any modern theory of money is the understanding that the value of fiat money depends upon exchange and not weight (compare with the Arrow–Debreu model).^[19]

Research areas

Traditionally, research areas in monetary economics have included:

Empirical determinants and measurement of the money supply, whether narrowly, broadly, or index-aggregated, in relation to economic activity^[20]
Empirical determinants of the demand for money.
Credit theory of money (also called debt theory of money), concerning the relationship between credit and money.
Debt deflation and balance-sheet theories, which hypothesize that over-extension of credit associated with a subsequent asset-price fall generate business fluctuations through the wealth effect on net worth.^[21]^[22]
Monetary aspects studied by central banks.^[23]
The monetary/fiscal policy relationship to macroeconomic stability^[24]
The effect of money supply growth on inflation.
The political economy of financial regulation and monetary policy^[25]
Monetary implications of the asset-price/macroeconomic relation:^[26] the quantity theory of money,^[27] monetarism,^[28] and the importance and stability of the relation between the money supply and interest rates, the price level, and nominal and real output of an economy.^[29]

Monetary impacts on interest rates and the term structure of interest rates^[30]
Lessons of monetary/financial history^[31]

Transmission mechanisms of monetary policy as to the macroeconomy^[32]
Neutrality of money vs. money illusion as to a change in the money supply, price level, or inflation on output^[33]
Tests, testability, and implications of rational-expectations theory as to changes in output or inflation from monetary policy^[34]
Monetary implications of imperfect and asymmetric information^[35] and fraudulent finance^[36]

Game theory as a modeling paradigm for monetary and financial institutions^[37]
Possible advantages of following a monetary-policy rule to avoid inefficiencies of time inconsistency from discretionary policy^[38]

Notes

^ • James Tobin, 1992. "money," The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79 & in 2008, The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press.
   • _____, 1961. "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987, Essays in Economics, v. 1, pp. 217-27. MIT Press.
   • Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, 66(6), pp. 467, 481-82 Archived 2011-07-20 at the Wayback Machine.
   • John Bryan, 1980. "Transaction Demand for Money and Moral Hazard," in Models of Monetary Economies, ed. J. Kareken and N.Wallace, Federal Reserve Bank of Minneapolis, pp. 233-241 Archived 2013-09-18 at the Wayback Machine and References, pp. 305-13. Archived 2013-09-18 at the Wayback Machine
   • Nobuhiro Kiyotaki and Randall Wright, 1989, "On Money as a Medium of Exchange," Journal of Political Economy 97(4), pp. 927 Archived 2023-01-16 at the Wayback Machine-54.
   • _____, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, 83(1), pp. 63-77.
^ • Robert W. Dimand, 2008. "macroeconomics, origins and history of" (abstract) Archived 2012-03-26 at the Wayback Machine and "monetary economics, history of" (abstract) Archived 2012-02-15 at the Wayback Machine, The New Palgrave Dictionary of Economics. 2nd Edition.
• Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, pp. 1-6 Archived 2011-06-11 at the Wayback Machine Abstract-links version.
• JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories.
• David Hume, 1752. "Of Money," Archived 2020-08-05 at the Wayback Machine "Of Interest," and "Of the Balance of Trade" in Essays, Moral, Political, and Literary. Reprinted in Hume, 1955, Writings on Economics, Eugene Rotwein ed., linked Table of Contents.
• Thomas Mayer, 1980. "David Hume and Monetarism," Quarterly Journal of Economics, 95(1), pp. 89-101.
• Henry Thornton, 1802. Paper Credit. Contents, pp. ix-xii, & chapter links. Archived 2008-12-19 at the Wayback Machine Introduction by Friedrich Hayek, 1938.
• W. Stanley Jevons, 1876 [1919]. Money and the Mechanism of Exchange. Chapter-preview links.
• Carl Menger, 1892. "On the Origin of Money," Economic Journal, 2(6), pp. 239–255. Archived 2009-03-19 at the Wayback Machine
• Knut Wicksell, [1898] 1936. Interest and Prices, tr. R.F. Kahn. Macmillan, Chapter links, pp. v-vi.
• _____, [1906] 1929. Lectures on Political Economy, v. 2: Money, tr. E. Classen, 1935. Discussed in Lionel Robbins' Introduction to v. 1: General Theory, pp. xv-xviii.
• A.C. Pigou, 1917. "The Value of Money." Quarterly Journal of Economics, 32 (1), pp. 38-65. Reprinted in part in A.C. Pigou (1924), Essays in Applied Economics, pp. 175- 204.
• Fisher, Irving, [1911] 1922, 2nd ed.. The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises
• John Maynard Keynes, 1923. A Tract on Monetary Reform. Macmillan. Reviews, 1924 & 1996 Archived 2009-10-14 at the Wayback Machine.
• _____, 1936. The General Theory of Employment, Interest and Money. Macmillan.
• Gary S. Becker and William J. Baumol, 1952. "The Classical Monetary Theory: The Outcome of the Discussion," Economica, NS 19(76), pp. 355 Archived 2023-01-16 at the Wayback Machine-376.
• Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really Was," Canadian Journal of Economics, 1(1), pp. 1-15, & Collected Scientific Papers, 1972, v. III. pp. 529-543.
• Robert Clower, 1969b. "What Traditional Monetary Theory Really Wasn't," Canadian Journal of Economics. 2(2), pp. 299-302.
• David E.W. Laidler, 1991. The Golden Age of the Quantity Theory: The Development of Neoclassical Monetary Economics, 1870-1914. Princeton UP. Description and review.^{[dead link‍]}
• Bennett T. McCallum, 1989. Monetary Economics: Theory and Policy. Macmillan. Preview.
^ • J.H. Boyd, 2008. "financial intermediation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• Sudipto Bhattacharya, Anjan V. Thakor, and Arnoud W.A. Boot, 1998. "The Economics of Bank Regulation," Journal of Money, Credit, and Banking, 30(4), pp. 745-770. Archived 2016-03-04 at the Wayback Machine
^ • Stanley W. Black, 2008. "international monetary institutions," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Archived 2012-03-26 at the Wayback Machine
   • Robert A. Mundell, 1971. Monetary Theory: Interest, Inflation and Growth in the World Economy. Goodyear. Description. Archived 2007-08-31 at the Wayback Machine
   • Bennett T. McCallum, 1996. International Monetary Economics. Oxford. Description Archived 2011-06-29 at the Wayback Machine & chapter-preview links. Archived 2023-01-16 at the Wayback Machine
   • Maurice Obstfeld and Kenneth S. Rogoff, 1996. Foundations of International Macroeconomics. MIT Press, Ch. 8-10. Archived 2007-03-21 at the Wayback Machine Description. Archived 2010-08-09 at the Wayback Machine
^ • William J. Baumol 1952. "The Transaction Demand for Cash: An Inventory Theoretic Approach," Quarterly Journal of Economics, 66(4), pp. 545–556. Archived 2009-03-19 at the Wayback Machine
   • James Tobin, 1956. "The Interest-Elasticity of Transactions Demand for Cash," Review of Economics and Statistics, 38(3), pp. 241-247.^{[dead link‍]} Reprinted in Tobin, Essays in Economics, v. 1, Macroeconomics, pp. 229- [1] 242.
   • _____, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies 25(1), pp. 65–86. Archived 2012-03-06 at the Wayback Machine
   • Milton Friedman, 1956. "The Quantity Theory of Money: A Restatement," in Studies in the Quantity Theory of Money, Chicago. Reprinted in The Optimum Quantity of Money, 2005), pp. 51 Archived 2023-01-16 at the Wayback Machine-67. Archived 2023-01-16 at the Wayback Machine
^ • Robert Clower, 1967. "A Reconsideration of the Microfoundations of Monetary Theory," Western Economic Journal, 6(1), pp. 1-8.
   • _____, 1987. Money and Markets. Cambridge. Description Archived 2023-01-16 at the Wayback Machine and chapter-preview. Archived 2023-01-16 at the Wayback Machine
   • David Laidler, 1988. "Taking Money Seriously," Canadian Journal of Economics, 21(4), pp. 687–713. JSTOR 135258
   • _____, 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description. Archived 2023-01-16 at the Wayback Machine
   • _____, 1997. "Notes on the Microfoundations of Monetary Economics," Economic Journal, 107(443), pp. 1213–1223. JSTOR 2957862
   • Don Patinkin, 1965, 2nd ed. Money, Interest and Prices: An Integration of Monetary and Value Theory. New York: Harper and Row. Introduction to 1990 MIT edition (PDF Archived 2021-09-17 at the Wayback Machine), and 1991 evaluation Archived 2023-01-16 at the Wayback Machine by Stanley Fischer.
   • Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description Archived 2019-09-19 at the Wayback Machine and Table of Contents. Archived 2009-02-25 at the Wayback Machine.
^ • James Tobin, 1969. "A General Equilibrium Approach To Monetary Theory," Journal of Money, Credit and Banking, 1(1), pp. 15-29. Archived 2015-09-23 at the Wayback Machine
   • _____ with Stephen S. Golub, 1998. Money, Credit, and Capital. Irwin/McGraw-Hill. TOC. Archived 2011-07-21 at the Wayback Machine
   • Stephen M. Goldfeld and Daniel E. Sichel, 1990. "The Demand for Money," in Handbook of Monetary Economics, v. 1, pp. 299-356. Outline.^{[permanent dead link‍]} Elsevier.
   • Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, 47(3). International Monetary Fund. pp. 334-65. Archived 2021-04-25 at the Wayback Machine
^ • Robert M. Townsend, 1980. "Models of Money with Spatially Separated Agents," in John H. Kareken and Neil Wallace, ed., Models of Monetary Economies pp. 265-303. Archived 2011-07-26 at the Wayback Machine Federal Reserve Bank of Minneapolis.
• Neil Wallace, 2001. "Whither Monetary Economics?," International Economic Review, 42(4), pp. p. 847 Archived 2023-01-16 at the Wayback Machine-869.
• Ricardo Lagos and Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, 113(3], pp. 463-84. Archived 2009-03-19 at the Wayback Machine
^ Banaji, Jairus (2007). "Islam, the Mediterranean and the Rise of Capitalism". Historical Materialism. 15 (1): 47–74. doi:10.1163/156920607X171591. ISSN 1465-4466. OCLC 440360743. Archived from the original on May 23, 2009. Retrieved August 28, 2010.
^ Lopez, Robert Sabatino; Raymond, Irving Woodworth; Constable, Olivia Remie (2001) [1955]. Medieval trade in the Mediterranean world: Illustrative documents. Records of Western civilization.; Records of civilization, sources and studies, no. 52. New York: Columbia University Press. ISBN 978-0-231-12357-0. OCLC 466877309. Archived from the original on March 9, 2012.
^ ^a ^b Labib, Subhi Y. (March 1969). "Capitalism in Medieval Islam". The Journal of Economic History. 29 (1): 79–86. doi:10.1017/S0022050700097837. ISSN 0022-0507. JSTOR 2115499. OCLC 478662641. S2CID 153962294.
^ "Mughal Coinage". Archived from the original on 2002-10-05. Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century
^ Subodh Kapoor (January 2002). The Indian encyclopaedia: biographical, historical, religious ..., Volume 6. Cosmo Publications. p. 1599. ISBN 81-7755-257-0.
^ Turner, Sir Ralph Lilley (1985) [London: Oxford University Press, 1962–1966.]. "A Comparative Dictionary of the Indo-Aryan Languages". Includes three supplements, published 1969–1985. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago. Archived from the original on 28 August 2010. Retrieved 26 August 2010. rū'pya 10805 rū'pya 'beautiful, bearing a stamp'; 'silver'
^ Turner, Sir Ralph Lilley (1985) [London: Oxford University Press, 1962–1966.]. "A Comparative Dictionary of the Indo-Aryan Languages". Includes three supplements, published 1969–1985. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago. Archived from the original on 28 August 2010. Retrieved 26 August 2010. rūpa 10803 'form, beauty'
^ Shoaib Daniyal. "History revisited: How Tughlaq's currency change led to chaos in 14th century India". scroll.in. Archived from the original on 2017-02-15. Retrieved 2017-02-14.
^ Theodore Roosevelt; Kermit Roosevelt (1929). "Trailing the giant panda". Nature. 124 (3138). Scribner: 944. Bibcode:1929Natur.124R.944.. doi:10.1038/124944b0. S2CID 4086078. ... The currency in general use was what was known at the Tibetan rupee ...
^ "History of Monetary and Credit Theory" (PDF). Archived from the original on 2023-01-16. Retrieved 2017-02-26.
^ Sargent, Thomas J. (2001). The Princeton Economic History of the Western World. Princeton University Press. p. 69. ...the competitive equilibrium model of Arrow (1951) and Debreu (1954) has no role for fiat money, an asset that is valued only because it facilitates exchange. In the Arrow–Debreu model, all exchanges occur through a frictionless credit system. Credit works so well that no coins or notes are ever required for exchange. The Arrow–Debreu model would make coins worth the metal they contain.
^ • William A. Barnett, 2008. "monetary aggregation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Archived 2012-02-15 at the Wayback Machine
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^ • Ben S. Bernanke, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, 27(1), pp. 1-28. Archived 2020-04-08 at the Wayback Machine
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References

Handbook of Monetary Economics, Elsevier.

Friedman, Benjamin M., and Frank H. Hahn, ed., 1990. v. 1 links for description & contents and chapter-outline previews

_____, 1990. v. 2 links for description & contents and chapter-outline previews.

Friedman, Benjamin, and Michael Woodford, 2010. v. 3A & 3B links for description & and chapter abstract & TOC.

Boughton, James R., and Elmus R. Wicker, 1975. The Principles of Monetary Economics.
Brunner, Karl, and Allan H. Meltzer, 1993. Money and the Economy: Issues in Monetary Analysis, Cambridge. Description and chapter previews, pp. ix-x.
Clower, Robert W., ed., 1969. Monetary Theory: Selected Readings, Harmondsworth, Penguin.
Eden, Benjamin, 2005. A Course in Monetary Economics: Sequential Trade, Money, and Uncertainty. Description.
Gale, Douglas, 1982. Money: in Equilibrium, Cambridge University Press, Cambridge Economic Handbooks, 349 pp. ISBN 978-0-521-28900-9. Description and preview.
_____, 1983. Money: in Disequilibrium, Cambridge Economic Handbooks, 382 pp. ISBN 978-0-521-26917-9. Description and preview.
Goodhart, Charles, 1989. Money, Information and Uncertainty, 2nd Ed. MIT Press. Description and chapter titles.
Grandmont, Jean-Michel, 1985. Money and Value: A Reconsideration of Classical and Neoclassical Monetary Economics, Econometric Society Monographs, v. 5, Cambridge University Press. ISBN 978-0-521-31364-3. Description and preview .
Handa, Jagdish, 2007. Monetary Economics, 2nd ed. Routledge. Description and preview.
Harris, Laurence, 1981. Monetary Theory. New York: McGraw-Hill.
Hicks, John R., 1967. Critical Essays in Monetary Theory, Chapter preview links. Oxford.
The New Palgrave Dictionary of Finance and Money, 1992. 3 v. Description.
The New Palgrave Dictionary of Economics Online, 2008. Abstract links for "Monetary Economics" (alphabetical) and "monetary".
Rabin, Alan A., 2004. Monetary Theory MPG Books: London. Arrow-page-searchable chapter previews.
Starr, Ross M., ed. (1989). General equilibrium models of monetary economies: Studies in the static foundations of monetary theory. Economic theory, econometrics, and mathematical economics. Academic Press. p. 351. ISBN 978-0-12-663970-4.
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Woodford, Michael (2003). Interest and prices: Foundations of a theory of monetary policy. Princeton, New Jersey: Princeton University Press. ISBN 0-691-01049-8.

External links

Journal of Money, Credit and Banking
Journal of Monetary Economics
NBER Working Papers: Links to JEL classes of abstracts or downloads for Macroeconomics and Monetary Economics, including:

(JEL: E4) Money and Interest Rates

(JEL: E5) Monetary Policy, Central Banking, and the Supply of Money and Credit

Presentation of Money, credit and finance an slideshow

What is money? A slideshow https://www.slideshare.net/MitchGreen/lesson-1-what-is-money#btnNext

[tobin-1] • James Tobin, 1992. "money," The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79 & in 2008, The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press.
• _____, 1961. "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987, Essays in Economics, v. 1, pp. 217-27. MIT Press.
• Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, 66(6), pp. 467, 481-82 Archived 2011-07-20 at the Wayback Machine.
• John Bryan, 1980. "Transaction Demand for Money and Moral Hazard," in Models of Monetary Economies, ed. J. Kareken and N.Wallace, Federal Reserve Bank of Minneapolis, pp. 233-241 Archived 2013-09-18 at the Wayback Machine and References, pp. 305-13. Archived 2013-09-18 at the Wayback Machine
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"rational expectations" by Thomas J. Sargent. Abstract. Archived 2012-03-26 at the Wayback Machine
"inflation expectations" by Bennett T. McCallum. Abstract. Archived 2012-03-26 at the Wayback Machine
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[35] • From 2008, The New Palgrave Dictionary of Economics, 2nd Edition:
"monetary business cycles (imperfect information)" by Christian Hellwig. Abstract. Archived 2016-03-03 at the Wayback Machine
"bubbles" Archived 2012-03-26 at the Wayback Machine by Markus K. Brunnermeier.
"speculative bubbles" by Miguel A. Iraola and Manuel S. Santos. Abstract. Archived 2012-03-26 at the Wayback Machine
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[palgrave-38] • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
"monetary policy, history of" by Michael D. Bordo. Abstract Archived 2012-02-26 at the Wayback Machine and pre-publication copy. Archived 2016-03-04 at the Wayback Machine
"Taylor rules," v. 8, pp. 200-04, by Athanasios Orphanides. Abstract. Archived 2016-03-10 at the Wayback Machine
"time consistency of monetary and fiscal policy," by Paul Klein. Abstract. Archived 2016-03-28 at the Wayback Machine
"epistemic game theory: incomplete information" by Aviad Heifetz. Abstract. Archived 2016-03-03 at the Wayback Machine
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