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Comprehensive Guide to Money, Payments, and Liquidity

"Money, Payments, and Liquidity" (Second Edition, Second) is a groundbreaking text that delves into the intricacies of the economic world of money, liquidity, and payments. Authored by Guillaume Rocheteau and Ed Nosal, this book offers a comprehensive investigation into the mechanics of trade and the various frictions involved, including search, private information, and limited commitment. With its adoption of the New Monetarist framework, it provides a dynamic general equilibrium framework for analyzing the role of money and liquid assets in trade.

Key Features

• Comprehensive Coverage: The book covers a wide range of topics, including cashless economies, the properties of suitable exchange mediums, and the impact of inflation on monetary policy.
• Advanced Framework: Based on the latest New Monetarist approach, it offers a deep understanding of the economy's frictions and the role of money in trade.
• Updated Edition: The second edition includes three new chapters on unemployment and payments, asset price dynamics and bubbles, and crashes and recoveries in over-the-counter markets.

Enhanced Edition with New Perspectives

The revised second edition reflects recent advancements in the field, adding significant depth to the original text. Notably, the chapter on the role of money has been entirely rewritten, incorporating a mechanism design approach. This edition also features updated content on credit economies, open-market operations, liquidity traps, and the limited pledgeability of assets under informational frictions. The inclusion of these new chapters and revised material ensures that "Money, Payments, and Liquidity" remains a cutting-edge resource for students, researchers, and professionals in economics and finance.