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Monetary Economics.pdf
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This book represents a comprehensive presentation of monetary economics. It integrates
the presentation of monetary theory with its heritage, its empirical formulations and their
econometric tests. While its main focus is on monetary theory and its empirical tests
rather than on the institutional monetary and financial structure of the economy, the latter
is brought in wherever needed for elucidating a theory or showing the limitations to its
applicability. The illustrations for this purpose, as well as the empirical studies cited, are
taken from the United States, Canada and the United Kingdom. The book also elucidates the
significant differences between the financially developed economies and the less developed
and developing ones.
In addition, the presentation also provides an introduction to the main historical patterns
of monetary thought and the diversity of ideas in monetary economics, especially on the
effectiveness of monetary policy and the contending schools in monetary theory and policy.
Our presentation of the theoretical aspects of monetary economics is tempered by the
goals of empirical relevance and validity, and intuitive understanding. The derivation of the
theoretical implications is followed by a discussion of their simplifications and modifications
made in the process of econometric testing, as well as a presentation of the empirical findings.
Part I of the book consists of the introduction to monetary economics and its heritage. The
latter is not meant to be exhaustive but is intended to illustrate the evolution of monetary
thought and to provide the reader with a flavor of the earlier literature on this subject.
Part II placesmonetarymicroeconomics in the context of theWalrasian general equilibrium
model. To derive the demand formoney, it uses the approaches ofmoney in the utility function
and in the production function. It then derives theWalrasian results on the neutrality ofmoney
and the dichotomy between the monetary and real sectors of the economy.
Part III focuses on the demand for money. Besides the usual treatment of transactions
and speculative demands, this part also presents models of the precautionary and buffer
stock demand for money. The theoretical chapters on the components of money demand
are followed by three chapters on its empirical aspects, including a separate chapter on the
criteria and tests underlying monetary aggregation.
Part IV deals with the supply of money and the role of the central bank in determining the
money supply and interest rates. It compares the desirability ofmonetary versus interest rate as
operating targets. This part also examines the important policy issues of the potential conflicts
among policy makers, central bank independence, time-consistent versus discretionary
monetary policies, and the credibility of monetary policy.
No presentation of monetary economics can be complete without adequate coverage
of monetary policy and its impact on the macroeconomy. Proper treatment of this topic
requires knowledge of the underlying macroeconomic models and their implications forxxvi Preface
monetary policy. Part V focuses on money and monetary policy in the macroeconomy.
It covers the main macroeconomic models of both the classical and Keynesian paradigms
and their monetary implications. This coverage includes extensive analysis of the Taylor rule
for targeting inflation and the output gap, and new Keynesian economics.
The remaining parts of the book deal with special topics. Part VI deals with the theories of
the rate of interest and of the termstructure of interest rates. Part VII presents the overlapping
generations models of fiat money and compares their implications and empirical validity
with those of the theories based on money in the utility function and money in the production
function. Part VIII addresses monetary growth theory, and assesses the contributions of both
the quantity of money and those of financial institutions to output growth. To do so, it covers
the neoclassical growth theory with money as well as endogenous growth theories with
money.
Comparison with the first (2000) edition
This edition has extensive revisions and new material in all its chapters. However, since the
major ferment in monetary economics in the past decade has been in monetary policy and
monetary macroeconomics, most of the additional material is to be found in the chapters on
these issues. Chapter 12 has more extensive discussion of central bank independence, time
consistency versus intertemporal re-optimization, and credibility. Chapter 13 is a newchapter
on the determination of aggregate demand under the alternative operating targets of money
supply and interest rates. Chapter 14, on the classical paradigm, nowstartswith a presentation
of the stylized facts on the relationship between money, inflation and output, and includes
more detailed evaluation of the validity of the latest model, the modern classical one, in the
classical paradigm. Chapter 15, on the Keynesian paradigm, has considerably more material
on the Taylor rule, and on the new Keynesian model, as well as discussion of its validity.
Chapter 16, on the role of credit markets in the macroeconomy, is entirely new. Chapter 17
has been expanded to include compact models of the new Keynesian type, in addition to the
Lucas–Sargent–Wallace ones of the modern classical variety, as well as including greater
discussion of the validity of their implications. Chapter 21, on the overlapping generations
models, nowstartswith a presentation of the stylized facts onmoney, especially on its demand
function, so as to more clearly assess the validity of the implications of such models.
Level and patterns of use of this book
This book is at the level of the advanced undergraduate and graduate courses in monetary
economics. It requires that the students have had at least one prior course in macroeconomics
and/or money and banking. It also assumes some knowledge of differential calculus and
statistics.
Given the large number of topics covered and the number of chapters, this book can be
used over one semester on a quite selective basis or over two or three semesters on a fairly
complete basis. It also offers considerable scope for the instructors to adapt the material
to their specific interests and to the levels of their courses by exercising selectivity in the
chapters covered and the sequence of topics.
Some suggested patterns for one-term courses are:
1. Courses on monetary microeconomics (demand and supply of money) and policy:
Chapters 1, 2, 3 (optional), 4, 5, 7–12.Preface xxvii
2. Courses on monetary macroeconomics: Chapters 1, 2, 13–17 (possibly including
Chapters 18–20).
3. Courses on monetary macroeconomics and central bank policies: Chapters 1, 2, 10–19.
4. Courses on advanced topics in monetary economics: Chapters 3, 6, 16–24.
A first course along the lines of 1, 2 or 3 can be followed by a second course based on 4.
McGill offers a tandem set of two one-term graduate courses covering money and banking
and monetary economics. The first term of these is also open to senior honours students. This
book came out of my lectures in these courses.
My students in the first one of the two courses almost invariably have shown a strong
interest in monetary policy and macroeconomics, and want their analyses to be covered at an
early stage, while I want also to cover the main material on the demand and supply of money.
With two one-semester courses, I am able to allow the students a wide degree of latitude in
selecting the pattern inwhich these topics are covered. Themutually satisfactory combination
in many years has often been to do in the first semester the introductory Chapters 1 and 2,
monetary macroeconomics (Chapters 13 to 17), determination of interest rates (Chapters 19
and 20) and possibly monetary growth theory (Chapter 24). The second term then covered
money demand and supply (Chapters 4 to 10) (excluding Chapter 6 on the precautionary
and buffer stock demands for money) and central banking (Chapters 10 to 12). However,
we have in some years chosen to study the money demand and supply chapters before the
monetary macroeconomics chapters. This arrangement left the more theoretical, advanced
or special topics to be slotted along with the other material in one of the terms, or left
to another course. The special topics chapters are: 3 (general equilibrium with money), 6
(precautionary and buffer stock models of money demand), 16 (credit markets), 17 (compact
macroeconomic models with money), 18 (Walras’s law and the interaction among markets),
21 to 23 (overlapping generations models with money) and Chapter 24 (growth theory with
money).
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