ECON
8610
Monetary and Banking Theory
- READINGS
-
The Required Books are:
Yeager, The Fluttering Veil
"Palgrave" [Eatwell,
Milgate, and Newman, eds.],
Money
Selgin, Less Than Zero
The Readings in these books are not available online. They are listed
by author in the reading list below.
All the other readings are electronically available (simply click
the title for access).
These online articles fall into two categories:
1)
Those marked GALILEO They are available
on Galileo Databases. If you are on a UGA network access is as easy
as clicking the link. Most of these readings can also be accessed
from home with a password. Info on getting the password is HERE.
2.)
Those marked E-RESERVE are on "Electronic
Reserve" at the Library.
Click on the title below then choose ECON8610 from the "Course"
drop-down menu. To open these files you need the password:
econ8610me1
Table
of Contents
I.
Money: A rough Sketch
II. Microfoundations of Monetary Theory
III. The OLG Approach
IV. The Evolution of Money
V. The Demand for Money: Theoretical Studies
VI. The Demand for Money: Empirical Studies
VII. The Theory of Price-Level Adjustment
VIII. Theories of Expectations-Formation
IX.
Deficient Money
X. Redundant Money
XI. Optimal Price-Level Behavior
XII.
Banking and Central Banking
XIII.
The Supply of Bank Money
XIV.
Bank Money, Saving and the Rate of Interest
XV. Money and the Business Cycle
XVI. Banking Panics
I.
The Challenge of Monetary Economics
Monetary
Analysis, the Equilibrium Method, and Keynes's "General Theory"
Kohn, Meir.
Journal of Political
Economy, 1986, vol. 94(6)
A
Suggestion for Simplifying the Theory of Money
Hicks,
Sir John R.
Economica,
1935
Monetary
Economics: A Review Essay
Grossman, Herschel
Journal of Monetary Economics, October 1991, v. 28, iss. 2, pp.
323-45
GALILEO
Taking
Money Seriously
Laidler
The Canadian Journal of Economics, Vol. 21, No. 4. (Nov., 1988),
pp. 687-713.
GALILEO
II. Microfoundations
of Monetary Theory
Money
and the Mechanism of Exchange
William Stanley
Jevons
Foundations
of Monetary Theory
Hahn
in Monetary Theory and Economic Institutions
by De Cecco, Marcello. Fitoussi, Jean-Paul
E-RESERVE
"Introduction"
to the 2nd Edition Abridged
Patinkin
Money Interest and Prices
E-RESERVE
A
Reconsideration of the Microfoundations of Monetary Theory
Clower
in Money and Markets
E-RESERVE
In
Defense of the Finance Constraint
Kohn
Economic Inquiry 19 1981
E-RESERVE
Money
and Barter in General Equilibrium with Transaction Costs
Niehans, Jurg;
American Economic Review, Dec. 1971, v. 61, iss. 5, pp. 773-83
GALILEO
Why
Money?
Armen A. Alchian
Journal of Money, Credit and Banking, Vol. 9, No. 1, Part 2.
(Feb., 1977), pp. 133-140.
GALILEO
The
Uses of Money: Money in the Theory of an Exchange Economy
Karl Brunner; Allan H. Meltzer
American Economic Review, Vol. 61, No. 5 (Dec., 1971) , pp.
784-805
GALILEO
Cash
in Advance, Microfoundations in Retreat
Howitt
in Inflation, Institutions, and Information
by Vaz and Velupillai
E-RESERVE
A Search-Theoretic Approach to Monetary Economics
Nobuhiro Kiyotaki; Randall Wright
American Economic Review, Vol. 83, No. 1 (Mar., 1993), pp.
63-77
GALILEO
Viewpoint:
A Microfoundation of Monetary Economics
Shouyong
Shi
Canadian
Journal of Economics, Vol. 39, No. 3 (August 2006), pp. 643-88.
Controversy:
Microfoundations and the Demand for Money
An
Introduction by Huw Dixon
and
Notes
on the Microfoundations of Monetary Economics by David Laidler
The Economic Journal, Vol. 107, No. 443. (Jul., 1997), pp.
1169-1170.
GALILEO
The
Structure of Exchange in Barter and Monetary Economies
Ross M. Starr
The Quarterly Journal of Economics, Vol. 86, No. 2. (May, 1972),
pp. 290-302.
GALILEO
III. The OLG
Approach
Introduction
Kareken and Wallace
in Models of Monetary Economics
E-RESERVE
Discussion
Tobin
in Models of Monetary Economics
by Kareken and Wallace
E-RESERVE
Formal
Models of Monetary Economics
Hoover
in The New Classical Microeconomics
E-RESERVE
A
Legal Restrictions Theory of the Demand for "Money" and
the Role of Monetary Policy
Neil Wallace
Federal Reserve Bank of Minneapolis Quarterly Review,
Winter 1983, Vol. 7 No. 1
GALILEO
Some
Anecdotal Evidence Relating to the Legal Restrictions Theory of the
Demand for Money
Gail E. Makinen; G. Thomas Woodward
The Journal of Political Economy, Vol. 94, No. 2. (Apr., 1986),
pp. 260-265.
GALILEO
Accounting
for Non-interest-Bearing Currency: A Critique of the Legal Restrictions
Theory of Money
By White, Lawrence H
Journal of Money, Credit, and Banking, November 1987, v. 19,
iss. 4, pp. 448-56
GALILEO
IV. The Evolution
of Money
The Theory of Money
Menger
in Principles of Economics
E-RESERVE
The Origin and Development of Media of Exchange
Robert A. Jones
The Journal of Political Economy, Vol. 84, No. 4, Part 1. (Aug.,
1976), pp. 757-776.
GALILEO
On
Money as a Medium of Exchange
Nobuhiro Kiyotaki; Randall Wright
The Journal of Political Economy, Vol. 97, No. 4. (Aug., 1989),
pp. 927-954
GALILEO
The
Transition from Barter to Fiat Money
Joseph A. Ritter
The American Economic Review, Vol. 85, No. 1. (Mar., 1995),
pp. 134-149.
GALILEO
Adaptive
Learning and the Transition to Fiat Money
George Selgin
The Economic Journal, Vol. 113 Issue 484 Page 147 January 2003
GALILEO
"Introduction"
to Money and Markets: Selected Readings
Clower
in Money and Markets
E-RESERVE
On
the Evolution of Money and Its Implications for Price Stability
Dalziel, Paul
Journal of Economic Surveys, Vol. 14, No. 4 (September
2000), pp. 373-93
V. The Demand for Money: Theoretical Studies
Application
and Apparatus of Supply and Demand to Units of Currency
Cannan
AEA Readings in Monetary Economics
E-RESERVE
A
Suggestion for Simplifying the Theory of Money
J. R. Hicks
Economica, New Series, Vol. 2, No. 5. (Feb., 1935), pp. 1-19.
GALILEO
The
Yield from Money Held
Hutt
in On Freedom and Free Enterprise by Von Mises, 1881-1973.
On
Ensuring the Acceptability of a New Fiat Money
George Selgin
Journal of Money, Credit and Banking, Vol. 26, No. 4. (Nov.,
1994), pp. 808-826.
GALILEO
Demand
for Money: Theoretical Studies
McCallum and Goodfriend
PALGRAVE*
The
Transactions Demand for Cash: An Inventory Theoretic Approach
William J. Baumol
The Quarterly Journal of Economics, Vol. 66, No. 4. (Nov.,
1952), pp. 545-556.
GALILEO
A
Simple Model of the Precautionary Demand for Money.
By: Weinrobe, Maurice D.
Southern Economic Journal, Jul72, Vol. 39 Issue 1, p11, 8p.
GALILEO
Money
in a Theory of Exchange
Thornton, Daniel L. Author
Federal Reserve Bank of St. Louis Review, Jan.-Feb. 2000, v.
82, iss. 1, pp. 35-60
GALILEO
Theory
of Demand for Money: A Survey of Literature
Subramanian S.Sriram
Indian Journal of Economics VOL.48 No.4
GALILEO
VI.
The Demand for Money: Empirical Studies
Quantity
Theory of Money
Friedman
PALGRAVE*
The
Quantity Theory of Money: A Restatement
Friedman
Studies in the Quantity Theory of Money
E-RESERVE
Demand
for Money: Empirical Studies
Goldfield
PALGRAVE*
The
Search for a Stable Money Demand Function: A Survey of the Post-1973
Literature
John P. Judd; John L. Scadding
Journal of Economic Literature, Vol. 20, No. 3. (Sep., 1982),
pp. 993-1023.
GALILEO
The
"Buffer Stock" Notion in Monetary Economics
David Laidler
The Economic Journal, Vol. 94, Supplement: Conference Papers.
(1984), pp. 17-34.
GALILEO
Buffer-Stock
Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions
William D. Lastrapes; George Selgin
Journal of Money, Credit and Banking, Vol. 26, No. 1. (Feb.,
1994), pp. 34-54.
GALILEO
VII.
The Theory of Price-Level Adjustment
A
Critique of Neoclassical Monetary Theory
Patinkin
Money Interest and Prices
E-RESERVE
Walras'
Theory of Tatonnement
By Patinkin
Money Interest and Prices
E-RESERVE
Toward
a Theory of Price Adjustment
Arrow
Market Process Theories edited by Peter J. Boettke and David
L. Prychitko
E-RESERVE
Product
Markets
Arthur
M. Okun
Prices and Quantities: A Macroeconomic Analysis
E-RESERVE
Rational
Expectations and Price Flexibility
Shaw
Rational Exceptions
E-RESERVE
A
Sticky-Price Manifesto
Laurence Ball and N. Gregory Mankiw
NBER Working Paper No. w4677, Issued in July 1995
GALILEO
Small
Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly
N. Gregory Mankiw
The Quarterly Journal of Economics, Vol. 100, No. 2. (May,
1985), pp. 529-537.
GALILEO
Microeconomic
Efficiency and Nominal Wage Stickiness
Charles L. Schultze
The American Economic Review, Vol. 75, No. 1. (Mar., 1985),
pp. 1-15.
GALILEO
VIII.
Theories of Expectations-Formation
Non-Rational
Expectations
Shaw
Rational Expectations
E-RESERVE
The
Meaning of Rational Expectations
Shaw
Rational Expectations
E-RESERVE
Rational
Expectations: Assessment and Critique
Shaw
Rational Expectations
E-RESERVE
Rational
Expectations and Economic Thought
Brian Kantor
Journal of Economic Literature, Vol. 17, No. 4. (Dec., 1979),
pp. 1422-1441.
GALILEO
Rational
Expectations, Risk, Uncertainty and Market Response
Meltzer
Crises in the Economic and Financial Structure edited by
Paul Wachtel.
E-RESERVE
Optimal
Expectations
and the Extreme Information Assumptions of `Rational Expectations'
Macromodels
Benjamin M. Friedman
Journal of Monetary Economics, Volume 5, Issue 1,
January 1979, Pages 23-41
GALILEO
IX.
Deficient Money
Effective
Demand Failures
Axel
Leijonhufvud
from
idem., Information and Coordination: Essays in Macroeconomic
Theory (New York: Oxford University Press, 1981).
The
Significance of Monetary Disequilibrium
Yeager
YEAGER*
A
General Disequilibrium Model of Income and Employment
Robert J. Barro; Herschel I. Grossman
The American Economic Review, Vol. 61, No. 1. (Mar., 1971),
pp. 82-93.
GALILEO
Evaluating
the Non-Market-Clearing Approach
Peter Howitt
The American Economic Review, Vol. 69, No. 2,
Papers and Proceedings of the Ninety-First Annual Meeting of the
American Economic Association. (May, 1979).
GALILEO
Some
Macroeconomic Implications of Price Stickiness
Laidler
LAIDLER*
Monetary
Disequilibrium and Market Clearing
Grossman
PALGRAVE*
Nonmonetary
Effects of the Financial Crisis in the Propagation of the Great
Depression
Ben S. Bernanke
The American Economic Review, Vol. 73, No. 3. (Jun., 1983),
pp. 257-276.
GALILEO
X.
Redundant Money
The
Welfare Cost of Inflationary Finance
Martin J. Bailey
The Journal of Political Economy, Vol. 64, No. 2. (Apr., 1956),
pp. 93-110.
GALILEO
The
Cost, Sources, and Control of Inflation
Yeager
YEAGER*
Cost
and Consequences of Inflation
Axel Leijonhufvud
Information and Coordination : Essays in Macroeconomic Theory
E-RESERVE
Inflation
and the Economists: Critique
Axel Leijonhufvud
Information and Coordination : Essays in Macroeconomic Theory
E-RESERVE
On
the Cost of Anticipated Inflation
Laidler
LAIDLER*
The
Disruptive Effect of Inflation on the Organization of Markets
Carlton
Inflation, Causes and Effects edited by Hall
E-RESERVE
XI.
Optimal Price-Level Behavior
The
Optimum Quantity of Money
Friedman
The Optimum Quantity of Money, and Other Essays
Optimum
Quantity of Money
Howitt
PALGRAVE*
Less
Than Zero: The Case for a Falling Price Level in a Growing Economy
George Selgin
SELGIN*
The
Macroeconomics of Low Inflation
George A. Akerlof; William T. Dickens; George L. Perry; Robert J.
Gordon; N. Gregory Mankiw
Brookings Papers on Economic Activity, Vol. 1996, No. 1.
(1996), pp. 1-76.
GALILEO
The
Optimum Quantity of Money: Theory and Evidence
Casey B. Mulligan; Xavier X. Sala-I-Martin
Journal of Money, Credit and Banking, Vol. 29, No. 4
GALILEO
The
Cost of Inflation and Disinflation
Kevin Dowd
CATO Journal, Fall94, Vol. 14, Issue 2
GALILEO
XII.
Banking and Central Banking
What
are Banks
Yeager
YEAGER*
Financial
Intermediaries
Tobin
PALGRAVE*
The
Evolution of a Free Banking System
Selgin and White
Economic Inquiry Volume 25, issue 3.
E-RESERVE
The
New Theory of Financial Intermediation
Chant
Current Issues in Financial and Monetary Economics
E-RESERVE
Central
Banking
Goodhart
PALGRAVE*
Why
Do Banks Need a Central Bank?
Goodhart
Money, Information and Uncertainty
E-RESERVE
The
Rationalization of Central Banks
Selgin
Critical Review Volume 7
E-RESERVE
XIII.
The Supply of Bank Money
High-Powered
Money and the Monetary Base
Brunner
PALGRAVE*
Money
Supply
Brunner
PALGRAVE*
Mathematical Theory
of Banking
Edgeworth
The
Foundations of Monetary Economics edited by David Laidler.
E-RESERVE
The Supply of Bank
Money
Jürg Niehans
The Theory of Money
E-RESERVE
Free
Banking and Monetary Control
George Selgin
The Economic Journal, Vol. 104, No. 427. (Nov., 1994), pp.
1449-1459.
GALILEO
Banking
School, Currency School, Free Banking School
Schwartz
PALGRAVE*
XIV.
Bank Money, Saving and the Rate of Interest
Interest Theories:
Old and New
Fetter
Capital,
Interest, and Rent : Essays in the Theory of Distribution
E-RESERVE
Commercial
Banking and the Rate of Interest
(in Notes and Memoranda)
Harry G. Brown
The Quarterly Journal of Economics, Vol. 24, No. 4. (Aug.,
1910), pp. 743-749.
GALILEO
A
Loanable Funds Theory of Unemployment and Monetary Disequilibrium
Meir Kohn
The American Economic Review, Vol. 71, No. 5. (Dec., 1981),
pp. 859-879.
GALILEO
Natural
Rate and Market Rate
Axel Leijonhufvud
PALGRAVE*
Chapter
10
Patinkin
Money Interest and Prices
E-RESERVE
On
Wicksell's Theory of Price-Level Dynamics
David Laidler
Essays on Money and Inflation
E-RESERVE
The
Liquidity Effect
Selgin and Lastrapes
Journal of Macroeconomics Volume 17 issue 3
E-RESERVE
XV.
Money and the Business Cycle
Some
Skeptical Observations on Real Business Cycle Theory
Lawrence H. Summers
Federal Reserve Bank of Minneapolis Quarterly Review Vol.
10 No. 4 Fall 1986
GALILEO
Understanding
Business Cycles
Lucas
Journal of Monetary Economics. Volume 5, issue 0
E-RESERVE
Money
and the Business Cycle Tests of Equilibrium
Macroeconomics Using Contemporaneous Monetary Data
John F. Boschen and Herschel I. Grossman
Journal of Monetary Economics, Volume 10, Issue 3, 1982
GALILEO
A
Cash-Balance Interpretation of Depression
Yeager
YEAGER*
On
"Real" and "Sticky-Price" Theories of the Business
Cycle
Bennett T. McCallum
Journal of Money, Credit and Banking, Vol. 18, No. 4. (Nov.,
1986), pp. 397-414.
GALILEO
Phillips
Curves and Hayekian Triangles
Bellante and Garrison
History of Political Economy Volume 20 Issue2
E-RESERVE
XVI.
Banking Panics
Real
and Pseudo-Fianancial Crises
Schwartz
Money in Historical Perspective
E-RESERVE
Bank Runs, Deposit Insurance, and Liquidity
Diamond, Douglas W. and Dybvig, Philip H.
Federal Reserve Bank of Minneapolis Quarterly Review, Winter
2000, Vol. 24 Issue 1, p14, 10p
GALILEO
The
Origins of Banking Panics: Models, Facts, and Bank Regulation
Calomiris and Gorton
Financial Markets and Financial Crises
E-RESERVE
The
Truth About Bank Runs
Kaufman
The Financial Services Revolution edited by Catherine England
and Thomas Huertas.
E-RESERVE
Bank
Suspension of Convertibility
Gorton
Journal of Monetary Economics. Volume 15
E-RESERVE
In
Defense of Bank Suspension
George Selgin
Journal of Financial Services Research Volume 7 Issue 4
E-RESERVE
Are
Banking Crises a Free Market Phenomena
George Selgin
Critical Review Volume 8
E-RESERVE
Legal
Restrictions, Financial Weakening, and the Lender of Last Resort
George A. Selgin
Cato Journal, Volume 9 Number 2, Fall 1989
GALILEO
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