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Monetary economics

From Wikipedia, the free encyclopedia

Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and it considers how money, for example fiat currency, 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]

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  • ✪ What's all the Yellen About? Monetary Policy and the Federal Reserve: Crash Course Economics #10
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Welcome to Crash Course Economics. I'm Jacob Clifford I'm Adrienne Hill and today we're talking about monetary policy. So each year Time Magazine comes out with a list of the world's 100 Most Influential People. It includes heads of state, religious leaders, entrepreneurs, artists and activists, singers and actors; the most famous and infamous. HILL: There's one person on that list, someone who is arguably the most influential person on Earth, that most people don't know their decisions, good or bad, likely impact billions of people Janet Yellen. CLIFFORD: She steers the largest economy in the world. Janet Yellen is a big deal. She's a big deal because of monetary policy. HILL: The Federal Reserve is the central bank of the United States and it's commonly called "the Fed." Europe has the European Central Bank, or ECB, and other countries have institutions that play similar roles. Most central banks have two important jobs: Their second job, and the job we're going to focus on today, is to: Monetary policy is what makes the Fed, and the Fed chair, so influential. Let's start with interest rates. An interest rate is the price of borrowing money. When banks lend money, they expect to be repaid the amount they lend which is called the principal, and a percentage of the principal to cover inflation and make some profit. That percentage is called the interest rate. A number of car loans, student loans, home loans, and business loans that get made depend on interest rates. In the US, the Fed doesn't have the power to tell banks what interest rate to charge customers. So, instead, the Fed manipulates interest rates by changing the money supply. If the Fed increases the money supply, There will be plenty of money for banks to loan out. Borrowers will shop around for the best deal on a loan, and banks will be forced to lower interest rates because they're going to have to compete or else no one's going to borrow from them. A decrease in the money supply has the opposite effect: less money supply means that banks have less money to loan out, so they're going to try to get the highest interest rate possible. So less money, higher interest rates. If the central bank wants to speed up the economy, they can make an increase in the money supply which will decrease the interest rates and lead to more borrowing and spending. That's called expansionary monetary policy. If the central bank wants to slow down the economy, they decrease the money supply, less money available will increase interest rates and decrease spending. That's called contractionary monetary policy. Here's some real life examples: After the dot-com bust and then 9/11, the US economy was in a slump or a recessionary gap. Output was low and unemployment was high. To speed up the economy, the Fed boosted the money supply, which lowered interest rates. This made borrowing easier which increased spending and as a result, the economy began growing again, albeit slowly. Here's another example. In the late 1970s, prices were rising up to 13% per year. Inflation is usually more like 2-4%. The Fed chairman Paul Volcker decreased the money supply, causing interest rates to shoot up. People bought fewer homes and cars, and businesses invested less. Contractionary monetary policy drove down inflation but with the downside of increasing unemployment. There are just no easy answers here. Sorry. During the Great Depression though, the Fed blew it. 73 years later, Fed chairman Ben Bernanke admitted "We did it. We're very sorry. We won't do it again." So what did the Fed do wrong? Well, there are two things that keep the banking system healthy: confidence and liquidity. When customers deposit money in the bank, they need to feel confident they're going to get their money back. In the early years of the Great Depression, the Fed allowed several large banks to fail, which caused widespread panic and bank runs in other banks. The result was a third of all banks collapsed. The banks failed because they didn't have liquid assets which is a fancy pants way of saying the banks had stocks, bonds, mortgages, but not cash money. So when depositors rushed to take money out, the banks couldn't pay. The Fed gets blamed for prolonging the Depression because it didn't give banks emergency loans which would have increased the liquidity in banks and the money supply in general. But how does the Central Bank change the money supply. In the U.S., there are three main ways. Let's go to the thought bubble. We deposit money in a bank, the bank holds a portion of the deposit and loans the rest out. This is called fractional reserve banking. The fraction deposits the banks are required to hold in reserves is conveniently called the reserve requirement. The first way the Feds can change the money supply is by changing that requirement. Decrease in the reserve requirement will increase the money supply


Research areas

Traditionally, research areas in monetary economics have included:

  • The effect of money supply growth on inflation.
  • Lessons of monetary/financial history[20]
  • Tests, testability, and implications of rational-expectations theory as to changes in output or inflation from monetary policy[23]


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,[28] cheques, promissory notes,[29] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,[30] and banking institutions for loans and deposits.[30]

1500s to 1700s

Silver coin of the Maurya Empire, known as rūpyarūpa, with symbols of wheel and elephant. 3rd century BC.
Silver coin of the Maurya Empire, known as rūpyarūpa, with symbols of wheel and elephant. 3rd century BC.
The French East India Company issued rupees in the name of Muhammad Shah (1719–1748) for Northern India trade.  This was cast in Pondicherry.
The French East India Company issued rupees in the name of Muhammad Shah (1719–1748) for Northern India trade. This was cast in Pondicherry.

In the Indian subcontinent, Sher Shah Suri (1540–1545), inroduced a silver coin called a rupiya, weighing 178 grams. Its used was continued by the Mughal rulers.[31] 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,[32] 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,[33] from Sanskrit rūpa, beautiful form.[34]

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.[35]

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.[36]

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 bank notes became more common in Europe. David Hume referred to it as "this new invention of paper".[37]

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. Though 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. Presumably because of the previous period of unreliable monetary value, he 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.

See also


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       • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
             "rational expectations" by Thomas J. Sargent. Abstract.
             "inflation expectations" by Bennett T. McCallum. Abstract.
             "inflation targeting" by Lars E.O. Svensson. Abstract and pre-publication copy. Archived 2008-12-01 at the Wayback Machine
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  24. ^ • From 2008, The New Palgrave Dictionary of Economics, 2nd Edition:
           "monetary business cycles (imperfect information)" by Christian Hellwig. Abstract.
          "bubbles" by Markus K. Brunnermeier.
          "speculative bubbles" by Miguel A. Iraola and Manuel S. Santos. Abstract.
           "information cascades," by Sushil Bikhchandani, David Hirshleifer and Ivo Welch. Abstract.
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       • Frederic S. Mishkin, 1991. "Asymmetric Information and Financial Crises: A Historical Perspective," in R. Glenn Hubbard, ed., Financial Markets and Financial Crises (description), Chicago, pp. 69-108
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          v. 1. Description Archived 2006-09-15 at the Wayback Machine, contents Archived 2006-09-20 at the Wayback Machine, and chapter-preview links
          v. 2. Description Archived 2006-09-16 at the Wayback Machine and contents Archived 2006-09-20 at the Wayback Machine.
          v. 3: Description Archived 2011-11-02 at the Wayback Machine.
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  27. ^ • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
             "monetary policy, history of" by Michael D. Bordo. Abstract and pre-publication copy.
             "Taylor rules," v. 8, pp. 200-04, by Athanasios Orphanides. Abstract.
             "time consistency of monetary and fiscal policy," by Paul Klein. Abstract.
             "epistemic game theory: incomplete information" by Aviad Heifetz. Abstract.
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       • Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description, table of contents, and chapter-1 ["The Return of Monetary Rules"] link. Reviews by Robert Formaini Archived 2009-03-13 at the Wayback Machine and Bennett T. McCallum.
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  35. ^ Shoaib Daniyal. "History revisited: How Tughlaq's currency change led to chaos in 14th century India". Retrieved 2017-02-14.
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  37. ^ History of Monetary and Credit Theory


  • 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.

External links

(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? an slideshow
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