Overview

This book provides an account of the existing literature on the demand for money. It shows how the money demand function fits into static and dynamic macroeconomic analyses and discusses the problem of the definition (aggregation) of money. Professor Serletis takes a microeconomic- and aggregation-theoretic approach to the demand for money, presents empirical evidence using recent state-of-the-art econometric methodology, and recognizes the existence of unsolved problems and the need for further developments. New aspects included in this edition include: Increased coverage of theoretical and empirical approaches to the demand for money, including a new chapter on cross-country evidence; a new chapter on money demand issues and estimation of the welfare cost of inflation using tools from public finance and applied microeconomics; a new chapter on rational expectations macroeconomics and issues such as the Lucas critique, rules versus discretion, and time inconsistency; increased coverage of the univariate and multivariate properties of the money demand variables, nonlinear chaotic dynamics, and self-organized criticality; revised coverage of monetary asset demand systems based on locally and globally flexible functional forms; and increased coverage of the econometrics of demand systems highlighting the challenge inherent with achieving both economic and econometric regularity.

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9786610937271

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