rates; the stochastic dimension of the American economy; the role of technology as a source of economic fluctuations; and …

explore these fluctuations. Topics include consumption and investment; the Overlapping Generations Model; money; multiple … and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 … and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic …

In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide a comprehensive investigation into the … economics of money and payments by explicitly modeling trading frictions between agents. Adopting the search-theoretic approach … the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss the implications …

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …