Description:
Editorial Reviews
About the Author
Guillaume Rocheteau is Professor of Economics at the University of California, Irvine.
Reviews:
5.0 out of 5 stars A novel approach to liquidity
Nearly all economies require a need for media of exchange (i.e. fiat currency), though few monetary models are precise about the frictions that give rise to this. Nosal and Rocheteau offer a clear and thorough treatment of the "search and matching" approach to payments and liquidity, one which provides explicit microfoundations for monetary exchange.The book is self-contained and easy to follow, while also being rigorous in its presentation. It begins by introducing the basic environment, nicely condensing pioneering works in monetary theory in the first couple of chapters. Little or no prior course-work in monetary economics is required, but a deeper understanding and appreciation of some results is enhanced with some prior exposure (knowing some basics to game theory is helpful too). I like how the intuition for key equations and results is always provided, though it might be helpful for instructors and students to have problems at the end of each chapter. The suggestions for further reading are extremely helpful for students and researchers interested in pursuing such topics in their own work.Crucially, the book is not just about the role of currency in exchange: it also studies how assets are valued for their liquidity properties. The later chapters in fact relate assets prices to monetary factors and seek to explain famous asset pricing puzzles (e.g. the equity premium puzzle), illustrating how search theory can generate new insights that more standard theory cannot. At the same time, different notions of liquidity from the finance literature (e.g. bid-ask spreads, trading volume) is also shown to be captured quite well by the general framework (this treatment is in the last chapter which studies "over the counter" markets with pairwise matches between investors and dealers).Overall, I would definitely recommend this book to any researcher or graduate student interested in the economics of money and payments. Those interested in monetary history, game theory, market microstructure, and international trade would benefit as well.
5.0 out of 5 stars This is an amazing textbook for money search
This is an amazing textbook for those who want to money search. I am learning so much more about the field already, and all the models are presented in a very clear and concise way. Strongly recommend for anyone who wants do money search.
5.0 out of 5 stars THE ONE AND ONLY BEST BOOK EVER for the search theory of money
PRO: THE ONE AND ONLY BEST BOOK EVER for the search theory of money !CON: 1. end-chapter exercises are needed;2. could do more on the 2nd-generation model (indivisible money+divisible goods).3. maybe add some more concrete (data-calibration) examples?
5.0 out of 5 stars Good investment
Excellent book, excellent authors.
5.0 out of 5 stars Five Stars
nice book!
5.0 out of 5 stars Great textbook by great authors
I was a former student of Dr. Rocheteau and contributed to this textbook. I did a lot of literature reviews and it was a great learning experience for me, overall. Best textbook on currency and liquidity, if I say in my unbiased opinion :)
5.0 out of 5 stars Book Review
Money, Payments, and Liquidity by Nosal and Rocheteau provides a very coherent, tractable framework that utilizes search frictions to understand the role of money and payments. The book lays out a basic microfounded environment in which money endogenously takes on a role as a medium of exchange. Nosal and Rocheteau extend the basic model to study monetary policy, the inflation-output tradeoff, liquidity, credit and asset prices.No prior knowledge of the search and matching literature is needed to follow the book as Nosal and Rocheteau do a great job of providing intuition for the environment and key equations. At the end of each chapter is a comprehensive literature review for those interested in further research.I highly recommend this book for those interested in monetary economics, macroeconomics and finance. This book presents the models in a simplistic, yet rigorous way making it perfect for both graduate classes and upper level undergraduate classes.
5.0 out of 5 stars very nice book
if you are working on monetary economics, and especially on micro-founded monetary economics, this is an excellent tool. despite the already now huge literature on this topic, the authors managed to tie all things together in a very unique and useful way. i work on micro-founded models of money and i need this book more than any other book. as a researcher or as a teacher, if you take monetary models seriously, i would strongly recommend you this book.
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Money, Payments, and Liquidity (Mit Press)
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Visit the The MIT Press Store
Money, Payments, and Liquidity (Mit Press)
AED32881
Quantity:
Order today to get by 7-14 business days
This item qualifies for free delivery
Imported From: United States
At BOLO, we work hard to ensure the products you receive are new, genuine, and sourced from reputable suppliers.
BOLO is not an authorized or official retailer for most brands, nor are we affiliated with manufacturers unless specifically stated on a product page. Instead, we source verified sellers, authorized distributors or directly from the manufacturer.
Each product undergoes thorough inspection and verification at our consolidation and fulfilment centers to ensure it meets our strict authenticity and quality standards before being shipped and delivered to you.
If you ever have concerns regarding the authenticity of a product purchased from us, please contact Bolo Support. We will review your inquiry promptly and, if necessary, provide documentation verifying authenticity or offer a suitable resolution.
Your trust is our top priority, and we are committed to maintaining transparency and integrity in every transaction.
All product information, images, descriptions, and reviews originate from the manufacturer or from trusted sellers overseas. BOLO is not affiliated with, endorsed by, or an authorized retailer for most brands listed on our website unless stated otherwise.
While we strive to display accurate information, variations in packaging, labeling, instructions, or formulation may occasionally occur due to regional differences or supplier updates. For detailed or manufacturer-specific information, please contact the brand directly or reach out to BOLO Support for assistance.
Unless otherwise stated, all prices displayed on the product page include applicable taxes and import duties.
BOLO operates in accordance with the laws and regulations of United Arab Emirates. Any items found to be restricted or prohibited for sale within the UAE will be cancelled prior to shipment. We take proactive measures to ensure that only products permitted for sale in United Arab Emirates are listed on our website.
All items are shipped by air, and any products classified as “Dangerous Goods (DG)” under IATA regulations will be removed from the order and cancelled.
All orders are processed manually, and we make every effort to process them promptly once confirmed. Products cancelled due to the above reasons will be permanently removed from listings across the website.
Description:
Editorial Reviews
About the Author
Guillaume Rocheteau is Professor of Economics at the University of California, Irvine.
Reviews:
5.0 out of 5 stars A novel approach to liquidity
Nearly all economies require a need for media of exchange (i.e. fiat currency), though few monetary models are precise about the frictions that give rise to this. Nosal and Rocheteau offer a clear and thorough treatment of the "search and matching" approach to payments and liquidity, one which provides explicit microfoundations for monetary exchange.The book is self-contained and easy to follow, while also being rigorous in its presentation. It begins by introducing the basic environment, nicely condensing pioneering works in monetary theory in the first couple of chapters. Little or no prior course-work in monetary economics is required, but a deeper understanding and appreciation of some results is enhanced with some prior exposure (knowing some basics to game theory is helpful too). I like how the intuition for key equations and results is always provided, though it might be helpful for instructors and students to have problems at the end of each chapter. The suggestions for further reading are extremely helpful for students and researchers interested in pursuing such topics in their own work.Crucially, the book is not just about the role of currency in exchange: it also studies how assets are valued for their liquidity properties. The later chapters in fact relate assets prices to monetary factors and seek to explain famous asset pricing puzzles (e.g. the equity premium puzzle), illustrating how search theory can generate new insights that more standard theory cannot. At the same time, different notions of liquidity from the finance literature (e.g. bid-ask spreads, trading volume) is also shown to be captured quite well by the general framework (this treatment is in the last chapter which studies "over the counter" markets with pairwise matches between investors and dealers).Overall, I would definitely recommend this book to any researcher or graduate student interested in the economics of money and payments. Those interested in monetary history, game theory, market microstructure, and international trade would benefit as well.
5.0 out of 5 stars This is an amazing textbook for money search
This is an amazing textbook for those who want to money search. I am learning so much more about the field already, and all the models are presented in a very clear and concise way. Strongly recommend for anyone who wants do money search.
5.0 out of 5 stars THE ONE AND ONLY BEST BOOK EVER for the search theory of money
PRO: THE ONE AND ONLY BEST BOOK EVER for the search theory of money !CON: 1. end-chapter exercises are needed;2. could do more on the 2nd-generation model (indivisible money+divisible goods).3. maybe add some more concrete (data-calibration) examples?
5.0 out of 5 stars Good investment
Excellent book, excellent authors.
5.0 out of 5 stars Five Stars
nice book!
5.0 out of 5 stars Great textbook by great authors
I was a former student of Dr. Rocheteau and contributed to this textbook. I did a lot of literature reviews and it was a great learning experience for me, overall. Best textbook on currency and liquidity, if I say in my unbiased opinion :)
5.0 out of 5 stars Book Review
Money, Payments, and Liquidity by Nosal and Rocheteau provides a very coherent, tractable framework that utilizes search frictions to understand the role of money and payments. The book lays out a basic microfounded environment in which money endogenously takes on a role as a medium of exchange. Nosal and Rocheteau extend the basic model to study monetary policy, the inflation-output tradeoff, liquidity, credit and asset prices.No prior knowledge of the search and matching literature is needed to follow the book as Nosal and Rocheteau do a great job of providing intuition for the environment and key equations. At the end of each chapter is a comprehensive literature review for those interested in further research.I highly recommend this book for those interested in monetary economics, macroeconomics and finance. This book presents the models in a simplistic, yet rigorous way making it perfect for both graduate classes and upper level undergraduate classes.
5.0 out of 5 stars very nice book
if you are working on monetary economics, and especially on micro-founded monetary economics, this is an excellent tool. despite the already now huge literature on this topic, the authors managed to tie all things together in a very unique and useful way. i work on micro-founded models of money and i need this book more than any other book. as a researcher or as a teacher, if you take monetary models seriously, i would strongly recommend you this book.
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Similar items from “Econometrics & Statistics”
Share with
Or share with link
https://www.bolo.ae/products/U0262016281