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  • Book
  • © 2007

The Demand for Money

Theoretical and Empirical Approaches

Authors:

  1. Apostolos Serletis

    1. University of Calgary, Canada

    View author publications

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  • 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 in monetary policymaking, 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 flexible functional forms such as the translog, generalized Leontief, almost ideal demand system, Minflex Laurent, and the Normalized Quadratic reciprocal indirect utility function

  • Revised coverage of monetary asset demand systems based on globally flexible functional forms such as the Fourier and the Asymptotically Ideal Model

  • Increased coverage of the econometrics of demand systems highlighting the challenge inherent with achieving both economic and econometric regularity

  • A chapter with suggestions for potentially productive future research

  • Includes supplementary material: sn.pub/extras

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Table of contents (24 chapters)

  1. Front Matter

    Pages I-XXIV
    PDF

  2. Static Monetary Macroeconomics

    1. Front Matter

      Pages 1-1
      PDF

    2. Classical Macroeconomic Theory

      • Apostolos Serletis
      Pages 3-11

    3. Keynesian Macroeconomic Theory

      • Apostolos Serletis
      Pages 13-24

  3. Dynamic Monetary Macroeconomics

    1. Front Matter

      Pages 25-26
      PDF

    2. Models with Rational Expectations

      • Apostolos Serletis
      Pages 27-43

    3. Neoclassical Growth Theory

      • Apostolos Serletis
      Pages 45-61

    4. Monetary Growth Theory

      • Apostolos Serletis
      Pages 63-74

    5. The Welfare Cost of Inflation

      • Apostolos Serletis
      Pages 75-85

  4. Theoretical Approaches to the Demand for Money

    1. Front Matter

      Pages 87-87
      PDF

    2. The Classics, Keynes, and Friedman

      • Apostolos Serletis
      Pages 89-100

    3. Transactions Theories of Money Demand

      • Apostolos Serletis
      Pages 101-112

    4. Portfolio Theories of Money Demand

      • Apostolos Serletis
      Pages 113-121

  5. Empirical Approaches to the Demand for Money

    1. Front Matter

      Pages 123-124
      PDF

    2. Conventional Demand for Money Functions

      • Apostolos Serletis
      Pages 125-138

    6. Cross-Country Evidence on the Demand for Money

      • Apostolos Serletis
      Pages 185-196

  6. Microfoundations and Monetary Aggregation

    1. Front Matter

      Pages 197-197
      PDF
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About this book

Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. Firstofall,therewasthematter oftheinternaldynamicsofmacr- conomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on “The Keynesian Revolution and the Monetarist Counter- Revolution,” American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called “Key- sian Revolution” was — rightly or wrongly — that it didn’t matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an in?uence on these all important variables through a rather narrow range of market interest rates. C- ventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the jo- nals,anditiswithnocynicalintentthatIcon?rmJohnson’ssuggestion that those of us who embarked on academic careers in the ’60s found in this wisdom a ready-made target.
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Keywords

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Authors and Affiliations

  • University of Calgary, Canada

    Apostolos Serletis

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About the author

Apostolos Serletis is University Professor and Professor of Economics and Finance at the University of Calgary. Since receiving his Ph.D. from McMaster University in 1984, he has held visiting appointments at the University of Texas at Austin, the Athens University of Economics and Business, and the Research Department of the Federal Reserve Bank of St. Louis.

Professor Serletis’ teaching and research focus on monetary and financial economics, macroeconometrics, and nonlinear and complex dynamics. He is the author of eight books, including The Theory of Monetary Aggregation, co-edited with William A. Barnett (Elsevier 2000), Financial Markets and Institutions: First Canadian Edition, with Frederic S. Mishkin and Stanley G. Eakins (Addison Wesley 2004), Money and the Economy (World Scientific 2006), The Economics of Money, Banking, and Financial Markets: Third Canadian Edition, with Frederic S. Mishkin (Addison Wesley 2007), Functional Structure Inference, co-edited with William A. Barnett (Elsevier 2007), and Quantitative and Empirical Analysis of Energy Markets (World Scientific 2007).

In addition, he has published close to 150 articles in such journals as the Journal of Economic Literature, the Journal of Monetary Economics, the Journal of Money, Credit and Banking, the Journal of Econometrics, the Canadian Journal of Economics, the Journal of Economic Dynamics and Control, the Journal of Business and Economic Statistics, the Journal of Banking and Finance, the Journal of Applied Econometrics, and Macroeconomic Dynamics.

Professor Serletis is an Associate Editor of Macroeconomic Dynamics and a member of the editorial board at two academic journals, the Journal of Economic Asymmetries and the Journal of Economic Studies. He lives in Calgary, with his wife Aglaia.

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Bibliographic Information

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Buy it now

eBook USD 129.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book USD 169.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

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