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This textbook breaks new ground in developing an integrated and comprehensive overview of advanced monetary economics. It achieves this by integrating the presentation of monetary theory with its heritage, empirical formulations and their empirical tests. While many texts confine themselves to coverage of the demand and supply of money, or to macroeconomic and monetary policy, Monetary Economics brings together the core areas of monetary economics in a single source. Key features include: *cross-country comparison of central banking in the USA, UK and Canada as well as in developing countries * theories and empirical studies of money demand, including precautionary and buffer stock models and monetary aggregation * detailed comparison of Keynesian and modern classical macroeconomic theory and policy models * focus on the role of money and financial institutions and growth, including the contribution of endogenous growth theory to the understanding of financial institutions in the economy. Pioneering in the comprehensiveness of its coverage, Monetary Economics also contains a state-of-the-art treatment of the theory, empirical methods and findings on monetary economics.
Students will in particular welcome the close integration between theories and their empirical studies. Requiring only a grounding in the principles of economics, this text is comprehensive enough to be used on a two term course, or used selectively on one term courses. Written in such a way that the theory of monetary economics is tempered by the goals of empirical relevance and intuitive understanding, the book contains the following pedagogical features: beginning of introductions and key concepts; end of chapter summaries plus review and discussion questions. Monetary Economics will be of interest to teachers and students of not only monetary economics, but money, banking and macroeconomics.
Jagdish Handa is Professor of Economics at McGill University in Canada and has taught monetary economics for over three decades.