Introduction | p. 1 |
The neutrality of money | p. 7 |
Notes | p. 24 |
| |
Monetary theory in the nineteen-sixties | p. 28 |
Notes | p. 55 |
Informational efficiency and economic efficiency | p. 59 |
Rational expectations hypothesis | p. 59 |
Efficiency | p. 66 |
Noise and the Lucas model | p. 68 |
Notes | p. 74 |
| |
Rational expectations equilibrium (REE) | p. 75 |
Efficiency | p. 80 |
A characterization of REE | p. 87 |
Notes | p. 92 |
Expectations and economic policy | p. 93 |
Expectations and the theory of economic policy | p. 94 |
The importance of commitments: an example | p. 105 |
Rules, commitments and rational expectations | p. 109 |
Notes | p. 114 |
| |
The repeated leader-follower game | p. 117 |
Rules and the existence of REE | p. 127 |
Notes | p. 135 |
The economic costs of inflation | p. 136 |
Traditional theory | p. 136 |
Other explanations | p. 145 |
Inflation and the rate of interest | p. 153 |
Inflation and the supply of loanable funds | p. 159 |
Notes | p. 162 |
| p. 163 |
Notes | p. 180 |
Sequences of budget constraints | p. 182 |
The general equilibrium view of money | p. 182 |
Borrowing and lending | p. 184 |
Cash constraints and incomplete markets | p. 189 |
Digression on flexibility | p. 192 |
Transaction costs revisited | p. 194 |
Notes | p. 197 |
| |
The classical theorems of welfare economics | p. 198 |
Economies with incomplete markets | p. 203 |
Concepts of equilibrium in a sequence of markets | p. 207 |
Efficiency properties of sequence equilibria | p. 213 |
Efficiency properties of the futures equilibrium | p. 220 |
Introducing money | p. 225 |
Notes | p. 230 |
Monetary equilibrium: a cooperative approach | p. 231 |
The classical theory | p. 232 |
The problem of trust | p. 234 |
Introducing money | p. 239 |
The sequential core with an incomplete set of assets | p. 246 |
Notes | p. 248 |
| |
Large economies | p. 250 |
Some classical equivalence theorems | p. 252 |
Monetary economies | p. 253 |
The sequential core | p. 260 |
Concepts of equilibrium in a sequence of markets | p. 264 |
Characterization of strongly improving conditions | p. 269 |
Formal results | p. 273 |
Proofs | p. 280 |
Discussion of results | p. 285 |
Notes | p. 289 |
Monetary equilibrium: a non-cooperative approach | p. 290 |
A non-cooperative approach | p. 292 |
Abstract market games | p. 295 |
The Walrasian case | p. 299 |
Sequential market games | p. 302 |
Proof of Theorem 7.4.4 | p. 312 |
The value of money | p. 318 |
Efficient market games | p. 323 |
Money, information and efficiency | p. 325 |
Mathematical appendix | p. 330 |
Bibliographical notes | p. 335 |
References | p. 341 |
Index | p. 347 |
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