The Theory of Money and Financial Institutions, Volume 2 / Edition 1

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Cambridge 1999 Hard cover New in fine dust jacket. Brand new. Ships within 24 hours; expedited shipping with tracking number available and recommended. Browse our storefront for ... additional available titles. Sewn binding. Cloth over boards. 384 p. Contains: Illustrations. Theory of Money and Financial Institutions (Hardcover), 2. Audience: General/trade. Read more Show Less

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In this major work Martin Shubik offers his vision of mathematical institutional economics, a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics that goes beyond general equilibrium theory.

Using an approach that is neither Keynesian nor monetarist, Volume 1 describes the role of money and financial institutions in binding the economy to the polity and society, Volume 2 will extend the analysis to specific financial institutions and to government, while a separate volume, coauthored with Pradeep Dubey and John Geanakoplos, will develop the mathematical aspects of the theory of strategic market games.

This work develops a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomic theory using, as its prime methodological tool, the theory of games in strategic and extensive form. Shubik's approach to economic dynamics involves the search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the structure or "rules of the game" that define and give shape to economic life. In this approach money and financial institutions are revealed as means for transmitting the imperatives of sociopolitical purpose to the economy. The book stresses formal model building, but the level of the methematics used is relatively elementary.

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Meet the Author

Martin Shubik is Seymour Knox Professor of Mathematical Institutional Economics (Emeritus) at Yale University's Cowles Foundation and School of Management.

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Table of Contents

I Multiperiod Exchange 1
1 Multiperiod Trade with Commodity Money and Nondurable Goods 3
2 Multiperiod Trade with Commodity Money and Durable Goods 29
3 Multiperiod Trade with Commodity Money and Credit 59
4 Multiperiod Trade with Fiat Money and Credit 77
II Trade and the Infinite Horizon 111
5 Multiperiod Trade: Transactions and the Float 113
6 Capital Stock, Salvage Values, and Expectations 143
7 Expectations, Uncertainty, Information, and Finance 175
8 Money, Credit, and Incomplete Markets 189
9 Multiperiod Trade with Money, Credit, Assets, and Overlapping Generations 229
III Money and Institutions 271
10 Transactions Technology and Costs 273
11 Brokers, Dealers, and Setup Costs 291
12 Money, Institutions, and Political Economy 313
References 351
Name Index 361
Subject Index 365
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