Money and banking reading


Money and banking tutorial reading


James Forder


In each case, use the faculty reading list. What follows are additional notes on it.

1. Models of aggregate price and output fluctuations

This topic builds on what you know from core macroeconomics. Start with Mankiw (2001)and the relevant parts of Carlin and Soskice (2006), and perhaps Romer (2006). Then I should think Mankiw and Reis (2002), Fuhrer and Moore (1995), Driscoll and Holden (2003). And whatever you do, don’t miss Roberts (1995). Sims (2003)might add something to otherwise good essays

“Do models incorporating nominal rigidities add little to the Lucas model, and should other accounts of aggregate fluctuations be considered? What sort of accounts might they be?”

2. Credibility and its relation to central bank independence

Note that there are lectures by Richard Mash and James Forder on this

The ‘time consistency problem’ (or one of them – beware: that precise expression is used in a variety of quite different ways in economics and to make matters worse, a lot of people haven’t noticed) comes from Kydland and Prescott (1977). Have a look if you dare. Later authors tend to say that Barro and Gordon (1983a)is the key development in bringing ‘reputation’ to the rescue of the policymaker. It seems to me that is a mistake since the intuitive sense of reputation arises much better from Backus and Driffill (1985). Then there is Rogoff (1985), to which various ideas are misattributed with some frequency, perhaps because the abstract is so misleading. Still, you might read it, but if you do, concentrate on the bit about central bank independence. The rest of it may well be interesting, but I don’t think it is leading anywhere for finals purposes. Much of this becomes remarkably clear to readers of Forder (2001b), which is unfortunate, because you surely would not want to stoop to reading things like that. That paper does, perhaps, place too much weight on the problem of distinguishing the ‘time consistency’ from the ‘credibility’ problem, but I don’t suppose it hurts to get that clear. Forder (1998)takes the same sort of account a bit further.

What is the case here for central bank independence? What is the empirical relevance of the ideas from Barro and Gordon, Backus and Driffill, and Rogoff? Walsh (1995)is one of those papers which is important because people keep citing it, and because quite a lot of exam questions are about it. Relate his argument to that of Rogoff (1985). Points from Barro and Gordon (1983b)could fill out the argument to some benefit. But while you are there, what do you learn from Lohmann (1992)?

If you can’t stand the thought that the case for central bank independence is so hard to make – and there are such people – get the sense of Nordhaus (1975). What do you notice about that? What is the relevance the credibility problem to the argument of Taylor (1993)? Or to the arguments of Vickers (1998), or King (2002)?

On the empirical side, which is now de-emphasized in the exam, Alesina and Summers (1993)is in my view a shocking piece that all well-educated economists should have read, and I doubt you need Forder (1996)or (alternatively) Forder (2001a)to point out someof the problems, anyway.

How should the policy making regime be designed in the light of the ‘credibility problem’? (that is supposed to invite you to consider whether the central bank should be ‘independent’, and if so in what sense and how matters of reputation should be tackled, etc.).

 3. Monetary transmission mechanism

I think it is a good idea to start with Farag, Harland and Nixon (2013), which is partly background on banking generally. Then I think you can do worse than read Carlin and Soskice (2014)chs 5-7, and Radia (2010)piece is pushed quite hard on the website, so you might expect it to provide the basis and perhaps structure of many answers – but don’t expect that lot to deliver the highest marks. So, then it is Bernanke and Gertler (1995)and after that I suggest Ashcraft (2006)and Bernanke, Gertler and Gilchrist (1996), Kashyap and Stein (2000)and anything else you fancy from the weblearn reading list.

It seems to me that Bernanke and Blinder (1988)and Kuttner and Mosser (2002)are both perfectly reasonable pieces, but add rather little if you have understood the others.

Does theory provide an adequate account of the macroeconomic impact of interest rate changes?

4. The optimal rate of inflation

The literature contains numerous arguments about the optimal rate of inflation. The readings challenge the simple view that inflation merely distorts market signals and that price stability is therefore optimal. There is a certain amount of argument about the quantification of particular effects, but in the main different authors have introduced different considerations. The task, which has real policy implications, then, is sifting through the various sorts of argument to determine which are of salience in  determining an inflation goal.


There is an overview of a number, though not all, of the relevant issues in Schmitt-Grohé and Uribe (2010). Considering issues separately, one finds arguments based on not much more than common sense, that any stable rate of inflation is about as good as any other –Friedman (1968)makes one, although it needs to be read without preconceptions that it is all about the Phillips curve. That view might be rejected or modified by the idea that inflation ‘lubricates’ the labour market:Akerlof, Dickens and Perry (1996), but also a challenge as to how the lubrication effects should be compared to the ‘sand in the wheels’ inflation causes: Groshen and Schweitzer (1999). It is sometimes said that questions of public finance make a case for inflation. That argument can be found, for example, in Phelps (1973). Later authors have added the thought that inflation particularly taxes cash-based activities, of which criminal ones may well be a large part. There is, though, a clever, little noticed, challenge or modification to the Phelps-type view in Friedman (1971).

Other specific issues in optimization of firm behaviour have been raised by Sinclair (2003)and Other sorts of specific reasons for favouring limited inflation have been suggested. Ideas on the general lines that some aspect of economic activity is improved by some inflation can be found in Tobin (1965)and Fischer (1974). Looking at the same matter from a different angle, one might consider the statistical relationship between inflation and growth, on which there was much attention in the 1960s and 1970s, but Sarel (1996)offers a later analysis. A more esoteric thought arises from Barro and Gordon (1983b)in the context of designing credible policy commitments. And the question of optimizing policy in the light of the risks raised by the zero lower bound have recently been thought to make a case for higher rates of inflation by Ball (2014), although you might like to consider Ascari and Sobordone (2014)as well, the first author being at Oxford. On the other hand, it has been argued that falling prices generate benefits in increasing liquidity: Friedman (1969).

Finally, and on a slightly different tack, it should perhaps be noted that there is a question about the measurement of inflation and the welfare effects of different rates of measured inflation: Moulton (1996),Boskin, Dulberger et al. (1998). Those considerations might for example affect the chosen target rate of measured inflation once the principles of what is optimal are resolved. There are, though, contrary arguments, such as in Gilbert (1961).

What target rate of inflation should central banks be told to achieve? Which are the decisive considerations in reaching your conclusion?

5. Why did American inflation rise in the 1970s

I reckon it is best to start with Clarida, Gali and Gertler (2000), then Orphanides (2003)and Nelson (2005)but in that last case, don’t get stuck taking detailed notes. You need Blinder and Rudd (2013)to be able to see the range of issues. Chowdhury and Shabert (2008)raises a point that should be noted, but then one is left wondering whether it is interest rates of money growth that we care about, and indeed, just why exactlyis it that we care? Then to see even more of the range of issues: Barry (1985),Keohane (1978)and Gordon (1975). Perry is a interesting as a serious attempt to understand what was going on at the time. What do you think about Campillo and Miron (1997)?

6. The conduct of monetary policy: Policy instruments and targets

Read the lecture notes and textbook as indicated on weblearn, of course. I hope no one is writing about this without an appreciation of the money supply determination process as described in McLeay, Radia and Thomas (2014)or Bianco and Sardoni (2017). Supposing we are all ok on that, I think Friedman (1990)is a good place to start. That, the textbook and the lectures, surely tell you all you want to know about Poole (1970). What is the relevance of Poole’s argument to current debates?

As this topic is presented, it seems to take its life from Woodford (2008)versus the rest. There the experience of the 1980s to think about – targeting the money supply was tried and abandoned. If you get the general sense from Goldfeld and Sichel (1990)you will appreciate that the problem was that if the demand for money (or velocity of circulation) were unpredictable, perhaps because of the effect of financial innovation, there was not much point in controlling the supply. The first half of Hendry (1980)is on this too, and if you have not read it, you might have a laugh.

Still, with the case against monetary targeting in mind: Berger, Harjes and Stavrev (2010)and Aksoy and Piskorski (2006). I supposeDale, Proudman and Westaway (2010)and particularly Blanchard, Dell’Ariccia and Mauro (2010)are useful papers, much to be recommended, so go ahead and work them in. I think you will work harder to make much useful out of Burgess and Janssen (2007)and Janssen (2009).

I would be interested to know how helpful you find Bernanke (2008). It is a gentle stroll through what I regard as well known history, but the young might find it fills a lot of gaps.

The first seventy pages of Papademos and Stark (2010)look to be a useful round up of ideas, but I doubt there is much finals-benefit in reading more than that. Reichlin and Baldwin (2014), I’m afraid I regard as lightweight.

Can a reasonable case be made for targeting the money supply? Or possibly ‘Does the American experience of the 1970s show that policymakers should target the money supply?’

7. Assess unconventional monetary policy

The key topic here is how to respond to the ongoing fall out of the crisis. You need to have an idea about what caused it, and you probably have one already, but I reckon Dimsdale (2009)gives a good enough outline, and Shin (2009)brings an important insight. In you want more than that, then its Gorton and Metrick (2012). Quantitative easing is obviously a big story so make sure to read Joyce, Tong and Woods (2011), and then Bowdler and Radia (2012)and Goodhart and Ashworth (2012), and Borio and Didyatat (2010). The other recommended ones from that Oxrep issue are Beedon, Chadha and Waters (2012)and Martin and Milas (2012). Kimball (2015)and {Bulow, 2015 #15964} have interesting ideas, yet to make a bit impact, I think. Yates (2003)is interesting for being so sceptical about the danger of hitting the zero bound,  as well as for the ideas about what to do about it.

8. The nature of money

Classically, there are said to be three, or sometimes four functions of money – means of payment, store of value, unit of account, and possibly ‘standard of deferred payment’. But there are issues as to which (if any, I suppose) is primary either in the sense that without that there could be no money, or historically prior in that in fact the emergence of money is attributable to it. Menger (1892)is the classic statement of an often-repeated story supposing that an evolutionary development of a means of payment explains the historical emergence of money, and presumably also makes that role logically primary. The argument is given a modern form by Kiyotaki and Wright (1989), but what, exactly, do they add to Menger? The view that the ‘unit of account’ role is primary was advanced by Innes (1913)and Innes (1914)and then adopted by Keynes (1930)chs 1 & 2. and in more recent versions can be found in, for example, Ingham (2004)ch 3 (or chapters 2 and 3) orTymoigne and Wray (2006)orWray (2004)ch 2 (or a lot of other places). These place emphasis on the importance of credit as emerging prior to money, Knapp (1924/1973)varies that slightly, seeing the state as playing an essential role. The debate continues with Melitz (1974), especially the introduction and chapter ‘General theory’. And the store of value function is emphasized by the treatment of Wallace (1980), and criticised by Tobin (1980). Ostroy and Starr (1990)has been widely read and may be worth a look for that reason alone, although parts of it become heavy going, one might think. Goodhart (1998)and Flandreau and Jobst (2009)are somewhat broader discussions which relate to these debates.

Explain Kiyotaki and Wright. Is anything essential to the emergence of money?


Aiyar, S., C. Calomiris and T. Wieladek (2014). “How does credit supply respond to monetary policy and bank minimum capital requirements?” Bank of England Working paper No 508

Akerlof, G., W. Dickens and G. L. Perry (1996). “The macroeconomics of low inflation.” Brookings Papers on Economic Activity27(1): 1-59

Aksoy, Y. and T. Piskorski (2006). “US domestic money, inflation and output.” Journal of Monetary Economics53: 183-197

Alesina, A. and L. H. Summers (1993). “Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence.” Journal of Money, Credit and Banking25(2): 151-162

Allen, F. and E. Carletti (2010) The roles of banks in financial systems in The Oxford handbook of bankinged P. Molyneux and J. O. S. Wilson Oxford OUP.

Ascari, G. and A. M. Sobordone (2014). “The macroeconomics of trend inflation.” Journal of Economic Literature52(3): 679-739

Ashcraft, A. B. (2006). “New evidence on the lending channel.” Journal of Money Credit and Banking38(3): 751-775

Avgouleas, E. and C. A. E. Goodhart (2014). “A critical evaluation of bail-in as a bank recapitalisation mechanism.” CEPR Discussion Paper

Backus, D. and J. Driffill (1985). “Rational Expectations and policy credibility following a change in regime.” Review of Economic Studies: 211-221

Ball, L. (2014). The case for four percent inflation. IMF Working Paper WP/14/92.

Barro, R. J. and D. B. Gordon (1983a). “A positive theory of monetary policy in a natural rate model.” Journal of Political Economy91(4): 589-610

Barro, R. J. and D. B. Gordon (1983b). “Rules, discretion and reputation in a model of monetary policy.” Journal of Monetary Economics12: 101-121

Barry, B. (1985) Does democracy cause inflation? Political ideas of some economists in The politics of inflation and economic stagnationed L. N. Lindberg and C. Maier Washington DC Brookings 280-317.  SSL: HG229.POL.

Barth, J., G. Caprio and R. Levine (2012). “The evolution and impact of bank regulations.” World Bank Policy Research Working Papers

Beedon, F., J. S. Chadha and A. Waters (2012). “The financial market impact of UK quantitative easing.” Oxford Review of Economic Policy28(4): 702-728

Berger, H., T. Harjes and E. Stavrev (2010) The ECB’s monetary analysis revisited in The European Central Bank at tened J. De Haan and H. Berger Springer.  wp version: https://

Bernanke, B. S. (2008) Monetary aggregates and monetary policy at the Federal Reserve: A histoircal perspective in The role of money – money and monetary policy in the twenty-first centuryed A. Beyer and L. Reichlin Frankfurt European Central Bank.  SSL: HG925.ECB 2006.

Bernanke, B. S. and A. Blinder (1988). “Credit, money and aggregate demand.” American Economic Review78(2): 435-439

Bernanke, B. S. and M. Gertler (1995). “Inside the black box: The credit channel of monetary policy transmission.” Journal of Economic Perspectives9(4): 27-48

Bernanke, B. S., M. Gertler and S. Gilchrist (1996). “The financial accelerator and the flight to quality.” Review of Economics and StatisticsLXXVIII(1): 1-15

Bianco, A. and C. Sardoni (2017). “Banking theories and macroeconomics.”

Blanchard, O., G. Dell’Ariccia and P. Mauro (2010). “Rethinking macroeconomic policy.” Journal of Money Credit and Banking42 supplement(6): 199-215

Blinder, A. S. and J. Rudd (2013) The supply-shock explanation of the Great Staflation revisited in NBER working paper 14563ed M. D. Bordo and A. Orphanides Chicago University of Chicago Press.

Borio, C. and P. Didyatat (2010). “Unconventional monetary policies: An appraisal.” Manchester School(Supplement): 53-89

Boskin, M., E. Dulberger, R. J. Gordon, Z. Griliches and D. W. Jorgenson (1998). “Consumer prices, the consumer price index, and the cost of living.” Journal of Economic Perspectives12(1): 3-26

Bowdler, C. and A. Radia (2012). “Unconventional monetary policy: the assessment.” Oxford Review of Economic Policy28(4): 603-621

Burgess, S. and N. Janssen (2007). “Proposals to modify the measurement of broad money in the United Kingdom: a user consultation.” Bank of England Quarterly Bulletin47(3): 401-414

Campillo, M. and J. A. Miron (1997) Why does inflation differ across countries? inMonetary policy and low inflationed C. D. Romer and D. Romer Chicago University of Chicago Press 335-357. SSL HG229.RED.

Carlin, W. and D. Soskice (2006). Macroeconomics. Imperfections, institutions and policies. Oxford, OUP.  BAL: 0765 e 177; SSL: HB172.5.CAR; Saïd: HB172.5 CAR 2006; Union: 339 CAR.

Carlin, W. and D. Soskice (2014). Macroeconomics: Institutions, instability, and the financial system. Oxford, OUP.  BAL: 0765 e 177; SSL: HB172.5.CAR 2015; Union: 339 CAR

Chowdhury, I. and A. Shabert (2008). “Federal Reserve policy viewed through a money supply lens.” Journal of Monetary Economics55: 825-834

Claessens, S. (2014). “An overview of macroprudential policy tools.” IMF Working Paper WP/14/214

Clarida, R., J. Gali and M. Gertler (2000). “Monetary policy rules and macroeconomic stability: Evidence and some theory.” Quarterly Journal of Economics

Dale, S., J. Proudman and P. Westaway (2010). “The inflation-targeting regime in the United Kingdom: a view from Threadneedle Street.” Oxford Review of Economic Policy

Diamond, D. W. and P. H. Dybvig (1983). “Bank runs, deposit insurance, and liquidity.” Journal of Political Economy91(3): 401-419

Dimsdale, N. H. (2009). “The financial crisis of 2007-9.” Oxonomics4: 1-9

Dowd, K. (1996). “The case for financial laissez-faire.” Economic Journal106(436): 679-687

Driscoll, J. and S. Holden (2003). “Inflation persistence and relative contracting.” American Economic Review: 1369-1372

Farag, M., D. Harland and D. Nixon (2013). “Bank capital and liquidity.” Bank of England Quarterly Bulletin(3): 201-215

Fischer, S. (1974). “Money and the production function.” Economic Enquiry124: 517-533

Flandreau, M. and C. Jobst (2009). “The empirics of international currencies: Network externalities, history and persistence.” Economic Journal(119): 643-664

Forder, J. (1996). “On the assessment and implementation of ‘institutional’ remedies.” Oxford Economic Papers48(1): 39-51

Forder, J. (1998). “Central bank independence – conceptual clarifications and interim assessment.” Oxford Economic Papers50(3): 307-334

Forder, J. (2001a). “Some methodological issues in the statutory characterisation of central banks.”West European Politics24(1): 202-216

Forder, J. (2001b). “The theory of credibility and the reputation bias of policy.” Review of Political Economy13(1): 5-25

Freixas, X. and C. Mayer (2011). “Banking, finance, and the role of the state.” Oxford Review of Economic Policy27(3): 397-410

Friedman, B. M. (1990) Targets and instruments of monetary policy in Handbook of monetary economics, volume 2ed B. M. Friedman and F. H. Hahn Amsterdam North-Holland 1184-1230.  BAL: 0775 b 035/01; SSL: HG221.HAN.

Friedman, M. (1968). “The role of monetary policy.” American Economic ReviewLVIII(1): 1-17

Friedman, M. (1969) The optimum quantity of money in The optimum quantity of money and other essaysed M. Friedman London Macmillan 1-50.  BAL: 0775 c 019; SSL: HG538.FRI

Friedman, M. (1971). “Government revenue from Inflation.” The Journal of Political Economy79(4): 846-856

Fuhrer, J. C. and G. H. Moore (1995). “Inflation persistence.” Quarterly Journal of Economics: 127-145

Galati, G. and R. Moessner (2014). “What do we know about the effects of macroprudential policy?” DNB Working Paper 440 Paper 440_tcm47-312518.pdf.

Gilbert, M. (1961). “Quality Changes and Index Numbers.” Economic Development and Cultural Change9(3): 287-294

Goldfeld, S. M. and D. E. Sichel (1990) The demand for money in Handbook of monetary economics, volume 1ed B. M. Friedman and F. H. Hahn Amsterdam North-Holland 299-355.

Goodhart, C. A. E. (1998). “The two concepts of money: implications for the analysis of optimal currency areas.” European Journal of Political Economy14: 407-432

Goodhart, C. A. E. (2012). “The Vickers Report: an assessment.” Law and Financial Markets Review6(1): 32-38

Goodhart, C. A. E. and J. P. Ashworth (2012). “QE: a successful start may be running into diminishing returns.” Oxford Review of Economic Policy28(4): 640-670

Gordon, R. J. (1975). “The demand for and supply of inflation.” Journal of Law and Economics18: 807-836

Gorton, G. B. and A. Metrick (2012). “Getting up to speed on the financial crisis: A one-weekend-reader’s guide.” Journal of Economic Literature50(1): 128-150

Groshen, E. and M. Schweitzer (1999) Identifying inflation’s grease and sand effects in the labor market in The costs and benefits of price stabilityed M. S. Feldstein New York NBER.

Hanson, S., A. Kashyap and J. Stein (2011). “A macroprudential approach to financial regulation.” Journal of Economic Perspectives25(1): 3-28

Harimohan, R. and B. Nelson (2014). “How might macroprudential capital policy affect credit conditions.” Bank of England Quarterly Bulletin(3): 287-303

Hendry, D. F. (1980). “Econometrics – Alchemy or science?” Economica47(188): 387-406

Ingham, G. (2004). The nature of money. Cambridge, Polity.  SSL: HG220.ING.

Innes, A. M. (1913). “What is money?” Banking Law Journal(May): 377-408 is money.htm.

Innes, A. M. (1914). “The credit theory of money.” Banking Law Journal Credit Theoriy of Money.htm.

Janssen, N. (2009). “Measures of M4 and M4 lending excluding intermediate other financial corporations.” Monetary and financial statistics

Joyce, M., M. Tong and R. Woods (2011). “The United Kingdom’s quantitative easing policy: design, operation and impact.” Bank of England Quarterly Bulletin51(3): 200-212

Kashyap, A. K. and J. C. Stein (2000). “What do a millioin observatoins on banks say about the transmission of monetary policy?” American Economic Review30(3): 407-428

Keohane, R. O. (1978). “Economics, inflation, and the role of the state: Political implications of the McCracken report.” World Politics31: 108-128

Keynes, J. M. (1930). Treatise on money London, Macmillan.  BAL: 0775 c 009; SSL: HG221.KEY; Union Soc: 332.401 KEY.

Kimball, M. S. (2015). “Negative interest rate policy as conventional monetary policy.” National Institute Economic Review234(1): R5-R14

King, M. (2002). “The inflation target ten years on.” Bank of England Quarterly Bulletin42(4): 459-474

Kiyotaki, N. and R. Wright (1989). “On money as a medium of exchange.” Journal of Political Economy97: 927-954

Knapp, G. F. (1924/1973). The state theory of money. Clifton, Augustus M Kelly. Nuf: HG 221.K

Kuttner, K. N. and P. C. Mosser (2002). “The monetary transmission mechnanism: Some answers and further quetions.” Federal Reserve Bank of New York Policy Review(May): 15-26

Kydland, F. and E. C. Prescott (1977). “Rules rather than discretion: the inconsistency of optimal plans.” Journal of Political Economy85: 473-491

Lohmann, S. (1992). “The optimal degree of commitment: credibility and flexibility.” American Economic Review82(1): 273-286

Mankiw, N. G. (2001). “The inexorable and mysterious tradeoff between inflation and unemployment.” Economic Journal111: C45-C61

Mankiw, N. G. and R. Reis (2002). “Sticky information versus sticky prices: A proposal to replace the New Keynesian Phillips curve.” Quarterly Journal of Economics117(4): 1295-1328

Martin, C. and C. Milas (2012). “Quantitative easing: a sceptical survey.” Oxford Review of Economic Policy28(4): 750-764

McLeay, M., A. Radia and R. Thomas (2014). “Money creation in the modern economy.” Bank of England Quarterly Bulletin(1): 14-27

Melitz, J. (1974). Primitive and modern money. Reading, Massachusetts, Addison-Wesley.  SSL: HG231.MEL 1974; Pitt Rivers: KSL LFQ mel.

Menger, C. (1892). “On the origin of money.” Economic Journal2(3): 239-255

Morrison, A. (2011). “Systemic risks and the ‘too-big-to-fail’ problem.” Oxford Review of Economic Policy27(3): 498-516

Moulton, B. (1996). “Bias in the consumer price index: What is the evidence?” Journal of Economic Perspectives10: 159-177

Nelson, E. (2005). “The great inflation of the seventies: What really happened?” Advances is macroeconomics5(1): Article 3

Nordhaus, W. D. (1975). “The Political Business Cycle.” Review of Economic Studies42: 169-190

Orphanides, A. (2003). “The quest for prosperity without inflation.” Journal of Monetary Economics50: 633-663

Ostroy, J. M. and R. M. Starr (1990) The transactions role of money in Handbook of monetary economics, volume 1ed B. M. Friedman and F. H. Hahn Amsterdam North-Holland 3-62.  BAL: 0775 b 035/01; SSL: HG221.HAN.

Papademos, L. D. and J. Stark (2010). Enhancing monetary analysis. Frankfurt, European Central Bank.

Phelps, E. S. (1973). “Inflation in a theory of public finance.” Swedish Journal of Economics75(1): 67-82

Poole, W. (1970). “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model.” The Quarterly Journal of Economics84(2): 197-216

Radia, A. (2010). Literature review

Reichlin, L. and R. Baldwin, eds. (2014). Is inflation targeting dead?  Not in Oxford.

Roberts, J. M. (1995). “New Keynesian Economics and the Phillips Curve.” Journal of Money, Credit and Banking27(4): 975-984

Rogoff, K. (1985). “The optimal degree of commitment to an intermediate monetary target.” Quarterly Journal of Economics100: 1169-1190

Romer, D. (2006). Advanced macroeconomics. London, McGraw-Hill. BAL: 0765 e 143; SSL: HB172.5.ROM; Saïd: HB172.5 ROM; Union: 339 ROM

Sarel, M. (1996). “Nonlinear effects of inflation on economic growth.” IMF Staff Papers43(1): 199-215 https://

Schmitt-Grohé, S. and M. Uribe (2010) The optimal rate of inflation in Handbook of Monetary Economicsed B. M. Friedman and M. Woodford Amsterdam Elsevier 654-722.  online at Bod.

Shin, H. S. (2009). “Reflections on Northern Rock.” Journal of Economic Perspectives23(1): 101-119

Sims, C. (2003). “Implications of rational inattention.” Journal of Monetary Economics50(3): 665-690

Sinclair, P. J. N. (2003). “The optimal rate of inflation: an academic perspective.” Bank of England Quarterly Bulletin: 343-351

Stiglitz, J. E. and A. Weiss (1992). “Asymmetric Information in Credit Markets and Its Implications for Macro-Economics.” Oxford Economic Papers44(4): 694-724

Taylor, J. B. (1993). “Discretion versus policy rules in practice.” Carnegie-Rochester Conference Series on Public Policy39: 195-214

Tobin, J. (1965). “Money and economic growth.” Econometrica33(4): 671-684

Tobin, J. (1980) Discussion in Models of monetary economicsed J. H. Kareken and N. Wallace Minneapolis Federal Reserve Bank of Minneapolis.  fromhttps://

Tobin, J. (2002) Monetary policy in The concise encyclopedia of economics  Liberty Fund.

Tucker, P., S. Hall and A. Pattani (2013). “Macroprudential policy at the Bank of England.” Bank of England Quarterly Bulletin(3): 192-200

Tymoigne, E. and L. R. Wray (2006) Money: An alternative story in A handbook of alternative monetary economicsed P. Arestis and M. C. Sawyer Cheltenham Edward Elgar 1-16.  Bal: 0775 c 046; SSL: HG221.HAN.

Vickers, J. (1998). “Inflation targeting in practice: the UK experience.” Bank of England Quarterly Bulletin38(4): 368-376

Wallace, N. (1980) The overlapping generations model of fiat money in Models of monetary economicsed J. H. Kareken and N. Wallace Minneapolis Federal Reserve Bank of Minneapolis.  https://

Walsh, C. E. (1995). “Optimal contracts for central bankers.” American Economic Review85: 150-167

Woodford, M. (2008). “How important is money in the conduct of monetary policy.” Journal of Money Credit and Banking40(8): 1561-1598

Wray, R., ed. (2004). Credit and state theories of money. Cheltenham, Edward Elgar.  HG220.A2.CRE 2004.

Yates, A. (2003). “Monetary policy and the Zero Bound to nominal interest rates.” Bank of England Quarterly Bulletin(Spring): 27-37