Money, payments, and liquidity / Guillaume Rocheteau and Ed Nosal.

Ed Nosal appeared as the first named author on the earlier edition.

Includes bibliographical references and index.

The basic environment -- Pure credit economies -- Pure currency economies -- The role of money -- Properties of money -- The optimum quantity of money -- Information, monetary policy, and the inflation-output trade-off -- Money and credit -- Firm entry, unemployment, and payments -- Money, negotiable debt, and settlement -- Money and capital -- Exchange rates, nominal bonds, and open market operations -- Liquidity, monetary policy, and asset prices -- Asset price dynamics -- Trading frictions in over-the-counter markets -- Crashes and recoveries in over-the-counter markets.