Modeling Monetary Economies
Too often monetary economics has been taught as a collection of facts about institutions
for students to memorize. By teaching from first principles instead, this advanced
undergraduate textbook builds on a simple, clear monetary model and applies this
framework consistently to a wide variety of monetary questions. Starting with the case
in which trade is mutually beneficial, the book demonstrates that money makes people
better off, and that government money competes against other means of payments,
including other types of government money. After developing each of these topics, the
book tackles the issue of money competing against other stores of value, examining
issues associated with trade, finance, and modern banking. The book then moves from
simple economies to modern economies, addressing the role banks play in making more
trades possible, concluding with the information problems plaguing modern banking,
which result in financial crises.
Bruce Champ was a Senior Research Economist at the Federal Reserve Bank of
Cleveland, and passed away in 2013. Earlier he taught at Virginia Polytechnic Institute,
the Universities of Iowa and Western Ontario, and Fordham University. Dr. Champ’s
research interests focused on monetary economics and his articles have appeared in the
American Economic Review; Journal of Monetary Economics; Canadian Journal of
Economics; and Journal of Money, Credit, and Banking, among other leading
academic publications. He coauthored the first and second editions of Modeling
Monetary Economies with the late Scott Freeman.
Scott Freeman was a Professor of Economics at the University of Texas, Austin. He
taught earlier at Boston College and the University of California, Santa Barbara.
Professor Freeman died in 2004 after struggling with Amyotrophic Lateral Sclerosis
for several years. Professor Freeman specialized in monetary theory, and his articles
appeared in the Journal of Political Economy; American Economic Review; Journal
of Monetary Economics; and Journal of Money, Credit, and Banking, among other
eminent academic journals.
Joe Haslag is Professor and Kenneth Lay Chair in Economics at the University of
Missouri. Professor Haslag received his PhD in Economics from Southern Methodist
University in 1987. Professor Haslag spent 12 years in the Research Department at the
Federal Reserve Bank of Dallas, teaching graduate and undergraduate courses at
Southern Methodist University. He visited the Economics Department at Michigan State
University in 2000 and the Department of Monetary Economics at Erasmus University
in 1994. He has published his research in such prestigious academic journals as the
Journal of Monetary Economics; Journal of Money, Credit, and Banking; The
Review of Economics and Statistics; International Economic Review; and Review of
Economic Dynamics, among other leading academic journals.
Modeling Monetary Economies
Fourth Edition
Bruce Champ
Scott Freeman
Joseph Haslag
University of Missouri-Columbia。