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> Modeling Monetary Economies

Modeling Monetary Economies


Bruce Champ, Scott Freeman, Joseph Haslag, University of Missouri, Columbia


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…

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Key features

  • Simplifies the economy by starting with two markets in general equilibrium, allowing students to develop comfort with two markets before extending the structure by adding an additional market as needed
  • Shows where calculus could be used, but focuses on budget constraints and requires students to apply substitution method
  • Events like the 2007–8 Financial Crisis (Great Recession) are analyzed in the context of the model economy, therefore allowing students to see the fundamental economic trade-offs
  • Additional resources include PPT slides and a solutions manual containing end-of-chapter questions with answers

About the book

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