Download or read book A Monetary Equilibrium Model With Transactions Costs Classic Reprint written by Julio Rotemberg and published by Forgotten Books. This book was released on 2018-02-23 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from A Monetary Equilibrium Model With Transactions Costs The objective of this paper is to study the competitive equilibrium of an economy in which people hold money for transactions purposes. As in the models of Baumol Tobin Stockman Townsend (1982) and Jovanovic but in contrast to those of Grandmont and Younes Lucas (1980) and Helpman households are also allowed to hold interest bearing capital in addition to barren money. The main advantage of the present model is that it is able to shed light on the effects of such nonsteady state events as open market operations. Households pick the path of consumption optimally from their point of view. Because it is costly to carry out financial transactions, people visit their financial intermediary only occasionally. However, I do not let house holds pick optimally the length of the period during which they do not visit their bank. For tractability, the assumption is made that households have a constant interval during which they carry out no financial transactions. A crucial feature of this paper is that, as in all free market econ omies, different households visit their banks at different times. This leads to conclusions which are strikingly Keynesian. Government interventions, and in particular open market operations, have the ability to affect aggregate output and the real rate of interest. This is true even though the model features no uncertainty, full information, perfect foresight and perfectly competitive markets for goods and money. Moreover, the effects of monetary policies closely resemble those found in standard textbooks. In particular, a one period monetary expansion leads to a higher level of output which persists for some time. It also concurrently leads to low real interest rates. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Download or read book Why is There Money written by Ross M. Starr and published by . This book was released on 1999 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Why is There Money written by Ross M. Starr and published by . This book was released on 1999 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On the Role of Paper Money in General Equilibrium Model Without Transactions Costs written by Atsushi Kajii and published by . This book was released on 1994 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On the Role of Paper Money in General Equilibrium Model Without Transaction Costs written by Atsushi Kajii and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Transactions Costs the Asset Demand for Money and Monetary Equilibrium written by Jeffrey Carmichael and published by . This book was released on 1981 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money Output and Prices Evidence From a New Monetary Aggregate Classic Reprint written by Julio Rotemberg and published by Forgotten Books. This book was released on 2018-01-04 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Money, Output, and Prices Evidence From a New Monetary Aggregate Some assets can readily be used for transactions. Individuals pay for the liquidity that these assets offer by foregoing the higher expected returns that are available on other, less liquid assets. Holding one dollar in currency costs more than holding one dollar in a now account, and it presumably generates greater liquidity services. We formalize this idea by assuming that individuals derive utility from holding certain assets. Our results could also be obtained by assuming that individuals and firms incur transactions costs which depend negatively on asset-holdings and positively on the volume of transactions. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Download or read book Inframarginal Economics written by Xiaokai Yang and published by World Scientific. This book was released on 2009 with total page 924 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research monograph provides systematic and comprehensive materials for applying inframarginal analysis to study a wide range of economic phenomena. The analysis is based on a new overarching framework to resurrect the classical notion of division of labor and specialization, which is an essential source of increasing a nation''s wealth. The framework absorbs many classical and neo-classical insights in a general equilibrium analysis and explains many micro- and macro-phenomena. Many areas of the discipline that have been customarily treated as separate branches can now be analyzed systematically within this integrated framework. These include, for example, micro-economics; macro-economics; development economics; international economics; urban economics; growth theory; industrial organization; applications of game theory in economics; economics of property rights; economics of transaction costs; economics of institutions and contract; economics of organization; economics of states; managerial economics; theory of hierarchy; new theory of the firm; theory of money; theory of insurance; theory of network and reliability.
Download or read book FUNDAMENTAL ECONOMICS Volume I written by Mukul Majumdar and published by EOLSS Publications. This book was released on 2010-12-12 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fundamental Economics in two volumes is a component of Encyclopedia of Social Sciences and Humanities in the global Encyclopedia of Life Support Systems (EOLSS), which is an integrated compendium of twenty one Encyclopedias. The Theme discusses on Fundamental Economics, Walrasian and Non-Walrasian Microeconomics, Strategic Behavior, The Economics of Bargaining, Economic Exernalities, Public Goods, Macroeconomics, Decision Making Under Uncertainty, Development Economics and many other related topics. These two volumes are aimed at the following five major target audiences: University and College Students Educators, Professional Practitioners, Research Personnel and Policy Analysts, Managers, and Decision Makers, NGOs and GOs.
Download or read book Collected Papers on Monetary Theory written by Robert E. Lucas, Jr. and published by Harvard University Press. This book was released on 2012-12-19 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the outstanding monetary theorists of the past 100 years, Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. These 21 papers, published 1972–2007, cover core monetary theory and public finance, asset pricing, and the real effects of monetary instability.
Download or read book General Equilibrium and Transactions Costs written by Avia Spivak and published by . This book was released on 1975 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Existence of Equilibrium in a Financial Market with Transaction Costs written by Frank Milne and published by Kingston, Ont. : Institute for Economic Research, Queen's University. This book was released on 1996 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Evolution of Scientific Knowledge written by Hans Siggaard Jensen and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Evolution of Scientific Knowledge aims to reach a unique understanding of science with the help of economic and sociological theories. The economic theories used are institutionalist and evolutionary. The sociological theories draw from the type of work on social studies of science that have, in recent decades, transformed our picture of science and technology.
Download or read book Macroeconomic Theory written by Jean-Pascal Benassy and published by Oxford University Press. This book was released on 2011-04-08 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: This graduate textbook is a primer in macroeconomics. It starts from essential undergraduate macroeconomics and develops the central topics of modern macroeconomic theory in a simple and rigorous manner. All topics essential for first year graduate students are covered. These include rational expectations, intertemporal dynamic models, exogenous and endogenous growth, nonclearing markets and imperfect competition, uncertainty, and money. The book also covers real business cycles and dynamic stochastic general equilibrium models, integrating growth and fluctuations, sticky wages and prices, consumption and investment, and unemployment. Lastly, it studies government policy, stabilization, credibility, and the connections between politics and the macroeconomy. Each topic is presented in the simplest model possible while still delivering the relevant answers and keeping rigorous foundations throughout the book. To make the book fully self-contained there is a mathematical appendix that gives all necessary mathematical results.
Download or read book Interest and Prices written by Michael Woodford and published by Princeton University Press. This book was released on 2011-12-12 with total page 805 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
Download or read book Understanding Macroeconomic Theory written by Bradley T. Ewing and published by Routledge. This book was released on 2006-09-27 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: At each point in time, individuals make choices with respect to the acquisition, sale, and/or use of a variety of different goods. Such activity can be summarized by aggregate variables such as an economy’s total production of various goods and services, the aggregate level of unemployment, the general level of interest rates, and the overall level of prices. The focus of this book is on developing simple theoretical models that provide insight into the reasons for fluctuations in such aggregate variables. The models included explore how shocks or ‘impulses’ to the economy (e.g. changes to technology, the money supply, or government policy) impact individuals’ behaviour in specific markets, and the resulting implications in terms of changes in aggregate variables. This book provides the reader with an in-depth understanding of standard theoretical models: Walrasian, Keynesian and Neoclassical. Pedagogically sophisticated, it is theoretically based, rigorous and includes a host of real world case studies and exercises. Underpinned by solid microfoundations, it is written in a concise, accessible style and is an indispensable tool for all students who wish to a gain a firm grounding in the complexities of macroeconomic theories as well as government and private sector researchers of macroeconomics.
Download or read book Monetary Theory and Policy written by Carl E. Walsh and published by MIT Press. This book was released on 2003 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of recent theoretical and policy-related developments in monetary economics.
