Download or read book Money Output and Prices written by Julio J. Rotemberg and published by . This book was released on 1991 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Prices and Production written by Friedrich August Hayek and published by . This book was released on 1935 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Why Does Money Affect Output written by Olivier J. Blanchard and published by . This book was released on 1987 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why movements in nominal money appear to have strong and lasting effects on real activity is one of the most difficult questions in macroeconomics. The paper surveys the state of knowledge on the issue. with a focus on recent developments. The paper starts by reviewing the evolution of thought from Keynes' emphasis on wages to the "wage price mechanism" of the early 1970's. as well as the facts on the relation between money. prices and output. Prom this review. it concludes that the intellectual crisis of the 1970's came not from the inability of the prevailing theory to explain the facts -which it had mostly right-. but from the weakness of its theoretical foundations. The paper then examines the reconstruction effort. Two alternative strategies have been followed. The first has been to break with previous research and explore how far models based on perfect competition and imperfect information could go in explaining the effects of money on activity. This strategy has largely fizzled and its proponents moved away from the money-output issue. The second has been instead to explore whether the many insights of previous research could be made more rigorous and has focused on the potential role of imperfect competition in labor and goods markets ; substantial progress has been made. but no grand synthesis has emerged. nor is likely to in the foreseeable future
Download or read book Inflation Nominal Interest Rates and the Variability of Output written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1996-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. When both disturbances are significant, there exists, in general, a critical non-zero trend inflation rate that minimizes the variance of output.
Download or read book Classical Theories of Money Output and Inflation written by Roy Green and published by Springer. This book was released on 2016-07-27 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the conventional view that monetarism is a necessary part of classical economics and shows, in an historical account of monetary controversy, that the framework upon which classical analysis is based suggests an alternative account of the inflationary process. A corollary of the argument is that the monetarist approach is a logically necessary component of neoclassical analysis and that any attempt to criticise that approach in a fundamental way must involve an explicit rejection of the conceptual structure of neoclassical economics.
Download or read book Money Output and Prices Evidence From a New Monetary Aggregate written by Julio Rotemberg and published by Forgotten Books. This book was released on 2015-07-23 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Money, Output, and Prices Evidence From a New Monetary Aggregate How monetary shocks affect prices and real activity are two of the central questions in macroeconomics. The implications of various theoretical models addressing these issues have been explored in literally hundreds of empirical papers. Despite the substantial interest in what money does, there is little consensus on what money is. Most previous empirical studies use relatively arbitrary rules in deciding which assets are monetary, and which are not. By choosing to study how the monetary base, or M1, or M2, affects prices and real activity, researchers implicitly made judgments about the identity of monetary assets. Narrow definitions of money, such as the base, exclude a variety of assets that provide liquidity services. Broader definitions, such as M2, give equal weight to a variety of assets with arguably quite different liquidities. This is hardly more defensible than constructing a measure of GNP by adding together the physical volume of output in different industries! A more attractive approach involves weighting different assets by the value of the monetary services they provide. This principle underlies Barnett's(1980) derivation of Divisia monetary aggregates. The continued widespread use of conventional aggregates is particularly surprising, since research has repeatedly shown Divisia aggregates to be at least as good at predicting GNP. In this paper we propose a new monetary aggregate, the currency-equivalent (CE) aggregate, which is related to the Divisia aggregates. The CE aggregate is a time-varying weighted average of the stocks of different monetary assets, with weights which depend on each asset's yield relative to that on a benchmark "zero liquidity" asset. 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 Relationship Between Money Output and Prices written by and published by . This book was released on 1991 with total page 38 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 Money Prices and the Real Economy written by Geoffrey Wood and published by Edward Elgar Publishing. This book was released on with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sets out, in straightforward, accessible terms, crucial aspects of monetary economics. It opens with an exposition of the fundamental question of what money is and what it does. Distinguished contributors then examine the key role of price stability and how to achieve it. Core issues addressed include: an examination of the long run effect of money on prices an analysis of the complex and variable relationship between money and fluctuations in the real economy an investigation of inflation and its dangerous consequences an analysis of the effect of regulation on the stability of financial systems in developed and developing countries the relationship between the money supply regime and economic performance the effect of monetary fluctuations on the interest rate the choice of targets for monetary policy. This book will be extremely useful to practising economists, students and scholars of financial and monetary economics.
Download or read book Money Exchange Rates and Output written by Guillermo A. Calvo and published by MIT Press. This book was released on 1996 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroeconomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and survey the current state of macroeconomic theory. Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition economics.
Download or read book Prices and Production and Otherworks written by Friedrich August von Hayek and published by Bubok. This book was released on 2012-10-23 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics never labels anything any more. Well, more accurately, it does; only now it hardly ever uses labels formed from people?s names. In part, this is due to the smorgasbord approach to ideas taken by economics. Like many other academic disciplines, economics ruthlessly mixes and matches, customizes and adapts, rips and mashes the most penetrating insights, the most appropriate models from all different sources, applying them to whichever economic problem is currently being addressed. In those circumstances the message gets through to the practitioner economist that it is more useful to know an idea itself, and how to apply and modify it, than to peer into its provenance or to understand how the originator of that idea thought about three or five other substantively different problems.
Download or read book Money Output and Prices Evidence from a New Monetary Aggregate By Julio J Rotemberg John C Driscoll and James M Poterba written by Julio Rotemberg and published by Palala Press. This book was released on 2015-09-11 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Download or read book Predetermined Prices and the Persistent Effects of Money on Output written by Michael B. Devereux and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence. Moreover, in response to a money shock, the aggregate dynamics are very similar to those under a specification of fixed prices, the assumption underlying most recent dynamic sticky-price models.
Download or read book Inflation and the Theory of Money written by Robert James Ball and published by Transaction Publishers. This book was released on with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one."The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macro-economics that: 1) assesses the implications of inflationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of "demand inflation" and "cost inflation"; and 4) analyzes the determination and behavior of the general price level in an exchange economy. The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level. The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework."--Provided by publisher.
Download or read book The Relationship Between Money Output and Prices written by Francesco Caramazza and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New Palgrave Dictionary of Economics written by NA NA and published by Palgrave Macmillan. This book was released on 2008-05-11 with total page 7300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Download or read book The Relationship Between Money Output and Prices written by Francesco Caramazza and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
