Overlapping Structures As A Model Of Money
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Overlapping Structures As A Model Of Money
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Author : Bruno Schönfelder
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Overlapping Structures As A Model Of Money written by Bruno Schönfelder and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The list of those to whom I am indebted is a long one. Prof. Neil Wallace (University of Minnesota) stimulated my interest in the kind of models with which the book deals. I am grateful for a large number of conversations with him. I learned a lot from him and will always be proud that I have been one of his student. I hope that he is not dissappointed with the outcome. I am deeply indebted to Prof. Dr. Hans-Werner Sinn (University of Munich). His observations and critical remarks were instrumental for a great number of changes and improvements which I was able to introduce while revising the manuscript again and again, and rethinking the basic arguments. I also want to thank Prof. Dr. Utta Gruber (University of Munich) for her helpful comments and for her support. I am very much obliged to Prof. Dr. Dr. h. c. Hans Moller (University of Munich). For many years I have had the honour of a nearly continuous dialogue with him. I am also grateful to Prof. Dr. Werner Gumpel (University). The stimulating atmosphere and the research opportunities which were provided by his seminar contributed a lot to my work. Finally I want to thank my wife Sigrid for looking through the English draft of this book and correcting numerous linguistic flaws. The remaining errors are of course mine. CONTENTS Page v Preface 1. INTRODUCTION 1. 1.
Overlapping Structures As A Model Of Money
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Author : Bruno Schonfelder
language : en
Publisher:
Release Date : 1992-05-13
Overlapping Structures As A Model Of Money written by Bruno Schonfelder and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-05-13 with categories.
The book reviews monetary applications of overlapping gene- rations models and models with cash-in-advance constraints. It focuses on the implications for monetary economics. It tries to make sense of the available indeterminancy propositions. They are the most puzzling property of OGMs. The book surveys and synthesizes most of the available research papers. Assesses the usefulness of the approach for the advancement of monetary economics. The book can be used as a non-technical introductory text, which relies foremost on intuitive arguments.
The Role Of Overlapping Generations Models In Monetary Economics
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Author : Bennett T. McCallum
language : en
Publisher:
Release Date : 1982
The Role Of Overlapping Generations Models In Monetary Economics written by Bennett T. McCallum and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Equilibrium (Economics). categories.
The main arguments of this paper can be summarized as follows. (1) The overlapping-generations (OG) structure provides a useful framework for the analysis of macroeconomic issues involving intertemporal allocation. (2) As a "model of money," the basic OG setup -- which excludes cash-in-advance or money-in-the-utility-function (MIUF) features -- is inadequate and misleading because it neglects the medium-of-exchange property that is the distinguishing characteristic of money. (3) That this neglect obtains is verified by noting that, in contrast with an axiomatic "traditional presumption," the same aggregate leisure/consumption bundles are available in equilibria in which "money" is valued and valueless. (4) That the model may be misleading is demonstrated by examples in which three of its most striking properties --tenuousness of monetary equilibrium, optimality of zero money growth, and price level invariance to open-market exchanges -- disappear in the presence of modifications designed to reflect the medium-of-exchange property. (5) There is no compelling reason why cash-in-advance, MIUF, or other appendages should not be used in conjunction with the OG framework
The Optimal Rate Of Money Creation In An Overlapping Generations Model
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Author : Mr.A. Javier Hamann
language : en
Publisher: International Monetary Fund
Release Date : 1992-05-01
The Optimal Rate Of Money Creation In An Overlapping Generations Model written by Mr.A. Javier Hamann and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-05-01 with Business & Economics categories.
This paper develops a large scale overlapping generations model and calibrates it for the U.S. economy. Simulations with the model show that the steady state welfare maximizing inflation rate may be positive, although the numerical results are not robust. It is also shown, however, that increases in the inflation rate are never Pareto efficient because during the transition to the new steady state at least some generations are made worse-off. Using an optimality criterion that takes into account the welfare of all generations, it is found that implementing Friedman’s rule is a Pareto superior policy, and that the efficiency gains derived from implementing such rule could be substantial.
The Optimal Rate Of Money Creation In An Overlapping Generations Model
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Author : Javier Hamann
language : en
Publisher:
Release Date : 1999
The Optimal Rate Of Money Creation In An Overlapping Generations Model written by Javier Hamann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Fiat Money In General Equilibrium
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Author : Rolf Schmachtenberg
language : en
Publisher:
Release Date : 1987
Fiat Money In General Equilibrium written by Rolf Schmachtenberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Equilibrium (Economics) categories.
Why Is There Money
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Author : Ross M. Starr
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Why Is There Money written by Ross M. Starr and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
'This book makes compelling reading for anyone interested in exploring the foundations of monetary theory from a rigorous general equilibrium perspective.' – Gabriele Camera, Purdue University, US 'Introducing the Arrow-Debreu-Starr model of monetary general equilibrium, Professor Starr provides the best defense ever made for the relevance of the Walrasian model to the pure theory of money. While most monetary theorists ventured to the overlapping generations model and then to the search model, only to create recently a hybrid search-Walrasian model, Starr presents the culmination of a patient, career-long effort to integrate money into the basic Walrasian model, with realistic taxation critically helping the government's money to dominate.' – Dror Goldberg, Bar Ilan University, Israel The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book.
Monetary Equilibrium In An Overlapping Generations Model With Productive Capital
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Author : Amitava Bose
language : en
Publisher:
Release Date : 1992
Monetary Equilibrium In An Overlapping Generations Model With Productive Capital written by Amitava Bose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Equilibrium (Economics) categories.
The Optimal Quantity Of Money In Overlapping Generations Models And In Models With A Representative Consumer
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Author : Martin Summer
language : en
Publisher:
Release Date : 1996
The Optimal Quantity Of Money In Overlapping Generations Models And In Models With A Representative Consumer written by Martin Summer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Economics categories.
Optimal Monetary Policy In A Model Of Overlapping Price Contracts
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Author : Jeffrey C. Fuhrer
language : en
Publisher:
Release Date : 1994
Optimal Monetary Policy In A Model Of Overlapping Price Contracts written by Jeffrey C. Fuhrer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Monetary policy categories.
