The Finance Constraint Theory Of Money
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Finance Constraints And The Theory Of Money
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Author : S. C. Tsiang
language : en
Publisher: Academic Press
Release Date : 2014-05-10
Finance Constraints And The Theory Of Money written by S. C. Tsiang and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-10 with Business & Economics categories.
Finance Constraints and the Theory of Money: Selected Papers gathers together the work of S. C. Tsiang, one of the most cogent critics of the Keynesian stock approach to money in all its forms and one of the foremost champions of the flow approach. Tsiang's papers focus on finance constraints and the theory of money, tackling topics such as the role of money in trade-balance stability and the monetary theoretic foundation of the modern monetary approach to the balance of payments, as well as the diffusion of reserves and the money supply multiplier. Comprised of 17 chapters, this volume begins by providing a background to the development of Tsiang's thinking on monetary theory and why he objected to the Keynesian stock equilibrium approach to money. The reader is then introduced to speculation and income stability; misconceptions in monetary theory and their influences on financial and banking practices; and liquidity preference in general equilibrium analysis. Subsequent chapters deal with the optimum supply of money; the total inadequacy of "Keynesian" balance of payments theory; and the rationale of the mean-standard deviation analysis, skewness preference, and the demand for money. This book will be a useful resource for practitioners interested in economic theory, econometrics, and mathematical economics.
The Finance Constraint Theory Of Money
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Author : Meir Kohn
language : en
Publisher:
Release Date : 1999
The Finance Constraint Theory Of Money written by Meir Kohn 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.
The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising is one I will call the finance constraint theory. This paper is a progress report on its development. It is particularly fitting that this progress report appear in a 'festschrift' for S.C. Tsiang, as he has been one of the most cogent critics of the conventional theory and a major architect of the finance constraint alternative. The issues a theory of money should address may be divided into three broad areas: (1) What is money and how is it special? (2) What is the connection between money and its various "prices" (the general price level, interest rates, and exchange rates)? (3) What is the role of money in economic fluctuations? After some introductory material, each of these areas will be taken up in turn.
The Finance Constraint Theory Of Money
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Author : Meir G. Kohn
language : en
Publisher:
Release Date : 1988
The Finance Constraint Theory Of Money written by Meir G. Kohn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Distribution (Economic theory) categories.
Finance Constraints And The Theory Of Money
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Author : Sho-chieh Tsiang
language : en
Publisher:
Release Date : 1989-01-01
Finance Constraints And The Theory Of Money written by Sho-chieh Tsiang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-01-01 with Business & Economics categories.
Finance Constraints Expectations And Macroeconomics
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Author : Meir G. Kohn
language : en
Publisher: Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press
Release Date : 1988
Finance Constraints Expectations And Macroeconomics written by Meir G. Kohn and has been published by Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.
The incompleteness of financial markets and the existence of finance constraints provide an explanation for the sort of coordination problem that afflicts real-world economies, but is absent from simplistic New Classical models. Providing an understanding of monetary and macroeconomic issues in terms of "imperfections," leading economic theorists--including Hicks, Greenwald, Stiglitz, and Aoki--here examine an important new area of macroeconomic theory--the implications of the finance-constraint approach to monetary theory.
Money Theory And Practice
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Author : Jin Cao
language : en
Publisher: Springer Nature
Release Date : 2019-12-07
Money Theory And Practice written by Jin Cao and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-07 with Business & Economics categories.
This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors’ and intermediaries’ own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation.
Money Interest And Capital
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Author : Colin Rogers
language : en
Publisher: Cambridge University Press
Release Date : 1989-05-11
Money Interest And Capital written by Colin Rogers and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-05-11 with Business & Economics categories.
The novel feature of this study is the application of Keynes' principle of effective demand to demonstrate the existence of a long-run unemployment equilibrium without the assumption of rigid wages.
The Flow Of Funds In Theory And Practice
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Author : J. Cohen
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Flow Of Funds In Theory And Practice written by J. Cohen 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 central emphasis in the book is on the transaction and the constraints that its architecture imposes on a discussion of monetary theory and policy. Because of their comprehensiveness and discipline the flow-of-funds accounts are the ideal vehicle for theorizing about real and financial interaction. Such int- action can best be understood when real and financial transac tions are expressed in a common flow dimension. Each decision by economic agents is seen as two-ended in terms of markets: one market supplies the source of funds and the second market absorbs these funds. A matrix of interdependent markets is featured throughout the theoretical discussion. Credit markets, and the bank credit market in particular, become the source of disturbance in the theoretical model, but the necessary involve ment of the money market is also stressed. Theories of finan cial instability and crisis now receiving considerable attention are part of the more general theory of the flow of funds. The rationale for the monetary authority to target credit rather than the monetary aggregates emerges from the analytical discus sion. A flow-constrained analysis clarifies interest-rate deter mination, provides a helpful format for discussing equilibrium and disequilibrium, integrates credit markets with the familiar IS-LM framework, and identifies a class of missing equations in macro-monetary theory. The prototype of the missing equations is an equation explaining monetary dissaving in terms of a series of arguments only one of which will be the stock of real balances or real wealth.
The Theory Of Money And Financial Institutions
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Author : Martin Shubik
language : en
Publisher: MIT Press (MA)
Release Date : 1999
The Theory Of Money And Financial Institutions written by Martin Shubik and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Financial institutions categories.
The third and last volume of a work aimed at providing the theoretical underpinnings for an economic dynamics.
On Money Method And Keynes
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Author : Philip Arestis
language : en
Publisher: Springer
Release Date : 1992-03-03
On Money Method And Keynes written by Philip Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-03-03 with Business & Economics categories.
In these twelve essays, spanning fifteen years, Victoria Chick develops a distinctive view of macroeconomics (especially the economics of Keynes) and monetary theory. By careful and rigorous analysis in which nothing is taken for granted, she uncovers the implicit assumptions of economic theory and argues, in a variety of contexts, that differences of economic method and the influence of the stylised facts are decisive forces, both in the construction of theories and in appraising their contemporary relevance.