The Value Of Inside And Outside Money
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The Value Of Inside And Outside Money
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Author : James Bullard
language : en
Publisher:
Release Date : 2000
The Value Of Inside And Outside Money written by James Bullard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Money categories.
A Model In Which Outside And Inside Money Are Essential
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Author : David C. Mills
language : en
Publisher:
Release Date : 2006
A Model In Which Outside And Inside Money Are Essential written by David C. Mills and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Money categories.
I present an environment for which both outside and inside money are essential as means of payment. The key model feature is that there is imperfect monitoring of issuers of inside money. I use a random matching model of money where some agents have private trading histories and others have trading histories that can be publicly observed only after a lag. I show via an example that for lags that are neither too long nor too short, there exist allocations that use both types of money that cannot be duplicated when only one type is used. Inside money provides liquidity that increases the frequency of trades, but incentive constraints restrict the amount of output that can be traded. Outside money is immune to such constraints and can trade for higher levels of output.
The Value Of Money
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Author : Prabhat Patnaik
language : en
Publisher: Columbia University Press
Release Date : 2009-04-02
The Value Of Money written by Prabhat Patnaik and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-02 with History categories.
Why is money more valuable than the paper on which it is printed? Monetarists link the value of money to its supply and demand, believing the latter depends on the total value of the commodities it circulates. According to Prabhat Patnaik, this logic is flawed. In his view, in any nonbarter economy, the value we assign to money is determined independently of its supply and demand. Through an original and provocative critique of monetarism, Patnaik advances a revolutionary understanding of macroeconomics that highlights the "propertyist" position of Karl Marx and John Maynard Keynes. Unlike the usual division between "classical" economists (e.g., David Ricardo and Marx) and the "marginalists" (e.g., Carl Menger, William Stanley Jevons, and Léon Walras), Patnaik places "monetarists," including Ricardo, on one side, while grouping propertyist writers like Marx, Keynes, and Rosa Luxemburg on the other. This second group subscribes to the idea that the value of money is given from outside the realm of supply and demand, therefore making money a form in which wealth is held. The fact that money is held as wealth in turn gives rise to the possibility of deficiency of aggregate demand under capitalism. It is no accident that this possibility was highlighted by Marx and Keynes while going largely unrecognized by Ricardo and contemporary monetarists. At the same time, Patnaik points to a weakness in the Marx-Keynes tradition namely, its lack of any satisfactory explanation of why the value of money, determined from outside the realm of supply and demand, remains relatively stable over long stretches of time. The answer to this question lies in the fact that capitalism is not a self-contained system but is born from a precapitalist setting with which it interacts and where it creates massive labor reserves that, in turn, impart stability to the value of money. Patnaik's theory of money, then, is also a theory of imperialism, and he concludes with a discussion of the contemporary international monetary system, which he terms the "oil-dollar" standard.
A Model In Which Outside And Inside Money Are Essential
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Author : David C. Mills (jr.)
language : en
Publisher:
Release Date : 2006
A Model In Which Outside And Inside Money Are Essential written by David C. Mills (jr.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
The Value Of Money
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Author : Benjamin M Anderson
language : en
Publisher:
Release Date : 2023-08-05
The Value Of Money written by Benjamin M Anderson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-05 with Business & Economics categories.
Benjamin Anderson, American Austrian, was among a handful of economists, led by Ludwig von Mises in his pioneering work The Theory of Money and Credit in 1912, who set out to integrate monetary theory into a general theory of value. Anderson devoted a major portion of his great book The Value of Money, published in 1917, to a refutation of the "mechanical" quantity theory of money. He argued that the causes and effects from which the data of the quantity equation are constructed are disaggregated and complex; whatever the correlation between the aggregate variables of the quantity equation, correlation is not causation; causation cannot be established in the equation because there are no quantitative constants in human action (in particular, velocity is not constant); the quantity theory ignores time; there is no unambiguous way to define the variables in the theory: the money stock, velocity, the quantity of goods, and the price level. Anderson further holds that whatever true propositions the quantity theory offers can as well be deduced from a correct theory of value and that many true theories of modern economics (such as the laws of demand and supply, the theory of capitalization, and Gresham's law) are inconsistent with it. Although some true propositions can be had from the quantity theory, not every conclusion derived from it is true. Anderson expended much effort to demonstrate that many theories constructed upon it are false. For example, he argued that the independence between the stock of money and the quantity of goods, assumed for the purpose of reaching the conclusion that increases in the stock of money lead to proportional increases in the price level, if carried into macroeconomics has pernicious effects.
The Value Of Money
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Author : B. M. Anderson, Ph.d
language : en
Publisher: CreateSpace
Release Date : 2013-04-18
The Value Of Money written by B. M. Anderson, Ph.d and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-18 with Business & Economics categories.
The Value of Money By B. M. Anderson, JR., Ph.D. Understanding the Theory of the Value of Cash This publication has as its central problem the value of money. But the value of money cannot be studied successfully as an isolated problem, and in order to reach conclusions upon this topic, it has been necessary to consider virtually the whole range of economic theory; the general theory of value; the role of money in economic theory and the functions of money in economic life; the theory of the values of stocks and bonds, of "good will," established trade connections, trade-marks, and other "intangibles"; the theory of credit; the causes governing the volume of trade, and particularly the place of speculation in the volume of trade; the relation of "static" economic theory to "dynamic" economic theory. "Dynamic economics" is concerned with change and readjustment in economic life. A distinctive doctrine of the present book is that the great bulk of exchanging grows out of dynamic change, and that speculation, in particular, constitutes by far the major part of all trade. From this it follows that the main work of money and credit, as instruments of exchange, is done in the process of dynamic readjustment, and, consequently, that the theory of money and credit must be a dynamic theory. It follows, further, that a theory like the "quantity theory of money," which rests in the notions of "static equilibrium" and "normal adjustment," abstracting from the "transitional process of readjustment," touches the real problems of money and credit not at all.
Modern Money Theory
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Author : L. Randall Wray
language : en
Publisher: Springer
Release Date : 2015-09-22
Modern Money Theory written by L. Randall Wray and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-22 with Business & Economics categories.
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Inside And Outside Fiat Money Gains To Trade And Is Lm
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Author : Pradeep K. Dubey
language : en
Publisher:
Release Date : 2003
Inside And Outside Fiat Money Gains To Trade And Is Lm written by Pradeep K. Dubey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the nominal effects of government fiscal and monetary policy can be completely described by a diagram identical in form to the IS-LM curves introduced by Hicks to describe Keynes' general theory. IS-LM analysis is thus not incompatible with full market clearing, multiple commodities, and heterogeneous households. We show that as the government deficit approaches a finite threshold, hyperinflation sets in (prices converge to infinity and real trade collapses). If the government surplus is too large, the economy enters a liquidity trap in which nominal GNP sinks and monetary policy is ineffectual.
The Causes Costs And Compensations Of Inflation
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Author : William Oliver Coleman
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
The Causes Costs And Compensations Of Inflation written by William Oliver Coleman 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 2009-01-01 with Business & Economics categories.
It is difficult to give justice to this intriguing book within the confines of a short review. Ernst Juerg Weber, History of Economics Review Coleman s book provides an impressively clear, lively, and intuitive discussion of three of the most important issues in all of monetary economics. I recommend it highly to all readers with an interest in these issues. Peter N. Ireland, Journal of Economic Literature William Coleman s book offers a highly original and insightful discussion of the state of modern monetary theory. Professor Coleman covers difficult issues with a lightness of touch that makes for a very readable discussion. It will benefit students as well as professional economists and policymakers. Kevin Dowd, University of Nottingham, UK This book explores the causes, costs and benefits of inflation. It argues that while the cause of inflation is essentially monetary, the costs and benefits of inflation lie in inflation s distortion of the economy's responses to real shocks. The book begins by securing the Quantity Theory of Money from certain critiques. The theory is defended from the fiscal theory of the price level by a refinement of the theory of money demand, and from post Keynesianism by the construction of a theory of the supply of inside money. To cope with the endogeneity of outside money, a simple and tractable neo-Wicksellian theory of inflation is advanced, which is shown to exhibit a striking homology with the Quantity Theory. The author then traces the costliness of inflation, not to any disturbance of the money market, but to the damage inflation does to the bond market s function of sharing out disturbances to consumption caused by technological shocks. The same damage, however, imparts an egalitarian dynamic to the accumulation of wealth, which will not occur without risky inflation. The Causes, Costs and Compensations of Inflation will be of great interest to policy makers, central bankers, researchers, and both post-graduate and undergraduate students in macroeconomics, money and banking.
Money And Economic Growth
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Author : J.J. Sijben
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Money And Economic Growth written by J.J. Sijben 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.
In monetary theory the paramount problem posed by many eco nomists was always whether monetary variables had a certain influence on the real variables in the economy, so that money would not be neutral but influence the economic process. In this way the outcome would differ from that of a barter economy. The outcome of this development was that money could no longer be regarded as an accommodating item like in many out-dated text-books but as an autonomous factor, the influence of which is explicitly ana lyzed. When, after the Second World War, the 'real' side of eco nomics developed into growth economics, it was quite natural that efforts were made to integrate both lines of thought so that the effect of the rate of increase of money on the rate of growth of real national income could be studied. Dr. Sijben gives the full and thorough story of these efforts in a way that enables economists to compare the different approaches more easily than was possible up to now. More specifically the various models are made comparable by the use of the same sym bols for the same variables allover the book. After the introductory chapter Tobin's outside-money model in a neo-classical framework is discussed. What is income in this respect? Tobin argues that real disposable income is real net national income plus the real value of the increase in monetary balances.