Author: Harry Johnson
Publisher: Routledge
ISBN: 1134623569
Category : Business & Economics
Languages : en
Pages : 341
Book Description
Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Essays in Monetary Economics (Collected Works of Harry Johnson)
Author: Harry Johnson
Publisher: Routledge
ISBN: 1134623569
Category : Business & Economics
Languages : en
Pages : 341
Book Description
Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Publisher: Routledge
ISBN: 1134623569
Category : Business & Economics
Languages : en
Pages : 341
Book Description
Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Essays in Monetary Economics
Author: Harry Gordon Johnson
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 360
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 360
Book Description
Managing Global Money
Author: Graham Bird
Publisher: Springer
ISBN: 1349095885
Category : Business & Economics
Languages : en
Pages : 308
Book Description
This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Publisher: Springer
ISBN: 1349095885
Category : Business & Economics
Languages : en
Pages : 308
Book Description
This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Essays in Financial and Monetary Economics
Essays on Financial and Monetary Economics
Author: Juan Manuel Licari
Publisher:
ISBN: 9781109985665
Category :
Languages : en
Pages : 103
Book Description
This dissertation consists of three essays concerning financial and monetary economics. Essay 1, "Dynamic General Equilibrium Models", proposes an alternative approach to the study of equilibrium properties of dynamic economies. By exploring the properties of the so-called law of motion, we provide sufficient conditions to guarantee existence, determinacy, and robustness of equilibria. Essay 2, "Asset Price Volatility and Investment Restrictions", explores the role of portfolio constraints in generating multiplicity and asset price variability. We show that investment restrictions give rise to (i) multiple-inefficient-equilibria, (ii) sunspots, and (iii) equilibrium indeterminacy. Our model is also capable of generating moves in asset prices unrelated to fundamental dividend processes: such a move could arise from a switch in investors' expectations due to a sunspot. Essay 3, "Monetary Policy and Asset Prices" develops a dynamic model in which money and a financial asset compete as media of exchange. We show that money circulates if and only if real assets are scarce, in the sense that their supply is not sufficient to satisfy the demand for liquidity. Our model also generates a connection between asset prices and monetary policy. When money grows at a higher rate, inflation is higher and the return on money decreases. In equilibrium, no arbitrage amounts to equating the real return of both objects. Thus, the price of the asset increases in order to lower its real return.
Publisher:
ISBN: 9781109985665
Category :
Languages : en
Pages : 103
Book Description
This dissertation consists of three essays concerning financial and monetary economics. Essay 1, "Dynamic General Equilibrium Models", proposes an alternative approach to the study of equilibrium properties of dynamic economies. By exploring the properties of the so-called law of motion, we provide sufficient conditions to guarantee existence, determinacy, and robustness of equilibria. Essay 2, "Asset Price Volatility and Investment Restrictions", explores the role of portfolio constraints in generating multiplicity and asset price variability. We show that investment restrictions give rise to (i) multiple-inefficient-equilibria, (ii) sunspots, and (iii) equilibrium indeterminacy. Our model is also capable of generating moves in asset prices unrelated to fundamental dividend processes: such a move could arise from a switch in investors' expectations due to a sunspot. Essay 3, "Monetary Policy and Asset Prices" develops a dynamic model in which money and a financial asset compete as media of exchange. We show that money circulates if and only if real assets are scarce, in the sense that their supply is not sufficient to satisfy the demand for liquidity. Our model also generates a connection between asset prices and monetary policy. When money grows at a higher rate, inflation is higher and the return on money decreases. In equilibrium, no arbitrage amounts to equating the real return of both objects. Thus, the price of the asset increases in order to lower its real return.
Selected Essays in Monetary Economics (Collected Works of Harry Johnson)
Author: Harry Johnson
Publisher: Routledge
ISBN: 1135052506
Category : Business & Economics
Languages : en
Pages : 277
Book Description
This volume consists of selected previously published key essays which have proved most useful for teaching advanced monetary economics. A short introduction was added which places the selection of essays and the issues they cover in the contemporaneous context of simultaneous high inflation and high unemployment. As relevant today as they were when they were first written, they enable the reader to anticipate intelligently what is likely to happen and why.
Publisher: Routledge
ISBN: 1135052506
Category : Business & Economics
Languages : en
Pages : 277
Book Description
This volume consists of selected previously published key essays which have proved most useful for teaching advanced monetary economics. A short introduction was added which places the selection of essays and the issues they cover in the contemporaneous context of simultaneous high inflation and high unemployment. As relevant today as they were when they were first written, they enable the reader to anticipate intelligently what is likely to happen and why.
Essays in Financial and Monetary Economics
Author: Svetlana I. Bojarčenko
Publisher:
ISBN:
Category :
Languages : en
Pages : 178
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 178
Book Description
Money, History, and International Finance
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226066894
Category : Business & Economics
Languages : en
Pages : 288
Book Description
This volume provides a critical evaluation of Anna J. Schwartz's work and probes various facets of the immense contribution of her scholarship—How well has it stood the test of time? What critiques have been leveled against it? How has monetary research developed over the years, and how has her influence been manifested? Bordo has collected five conference papers presented by leading monetary scholars, discussants' comments, and closing remarks by Milton Friedman and Karl Brunner. Each of these insightful surveys extends Schwartz's work and makes its own contribution to the fields of monetary history, theory, and policy. The volume also contains a foreword by Martin Feldstein and a selected bibliography of publications by Anna Schwartz.
Publisher: University of Chicago Press
ISBN: 0226066894
Category : Business & Economics
Languages : en
Pages : 288
Book Description
This volume provides a critical evaluation of Anna J. Schwartz's work and probes various facets of the immense contribution of her scholarship—How well has it stood the test of time? What critiques have been leveled against it? How has monetary research developed over the years, and how has her influence been manifested? Bordo has collected five conference papers presented by leading monetary scholars, discussants' comments, and closing remarks by Milton Friedman and Karl Brunner. Each of these insightful surveys extends Schwartz's work and makes its own contribution to the fields of monetary history, theory, and policy. The volume also contains a foreword by Martin Feldstein and a selected bibliography of publications by Anna Schwartz.
On Money, Method and Keynes
Author: Philip Arestis
Publisher: Springer
ISBN: 1349219355
Category : Business & Economics
Languages : en
Pages : 236
Book Description
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.
Publisher: Springer
ISBN: 1349219355
Category : Business & Economics
Languages : en
Pages : 236
Book Description
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.
Financial Conditions and Macroeconomic Performance
Author: Steven M. Fazzari
Publisher: Routledge
ISBN: 1317470575
Category : Business & Economics
Languages : en
Pages : 209
Book Description
This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.
Publisher: Routledge
ISBN: 1317470575
Category : Business & Economics
Languages : en
Pages : 209
Book Description
This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.