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Author: Martin Shubik Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
This essay is the second of three. The first is nontechnical and in part autobiographical describing the evolution of my approach to developing a micro economic theory of money and financial institutions. This essay is devoted to a mathematical sketch of a closed economic exchange system with general equilibrium GE and rational expectations RE viewed game theoretically. It squeezes the last drop out of statics and an illusory dynamics in the form of the RE extension of GE with no other externalities beyond money and markets. The third essay builds on process models adding uncertainty, innovation, an active government, nonsymmetric information and other externaties that all lead away from a static equilibrium model to an evolving entity where competition involving finance and innovation is part of a dynamic non-equilibrium process.
Author: Martin Shubik Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
This essay is the second of three. The first is nontechnical and in part autobiographical describing the evolution of my approach to developing a micro economic theory of money and financial institutions. This essay is devoted to a mathematical sketch of a closed economic exchange system with general equilibrium GE and rational expectations RE viewed game theoretically. It squeezes the last drop out of statics and an illusory dynamics in the form of the RE extension of GE with no other externalities beyond money and markets. The third essay builds on process models adding uncertainty, innovation, an active government, nonsymmetric information and other externaties that all lead away from a static equilibrium model to an evolving entity where competition involving finance and innovation is part of a dynamic non-equilibrium process.
Author: Martin Shubik Publisher: ISBN: Category : Languages : en Pages : 22
Book Description
This essay is the third of three. The first is nontechnical and in part autobiograhpical describing the evolution of my approach to developing a microeconomic theory of money and financial institutions. The second essay was devoted to a more formal sketch of a closed economic exchange system with no other externalities beyond money and markets. This essay builds on the existence of monetary exchange but also context, and active government with nonsymmetric information and many externaties indicate that the views of Keynes, Hayek and Schumpeter are all consistent with the next stages of complexity as the logic requires many different arrays of institutions to provide the necessary economic functions and adjust to the variety of socio-economic contexts.
Author: Martin Shubik Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This is a nontechnical retrospective paper on a game theoretic approach to the theory of money and financial institutions. The stress is on process models and the reconciliation of general equilibrium with Keynes and Schumpeter's approaches to non-equilibrium dynamics.
Author: Ludwig Van den Hauwe Publisher: BoD – Books on Demand ISBN: 2810602212 Category : Monetary policy Languages : en Pages : 188
Book Description
Recent events in international financial markets have revived the scientific interest in conceivable institutional alternatives to prevailing monetary arrangements. In the essays reprinted in this book, the author critically examines some of the more influential arguments which have been made in favour of decentralization in banking.
Author: Martin Shubik Publisher: MIT Press ISBN: 9780262693110 Category : Business & Economics Languages : en Pages : 472
Book Description
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author: Haitao Xiang Publisher: ISBN: Category : Banks and banking Languages : en Pages : 0
Book Description
The thesis consists of three studies on money, banking and monetary policy with modern monetary economic theory based on explicit micro-foundations. As an introduction to the approach adopted by micro-founded monetary theory, the introductory chapter demonstrates the roles of money and capital in a quasi-linear environment with explicit informational frictions. When capital serves as the only record-keeping device, there could be two possible stationary equilibria: one is first-best and the other is not. In a suboptimal equilibrium, consumers are constrained by their capital rental income. Introducing fiat money, a better record-keeping technology with higher rate of return, can improve welfare by relaxing the liquidity constraint. Chapter 2 studies the role of banking in financing investment. It is revealed that banking can mitigate underinvestment, raise capital-labour ratio, and improve welfare; and this effect is greatest under moderate inflation. In Chapter 3, I introduce a record-keeping cost related to bank borrowing, and study the effects of such a banking cost on economic allocations and welfare, as well as its monetary policy implications. Main findings are: Costly banking emerges endogenously only with relatively high inflation and/or relatively low banking cost; the existence of costly banking may improve or reduce welfare relative to the case without banking; with higher inflation rate or banking cost, more people would choose not to deal with banks, which means larger welfare loss; inflation is less harmful with banking than without banking. In Chapter 4, I investigate the trade-off between distribution effect and production effect of monetary policy with presence of idiosyncratic liquidity shocks. When liquidity shocks are observable, a type-contingent money transfer policy can desirably redistribute purchasing power among consumers. When the shocks are unobservable, an illiquid bond policy restores credit transactions on money through bond-money exchanges. Both policies have positive distribution effect, but the resulting inflation hampers production efficiency. I derive a sufficient condition under which the overall welfare can be improved by an inflationary monetary policy: if consumers are relative-risk-averse enough, the trade-off between distribution efficiency gain and production efficiency loss would result in net welfare enhancement.
Author: F.A. Hayek Publisher: University of Chicago Press ISBN: 0226321274 Category : Business & Economics Languages : en Pages : 209
Book Description
PREFACE AND ACKNOWLEDGMENTS EDITOR'S INTRODUCTION INTRODUCTION 1. THE MONETARY POLICY OF THE UNITED STATES AFTER THE RECOVERY FROM THE 1920 CRISIS (1925) 2. SOME REMARKS ON THE PROBLEM OF IMPUTATION (1926) 3. ON THE PROBLEM OF THE THEORY OF INTEREST (1927) 4. INTERTEMPORAL PRICE EQUILIBRIUM AND MOVEMENTS IN THE VALUE OF MONEY (1928) 5. THE FATE OF THE GOLD STANDARD (1932) 6. CAPITAL CONSUMPTION (1932) 7. ON 'NEUTRAL MONEY' (1933) 8. TECHNICAL PROGRESS AND EXCESS CAPACITY (1936) Two reviews MARGINAL UTILITY AND ECONOMIC CALCULATION (1925) THE EXCHANGE VALUE OF MONEY (1929) NAME INDEX
Author: Martin Shubik
Author: Martin Shubik
Author: Martin Shubik
Author: Martin Shubik
Author: Ludwig Van den Hauwe
Author: Wilfredo Santiago Valiente
Author: Martin Shubik
Author: Carlo Strub
Author: Haitao Xiang
Author: Stephen M. Andoseh
Author: F.A. Hayek