Essays on Liquidity and Money PDF Download

Author: Joonwon Kim
Publisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 306

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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 192

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This dissertation consists of two self-contained essays on liquidity and monetary policy, organized in the form of two chapters. In the first chapter I study the effects of monetary policy, in the sense of fully anticipated inflation, on economic growth through entrepreneurship. In the model, money is needed because production costs need to be paid before revenue is received. I demonstrate how the existence of a borrowing constraint gives entrepreneurs an incentive to hold money, that is, to reduce the missed profit opportunity due to liquidity constraints when receiving favorable productivity shocks. Then I show that when agents are allowed to make occupational choices of being either workers or entrepreneurs, long-run inflation, at low levels, can increase growth by encouraging entrepreneurship. This channel is novel and provides a theoretical rationale for the empirical findings that growth can increase with long-run inflation for low inflation rates. The second chapter studies economies where houses, in addition to providing utility as shelter, may also facilitate credit transactions, since home equity can be used as collateral. We document there were big increases in home-equity-backed consumption loans coinciding with the start of the house price boom, and suggest an explanation. When it can be used as collateral, housing can bear a liquidity premium. Since liquidity is endogenous, even when fundamentals are constant and agents fully rational house prices can display complicated equilibrium paths resembling bubbles. Our framework is tractable, with exogenous or with endogenous supply, yet captures several salient features of housing markets. Numerical work shows the model can capture may features of the data. The effects of monetary policy are also discussed.

Author: Mahatelge Udara Peiris
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 0

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Author: Sir Dennis Holme Robertson
Publisher:
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Category : Balance of trade
Languages : en
Pages : 262

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Author: Charles P. Kindlerberger
Publisher: Routledge
ISBN: 1136610863
Category : Business & Economics
Languages : en
Pages : 360

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This book was first published in 1981. A collection of twenty-two papers, written between 1966 and 1976 on international monetary relations.

Author: Brad Pasanek
Publisher: Routledge
ISBN: 1317979990
Category : Business & Economics
Languages : en
Pages : 187

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‘Liquidity’, or rather lack of it, lies at the heart of the ongoing global financial crisis. In this collection of essays, the metaphor of money as liquidity, and the model of crisis it entails, is deliberated by a range of scholars from economics, history, anthropology, literature, and sociology. This volume offers a rhetorical explanation of the social, cultural, and historical contexts in which metaphors of money are produced, circulate, and fail. These essays, first presented at "After the Crash, Beyond Liquidity," a conference on money and metaphors held at the University of Virginia, USA, in October of 2009, were drafted in the wake of global uncertainty, TARP bailouts, the Great Recession, programs of stimulus and austerity, and recurrent threats of sovereign default in the EU. They question the language of liquidity and flows that is characteristic of everyday business, exposing what metaphors of money hide and explaining why the idea of liquidity has proved so durable. This book was originally published as a special issue of the Journal of Cultural Economy.

Author: John Hicks
Publisher: Oxford University Press
ISBN: 0198284071
Category : Business & Economics
Languages : en
Pages : 220

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This collection of essays on money and growth brings together the work of Sir John Hicks. Including two previously unpublished essays, this collection is sure to make readers view Hicks work in a new light.

Author: Davide Porcellacchia
Publisher:
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Category :
Languages : en
Pages :

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Author: Michael Ellington
Publisher:
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Category :
Languages : en
Pages :

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Author: John Brendan McDermott
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 0

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