Author: Carlo StrubPublisher:
ISBN:
Category :
Languages : en
Pages : 68
Book Description
Three Essays on the Theory of Money
Author: Carlo StrubThree Essays on the Theory of Money and Financial Institutions Essay 3
Author: Martin ShubikPublisher:
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.
Three Essays in Monetary Theory
Author: Ludwig van den HauwePublisher: BoD – Books on Demand
ISBN: 3837021211
Category :
Languages : en
Pages : 190
Book Description
Three Essays on the Theory of Money and Financial Institutions Essay 2
Author: Martin ShubikPublisher:
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.
Money Talks and Matters
Author: Christian StoltenbergPublisher:
ISBN:
Category :
Languages : en
Pages : 138
Book Description
Three Essays in the Early 20th Century American Theory of Money, Capital and Banking
Author: Wilfredo Santiago ValientePublisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 562
Book Description
Equilibrium, Interest and Money
Author: Michael Syron LawlorPublisher:
ISBN:
Category :
Languages : en
Pages : 494
Book Description
Three Essays on the Theory of Money and Financial Institutions
Author: Martin ShubikPublisher:
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.
Three Essays on Money
Author: Henry C. CareyThree Essays on Monetary Economics
Author: Mei DongPublisher:
ISBN:
Category : Money
Languages : en
Pages : 174
Book Description
The thesis consists of three essays on monetary economics. In particular, I focus on using modern monetary theory with explicit microfoundations to address issues in macroeconomics concerning the effects of inflation and the coexistence of multiple assets. The first essay is motivated by the observation that economies undergoing high inflation often experience a reduction of variety in the marketplace. Existing models study how inflation affects quantity, but few have studied how inflation affects variety. In a monetary model with explicit microfoundations, I analyze how inflation affects variety and quantity. I consider bargaining and price posting with directed search. I show that inflation reduces both quantity and variety under both pricing mechanisms. Quantitatively, the model implies that the total welfare cost of 10% inflation ranges from 4.77% to 8.4% under bargaining and is 1.52% under price posting. In the second essay, I study an economy in which money and credit coexist as means of payment and the settlement of credit requires money. The model extends recent developments in microfounded monetary theory to address the choice of payment methods and the effects of inflation. Whether a buyer uses money or credit depends on the fixed cost of credit and the inflation rate. Based on quantitative analysis, the model suggests that the relationship between inflation and credit exhibits an inverse U-shape which is broadly consistent with the evidence. Compared to an economy without credit, allowing credit as a means of payment affects the economy's money demand, welfare and the welfare cost of inflation. In modern monetary theory, money is viewed as a substitute for the record-keeping technology. In the third essay, my coauthor and I investigate whether one money constitutes a perfect substitute for the record-keeping technology in a quasi-linear environment, where private information and limited commitment are present. We adopt the mechanism design approach and solve a planner's problem subject to various constraints. The result is that when money is divisible, concealable and in variable supply, one money may not be sufficient to replace the record-keeping technology. We further show that two monies are a perfect substitute for the record-keeping technology.