Equilibrium and Media of Exchange in a One-period General Equilibrium Model with Transactions Costs and Paper Money PDF Download
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Author: Rüdiger Pethig
Publisher:
ISBN:
Category :
Languages : en
Pages : 86
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Author: Rüdiger Pethig
Publisher:
ISBN:
Category :
Languages : en
Pages : 86
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Book Description
Author: Ross M. Starr
Publisher: Academic Press
ISBN: 1483273512
Category : Business & Economics
Languages : en
Pages : 364
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Book Description
General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory is a collection of essays that addresses the integration of the theory of money and the theory of value by using a mathematical general equilibrium theory. The papers discuss monetary theory, microeconomic theory, bilateral trade, transactions costs, intertemporal allocation, and the value of money. The Arrow-Debreu model of Walrasian general equilibrium theory provides a framework to represent money as a device for facilitating trade among economic agents without the use of money as a medium of exchange and as a store of value. The essays analyze the rationale for using a medium of exchange, for using a store of value, and for holding of idle balances in equilibrium. The essays show that by explicit modeling of the structure and difficulties of trade, a powerful class of models which deny money and finance a role in the economy, has by itself shown to have provided the foundation for the structures of trade. The collection will prove helpful for economists, statistician, mathematicians, students or professors of economics and business.
Author: Julio Rotemberg
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 44
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Book Description
This paper presents the competitive equilibrium of an economy in which people hold money for transactions purposes. It studies both the steady states which result from different rates of monetary expansion and the effects of such non-steady state events as an open market operation. Even though the model features no uncertainty and perfect foresight, open market operations affect aggregate output. In particular, a simultaneous increase in money and governmental holdings of capital temporarily raises aggregate capital and output while it lowers the real rate of interest on capital.
Author: Julio Rotemberg
Publisher:
ISBN: 9781332270606
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
Excerpt from A Monetary Equilibrium Model With Transactions Costs This paper presents the competitive equilibrium of an economy in which people hold money for transactions purposes. It studies both the steady states which result from different rates of monetary expansion and the effects of such non steady state events as an open market operation. Even though the model features no uncertainty and perfect foresight, open market operations affect aggregate output. In particular, a simultaneous increase in money and governmental holdings of capital temporarily raises aggregate capital and output while it lowers the real rate of interest on capital. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Ross M. Starr
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
Mathematical general equilibrium analysis has to date developed almost completely without reference to monetary phenomena or money as a commodity. Clearly this leaves us somewhat at sea in looking for a mathematical general equilibrium analysis of a monetary economy. This gap in the theory reflects actually a more fundamental lacuna, the absence of a theory of transactions. Money's primary function--the one from which its other roles derive--is as a medium of exchange, a facilitator of transactions. But what do transactions look like in a general equilibrium model. The story that is usually told to describe the market of a general equilibrium model is something like this: All the traders get together in one place with an auctioneer. The latter eventually calls out equilibrium prices. All traders then put their excess supplies at those prices into a central pile of goods and withdraw from that pile their excess demands. Because the prices are equilibrium prices, supplies and demands balance and no trader is left with an unsatisfied demand. (Author).
Author: Seppo Honkapohja
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 34
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Author: Pascal Bridel
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
Bridel (economics, U. of Lausanne, Switzerland) reconstructs the pioneering attempts of Leon Walras (1834-1910) and Vilfredo Pareto (1848-1923) to coordinate money and general equilibrium theory. He argues that the very logic of the original static general equilibrium model excludes the integration of monetary and value theory, shows how money is prevented from playing its essential role as a social institution in allowing monetary exchanges between individuals, and calls for some radical re- thinking about the theoretical construction on which much modern economic theory is based. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Atsushi Kajii
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
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Author: K.R. Pearson
Publisher: Elsevier
ISBN: 008093403X
Category : Business & Economics
Languages : en
Pages : 409
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Book Description
"General-equilibrium" refers to an analytical approach which looks at the economy as a complete system of inter-dependent components (industries, households, investors, governments, importers and exporters). "Applied" means that the primary interest is in systems that can be used to provide quantitative analysis of economic policy problems in particular countries. Reflecting the authors' belief in the models as vehicles for practical policy analysis, a considerable amount of material on data and solution techniques as well as on theoretical structures has been included. The sequence of chapters follows what is seen as the historical development of the subject. The book is directed at graduate students and professional economists who may have an interest in constructing or applying general equilibrium models. The exercises and readings in the book provide a comprehensive introduction to applied general equilibrium modeling. To enable the reader to acquire hands-on experience with computer implementations of the models which are described in the book, a companion set of diskettes is available.
Author: Ross M. Starr
Publisher:
ISBN:
Category : Exchange
Languages : en
Pages : 266
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Book Description
