Permanent Income Hypothesis, Interest Rates and the Demand for Money PDF Download
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Author: George Macesich
Publisher:
ISBN:
Category : Interest
Languages : en
Pages : 84
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Book Description
Author: George Macesich
Publisher:
ISBN:
Category : Interest
Languages : en
Pages : 84
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Book Description
Author: Donald Lee Campbell
Publisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 122
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Author: Richard Einer Peterson
Publisher:
ISBN:
Category :
Languages : en
Pages : 272
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Book Description
Author: Carolyn Clark
Publisher:
ISBN:
Category : Income
Languages : en
Pages : 274
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Book Description
Author:
Publisher:
ISBN:
Category : Crops and climate
Languages : en
Pages : 32
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Author: Patric H. Hendershott
Publisher:
ISBN:
Category : Currency question
Languages : en
Pages : 50
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Author: William Johnson Frazer
Publisher:
ISBN:
Category : Liquidity (Economics).
Languages : en
Pages : 392
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Author: Manuel Flores Montes
Publisher:
ISBN:
Category : Cost and standard of living
Languages : en
Pages : 266
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Author: Truman Fassett Bewley
Publisher:
ISBN:
Category : Permanent income theory
Languages : en
Pages : 144
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Book Description
This paper defends the view that in dealing with a consumer's reponse to short-term changes, it is reasonable to assume that the marginal utility of money is constant. A theoretical defense of this view is made in terms of the consumer's intertemporal maximization problem. It is assumed that the consumer may hold money, but may not borrow. The consumer's utility function is assumed to be additively separable with respect to time. Prices, the consumer's income, and his utility function for each period are assumed to fluctuate according to a stationary stochastic process. It is proved that if the time horizon of the consumer's problem is sufficiently distant, if his discount rate for future utility is sufficiently small, and if he has a sufficient quantity of money, then the marginal utility of money is nearly independent of current prices and income and is nearly constant over time. The proof of these facts is based on economic common sense and the strong law of large numbers for stationary processes. (Author).
Author: David E. W. Laidler
Publisher: Fire Engineering Books & Videos
ISBN:
Category : Business & Economics
Languages : en
Pages : 196
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