Three Essays In Monetary Theory PDF Download
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Author | : Ludwig Van den Hauwe |
Publisher | : BoD – Books on Demand |
Total Pages | : 188 |
Release | : 2009 |
Genre | : Monetary policy |
ISBN | : 2810602212 |
Download Three Essays in Monetary Theory Book in PDF, ePub and Kindle
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 | : Mei Dong |
Publisher | : |
Total Pages | : 174 |
Release | : 2009 |
Genre | : Money |
ISBN | : |
Download Three Essays on Monetary Economics Book in PDF, ePub and Kindle
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.
Author | : Feng Zhou |
Publisher | : |
Total Pages | : 271 |
Release | : 2004 |
Genre | : |
ISBN | : |
Download Three Essays in Macroeconomic Empirics and Monetary Theory Book in PDF, ePub and Kindle
Author | : Ludwig van den Hauwe |
Publisher | : BoD – Books on Demand |
Total Pages | : 190 |
Release | : 2009 |
Genre | : |
ISBN | : 3837021211 |
Download Three Essays in Monetary Theory Book in PDF, ePub and Kindle
Author | : Sir Dennis Holme Robertson |
Publisher | : |
Total Pages | : 262 |
Release | : 1956 |
Genre | : Balance of trade |
ISBN | : |
Download Essays in Monetary Theory Book in PDF, ePub and Kindle
Author | : Yong Bang Chung |
Publisher | : |
Total Pages | : 322 |
Release | : 1988 |
Genre | : |
ISBN | : |
Download Three Essays in Monetary Economic Theory Book in PDF, ePub and Kindle
Author | : John Smithin |
Publisher | : World Scientific Publishing Company |
Total Pages | : 341 |
Release | : 2013-06-27 |
Genre | : Business & Economics |
ISBN | : 9814525294 |
Download Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics Book in PDF, ePub and Kindle
This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.
Author | : Sir Dennis H. Robertson |
Publisher | : |
Total Pages | : 252 |
Release | : 1956 |
Genre | : |
ISBN | : |
Download Essays in Monetary Theory Book in PDF, ePub and Kindle
Author | : Haitao Xiang |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : Banks and banking |
ISBN | : |
Download Three Essays on Monetary Economics Book in PDF, ePub and Kindle
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 | : Nicholas Adam Curott |
Publisher | : |
Total Pages | : 198 |
Release | : 2012 |
Genre | : Banks and banking |
ISBN | : |
Download Three Essays on the History of Monetary Theory and Banking Practice Book in PDF, ePub and Kindle