By Benjamin Eden

Книга A direction in financial Economics: Sequential exchange, funds, and Uncertainity A direction in financial Economics: Sequential exchange, funds, and UncertainityКниги Экономика Автор: Benjamin Eden Год издания: 2004 Формат: pdf Издат.:Wiley-Blackwell Страниц: 424 Размер: 2 ISBN: 0631215662 Язык: Английский0 (голосов: zero) Оценка:Monetary Economics and Sequential exchange is an insightful creation to the complicated themes in financial economics. obtainable to scholars who've mastered the diagrammatic instruments of economics, it discusses genuine concerns with various modeling choices, making an allowance for an immediate comparability of the results of the various types. The exposition is apparent and logical, offering a superb beginning in financial concept and the strategies of financial modeling. The textual content is rooted within the author's years of educating and examine, and should be hugely appropriate for financial economics classes in either the upper-level undergraduate and graduate degrees.

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29) where M denotes the (per agent) money supply and μ is the rate of change in the money supply. 12 the government starts to increase the money supply at time t, at the rate of μ. The rate of inflation is π = d ln P/dt. The purchasing power of one dollar is 1/P and the rate of change in the purchasing power of a dollar is: d ln(1/P)/dt = −d ln P/dt = −π. 30) Thus, real balances depreciate at the rate of π. When the representative agent holds m units of real balances he loses πm per unit of time.

Does the technological change affect the individual level of current corn consumption (Yt )? 3 The same as 2 but now the change is to αf (m). 4 Answer 1–3 under the assumption that all individuals in the society experience the same changes. 5 Comparing your answer 4 to 1–3 what can you say about the cost of accumulating real balances? Distinguish between the cost to an individual and the cost to society. 50 INTRODUCTION TO MONETARY ECONOMICS 6 The government increases the rate of change in the money supply and as a result the economy jumps immediately (without a transition period) from one steady state to another steady state.

3 EQUILIBRIUM WITH CONSTANT MONEY SUPPLY The nominal quantity of money, M, is determined by the government. The price level P (an index of the money price of goods or the dollar price of corn in our model) is determined in equilibrium by the condition: f (M/P) = ρ. 25) Thus the price level adjusts so that the money supply M is willingly held. 25) and we start with P > P . In this case, real balances m = M/P are lower than the desired level: m = M/P . 4) but since the supply of money (M) is fixed, it is not possible for all agents to do it.

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