By Benjamin Eden
Книга A path in financial Economics: Sequential exchange, funds, and Uncertainity A direction in financial Economics: Sequential alternate, cash, 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 advent to the complicated themes in financial economics. available to scholars who've mastered the diagrammatic instruments of economics, it discusses genuine concerns with numerous modeling possible choices, taking into account an immediate comparability of the results of the several versions. The exposition is obvious and logical, supplying a superior beginning in financial thought and the suggestions of monetary modeling. The textual content is rooted within the author's years of training and learn, and should be hugely appropriate for financial economics classes in either the upper-level undergraduate and graduate degrees.
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Extra resources for A Course in Monetary Economics: Sequential Trade, Money, and Uncertainity
15) by ΔCt = −x, yields the price of Ct in terms of Ct+1 : −ΔCt+1 /ΔCt = 1 + [f (m + x) − f (m)]/x. 16) When x is small, we may approximate: [f (m + x) − f (m)]/x ≈ f (m). 4 The marginal product of real balances, f (m), plays the role of the interest rate in the standard Fisherian model. In Fisher’s model if you deposit an amount of money which can buy a unit of corn in the bank you will get next period an amount that can buy 1 + r units of corn, where r is the real interest rate. In our model, if you add to your money holdings an amount that can buy a unit of corn, you will get the equivalent of 1 + f (m) units of corn next period.
2 THE MULTI-PERIOD, SINGLE-AGENT PROBLEM We are now ready to discuss the choice of real balances. 8) where U( ) has the standard properties of a single period utility function and f( ) has the standard properties of a production function, with f (0) = 0. Indeed we may think of real balances as an input in the production of consumption (liquidity services). Although money is useful only if there are many goods, we simplify the discussion by assuming that there is only one non-storable good: Corn.
8. He will choose to accumulate real balances by giving up x units of corn and moving to point B. 8) and he may choose either to continue and accumulate real balances (if m + x < m ) or maintain the level he has (if m + x = m ). In any case, to accumulate real balances Mr. 8. Consider now the case in which all the agents in the economy lost money or paid some money as lump sum taxes to the government. In this case, they will all try to move to point B by selling corn for money. Since the money supply is constant, this leads only to a decline in the price level.