By Benjamin Eden
Книга A direction in financial Economics: Sequential alternate, funds, and Uncertainity A direction in financial Economics: Sequential exchange, 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 creation to the complex issues in financial economics. obtainable to scholars who've mastered the diagrammatic instruments of economics, it discusses actual concerns with quite a few modeling choices, making an allowance for an instantaneous comparability of the results of different types. The exposition is obvious and logical, delivering a high-quality beginning in financial concept and the innovations of financial modeling. The textual content is rooted within the author's years of educating and study, and may be hugely compatible 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
It is assumed that there exists a satiation level m ¯ such that f (m) > 0 when m < m; ¯ = 0; f (m) < 0 when m > m. 3 illustrates these properties. 4 illustrates the “budget lines” in the (Ct+1 , Ct ) plane. There are three “budget lines” deﬁned for three levels of real balances: m ¯ > m > m . Note that the slope of the budget lines goes down with m and is equal to unity when m = m. 10) and setting dCτ = 0 for τ < t and for τ > t + 1. 18) and is equal to 1 + ρ along the 45◦ line, when Ct = Ct+1 .
7 Assume that the economy was in a steady state equilibrium and at time t all individuals experience a change in taste: ρ goes up. What will be the rate of inﬂation in the new steady state? What will happen to the rate of inﬂation in the transition to the new steady state? 8 Assume that liquidity services are described by the function f (m) = mα . What do we assume about α? What is the demand for money in a steady-state equilibrium as a function of π and ρ? (Develop a logarithmic expression). 9 In the text we wrote the budget constraint in real terms as: mt = Y¯ − Yt + mt−1 (1 + rm )+gt , where gt was exogenous from the consumer’s point of view (it did not depend on any of the choices he made).
How low should we go? We will examine this question using a variety of models starting from the money in the utility function approach used among others by Patinkin (1965), Sidrauski (1967) and Friedman (1969). This approach assumes that money is held because it yields some services and the way to model it is to assume a utility function in which real balances enter as an argument. It has been criticized because it does not provide an explicit description of the role of money. We will nevertheless exposit this model and derive a policy implication.