Detail Money: In and out of equilibrium Bibliografi Author: Ramesh, Lalita ; Day, Richard H. (Advisor) Topik: ECONOMICS; GENERAL|ECONOMICS; THEORY Bahasa: (EN )    ISBN: 0-591-67292-8     Penerbit: University of Southern California     Tahun Terbit: 1997     Jenis: Theses - Dissertation Fulltext: 9816109.pdf (0.0B; 0 download) Abstract This dissertation investigates the causal link between money and real flows in an economy. Just as theoretical developments in recent years have addressed deficiencies in analyzing the supply side of the goods market, this analysis focuses on the supply of money. Emphasizing the distinction between commodity money and fiat money, an accounting approach is employed to obtain an expression for the latter. The accounts indicate that the stock of money (defined as cash and demand deposits) can be influenced by a change in vault cash holdings of banks, the budget deficit and the volume of aggregate credit. The latter part of the thesis is a theoretical investigation of the role of credit in the supply of money. A standard growth model is modified to include representative agents which are boundedly rational. The banking sector is incorporated explicitly to show that in the steady state (when all plans happen to coincide), aggregate credit is zero since the savings of agents in surplus exactly offset the borrowing of agents in deficit. The model also demonstrates that when the economy is out of equilibrium, uncertainty drives a wedge (reflected in a markup) between actual prices and their equilibrium values. Responding to these price signals, optimizing agents make plans which are inconsistent with one another. The resulting contingencies explain the special role of the bank as a financial intermediary which profits by creating liquidity. Accommodating changes in aggregate credit influence the stock of money. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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