By William A. Barnett (editor), Kenneth J. Singleton (editor)
New techniques to financial Economics brings jointly displays of cutting edge study within the box of economic economics. a lot of this learn develops and applies techniques to modelling monetary intermediation, combination fluctuations, financial aggregation and transactions-motivated financial equilibrium. The contents of this quantity include the lawsuits of the second one in a convention sequence entitled foreign Symposia in fiscal concept and Econometrics. This convention used to be held in 1985 on the IC2 Institute on the college of Texas at Austin. The symposia during this sequence are backed through the IC2 Institute and the RGK beginning. New methods to financial Economics, edited via Professors William A. Barnett and Kenneth J. Singleton, includes 5 components. half I examines transactions-motivated financial retaining as a rule equilibrium; half II, monetary intermediation; half III, financial aggregation concept, half IV, concerns in combination fluctuation; and half V, theoretical matters within the foundations of financial economics and macroeconomics.
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Extra resources for New Approaches to Monetary Economics: Proceedings of the Second International Symposium in Economic Theory and Econometrics (International Symposia in Economic Theory and Econometrics (No. 2))
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25. It can be seen that the short-run effects described earlier are absent, and more importantly that ir(t) = r(t)-l3. Figure 12 incorporates a transactions cost so high that people never find it optimal to exhaust their cash between pay periods (k = infinity). This corresponds to the Grossman-Weiss (1983) model. As we noted in Section 3, there is virtually zero interest elasticity of the demand for money in this case, so movements in money are extremely small relative to Figure 11, as is clear from the scale of the money axis.
5. 0325 0 10 20 30 40 50 60 70 80 90 100 110 Figure 8. 2. 25). Though the money-supply path is qualitatively the same in all the figures, there are important quantitative differences. The first thing to note is that the money scale is different on each of the figures. 03 0 10 20 30 40 50 60 70 80 90 100 110 Figure 9. 9. consistent with the interest-rate path rises. 5 (Figure 7) the money-supply oscillations are on the order of 197b. However, by Figure 10 the money-supply oscillations are on the order of 50%.
And L. Weiss. 1983. " American Economic Review 73: 871-80. Leach, J. 1983. " Unpublished mimeo, Department of Economics, McMaster University. , and N. Stokey. 1983. " Journal of Monetary Economics 12: 55-93. Rotemberg, J. 1984. " Journal of Political Economy 92: 40-58. , and N. Wallace. 1975. " Journal of Political Economy 83: 241-54. Sidrauski, M. 1967. " Journal of Political Economy 75: 798-810. CHAPTER 2 A multiple means-of-payment model Edward C. Prescott In this chapter we study an economy in which there are two technologies for making payments.