Finance Constraints And The Theory Of Money

Author : S. C. Tsiang
Publisher : Academic Press
Page : 417 pages
File Size : 49,8 Mb
Release : 2014-05-10
Category : Business & Economics
ISBN : 9781483276083

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Finance Constraints and the Theory of Money by S. C. Tsiang Pdf

Finance Constraints and the Theory of Money: Selected Papers gathers together the work of S. C. Tsiang, one of the most cogent critics of the Keynesian stock approach to money in all its forms and one of the foremost champions of the flow approach. Tsiang's papers focus on finance constraints and the theory of money, tackling topics such as the role of money in trade-balance stability and the monetary theoretic foundation of the modern monetary approach to the balance of payments, as well as the diffusion of reserves and the money supply multiplier. Comprised of 17 chapters, this volume begins by providing a background to the development of Tsiang's thinking on monetary theory and why he objected to the Keynesian stock equilibrium approach to money. The reader is then introduced to speculation and income stability; misconceptions in monetary theory and their influences on financial and banking practices; and liquidity preference in general equilibrium analysis. Subsequent chapters deal with the optimum supply of money; the total inadequacy of "Keynesian" balance of payments theory; and the rationale of the mean-standard deviation analysis, skewness preference, and the demand for money. This book will be a useful resource for practitioners interested in economic theory, econometrics, and mathematical economics.

Author : Sho-chieh Tsiang,John Hicks,David E. W. Laidler,Alan C. Stockman
Publisher : Unknown
Page : 403 pages
File Size : 52,8 Mb
Release : 1989-01-01
Category : Business & Economics
ISBN : 0127017216

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Finance Constraints and the Theory of Money by Sho-chieh Tsiang,John Hicks,David E. W. Laidler,Alan C. Stockman Pdf

Author : Meir G. Kohn,Sho-chieh Tsiang
Publisher : Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press
Page : 288 pages
File Size : 43,9 Mb
Release : 1988
Category : Business & Economics
ISBN : STANFORD:36105038422049

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Finance Constraints, Expectations, and Macroeconomics by Meir G. Kohn,Sho-chieh Tsiang Pdf

The incompleteness of financial markets and the existence of finance constraints provide an explanation for the sort of coordination problem that afflicts real-world economies, but is absent from simplistic New Classical models. Providing an understanding of monetary and macroeconomic issues in terms of "imperfections," leading economic theorists--including Hicks, Greenwald, Stiglitz, and Aoki--here examine an important new area of macroeconomic theory--the implications of the finance-constraint approach to monetary theory.

Author : Jacob Cohen
Publisher : Unknown
Page : 0 pages
File Size : 42,6 Mb
Release : 1987
Category : Electronic
ISBN : 9024726050

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The Flow of Funds in Theory and Practice by Jacob Cohen Pdf

Author : J. Cohen
Publisher : Springer Science & Business Media
Page : 351 pages
File Size : 54,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789400936751

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The Flow of Funds in Theory and Practice by J. Cohen Pdf

The central emphasis in the book is on the transaction and the constraints that its architecture imposes on a discussion of monetary theory and policy. Because of their comprehensiveness and discipline the flow-of-funds accounts are the ideal vehicle for theorizing about real and financial interaction. Such int- action can best be understood when real and financial transac tions are expressed in a common flow dimension. Each decision by economic agents is seen as two-ended in terms of markets: one market supplies the source of funds and the second market absorbs these funds. A matrix of interdependent markets is featured throughout the theoretical discussion. Credit markets, and the bank credit market in particular, become the source of disturbance in the theoretical model, but the necessary involve ment of the money market is also stressed. Theories of finan cial instability and crisis now receiving considerable attention are part of the more general theory of the flow of funds. The rationale for the monetary authority to target credit rather than the monetary aggregates emerges from the analytical discus sion. A flow-constrained analysis clarifies interest-rate deter mination, provides a helpful format for discussing equilibrium and disequilibrium, integrates credit markets with the familiar IS-LM framework, and identifies a class of missing equations in macro-monetary theory. The prototype of the missing equations is an equation explaining monetary dissaving in terms of a series of arguments only one of which will be the stock of real balances or real wealth.

Author : Ross M. Starr
Publisher : Edward Elgar Publishing
Page : 177 pages
File Size : 48,7 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857938060

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Why is There Money? by Ross M. Starr Pdf

'This book makes compelling reading for anyone interested in exploring the foundations of monetary theory from a rigorous general equilibrium perspective.' – Gabriele Camera, Purdue University, US 'Introducing the Arrow-Debreu-Starr model of monetary general equilibrium, Professor Starr provides the best defense ever made for the relevance of the Walrasian model to the pure theory of money. While most monetary theorists ventured to the overlapping generations model and then to the search model, only to create recently a hybrid search-Walrasian model, Starr presents the culmination of a patient, career-long effort to integrate money into the basic Walrasian model, with realistic taxation critically helping the government's money to dominate.' – Dror Goldberg, Bar Ilan University, Israel The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book.

Author : Richard Coghlan
Publisher : London : Macmillan
Page : 300 pages
File Size : 54,7 Mb
Release : 1980
Category : Business & Economics
ISBN : UCAL:B4391082

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The Theory of Money and Finance by Richard Coghlan Pdf

Author : Martin Shubik
Publisher : MIT Press (MA)
Page : 390 pages
File Size : 42,5 Mb
Release : 1999
Category : Financial institutions
ISBN : 0262194287

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The Theory of Money and Financial Institutions by Martin Shubik Pdf

The third and last volume of a work aimed at providing the theoretical underpinnings for an economic dynamics.

Author : Lester D. Taylor
Publisher : Springer Science & Business Media
Page : 296 pages
File Size : 44,8 Mb
Release : 2010-09-10
Category : Business & Economics
ISBN : 9780387981697

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Capital, Accumulation, and Money by Lester D. Taylor Pdf

Capital, Accumulation, and Money: An Integration of Capital, Growth, and Monetary Theory is a book about capital and money. A root concept of capital is formulated that allows for most existing concepts of capital to be unified and related to one another in consistent fashion. Capital and monetary theory are integrated in a non-mathematical framework that imposes a number of constraints on the macro behavior of an economy, constraints which make for the straightforward understanding of such concepts as the real stock of money, real-balance effects, and the general price level. New and illuminating insights are also provided into aggregate supply and demand, natural and money rates of interest, the relationship between real and monetary economies, and economic growth and development. This fully expanded, revised, and updated edition features important new material on a variety of timely topics, including: * Factors leading to the financial meltdown and turmoil of 2007-09; * Why bubbles form in asset markets and how these impact on the real economy; * The importance of a lender-of-last-resort in times of financial stress; * Future financing and funding of the U. S. Social Security System. Additionally, the author offers a number of ideas for alleviating the severity, if not the avoidance altogether, of financial crises in the future. This is a book for those -- students (both graduate and undergraduate) and their teachers, investors, and the informed public -- who want an understanding of how economies and financial markets function, without an advanced degree in mathematics.

Author : John G. Gurley,Edward Stone Shaw
Publisher : Brookings Institution Press
Page : 396 pages
File Size : 44,5 Mb
Release : 1960
Category : Business & Economics
ISBN : STANFORD:20501162452

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Money in a Theory of Finance by John G. Gurley,Edward Stone Shaw Pdf

Author : Martin Shubik
Publisher : MIT Press
Page : 472 pages
File Size : 44,7 Mb
Release : 1999
Category : Business & Economics
ISBN : 0262693119

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The Theory of Money and Financial Institutions by Martin Shubik Pdf

This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

Author : John Hicks,John Richard Hicks,Former Drummond Professor of Political Economy John Hicks
Publisher : Oxford University Press on Demand
Page : 151 pages
File Size : 40,9 Mb
Release : 1989
Category : Business & Economics
ISBN : 9780198287247

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A Market Theory of Money by John Hicks,John Richard Hicks,Former Drummond Professor of Political Economy John Hicks Pdf

Explains the way in which economic theory has been adjusted to reflect developments in the real economy. The author outlines a theory, which links competitive markets with the monetary sector.

Author : L. Randall Wray
Publisher : Springer
Page : 322 pages
File Size : 52,9 Mb
Release : 2015-09-22
Category : Business & Economics
ISBN : 9781137539922

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Modern Money Theory by L. Randall Wray Pdf

This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

Author : Kose John,Anil K. Makhija
Publisher : Emerald Group Publishing
Page : 210 pages
File Size : 40,5 Mb
Release : 2011-03-31
Category : Business & Economics
ISBN : 9780857249159

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International Corporate Governance by Kose John,Anil K. Makhija Pdf

Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.

Author : Stephanie Kelton
Publisher : PublicAffairs
Page : 311 pages
File Size : 48,9 Mb
Release : 2020-06-09
Category : Business & Economics
ISBN : 9781541736207

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The Deficit Myth by Stephanie Kelton Pdf

A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.