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The Demand for Money

Theoretical and Empirical Approaches

Medium: Buch
ISBN: 978-1-4419-4406-1
Verlag: Springer US
Erscheinungstermin: 04.11.2010
Lieferfrist: bis zu 10 Tage

Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. Firstofall,therewasthematter oftheinternaldynamicsofmacr- conomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on “The Keynesian Revolution and the Monetarist Counter- Revolution,” American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called “Key- sian Revolution” was — rightly or wrongly — that it didn’t matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an in?uence on these all important variables through a rather narrow range of market interest rates. C- ventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the jo- nals,anditiswithnocynicalintentthatIcon?rmJohnson’ssuggestion that those of us who embarked on academic careers in the ’60s found in this wisdom a ready-made target.


Produkteigenschaften


  • Artikelnummer: 9781441944061
  • Medium: Buch
  • ISBN: 978-1-4419-4406-1
  • Verlag: Springer US
  • Erscheinungstermin: 04.11.2010
  • Sprache(n): Englisch
  • Auflage: 2. Auflage Softcover version of original hardcover Auflage 2007
  • Produktform: Kartoniert, Previously published in hardcover
  • Gewicht: 616 g
  • Seiten: 382
  • Format (B x H x T): 155 x 235 x 23 mm
  • Ausgabetyp: Kein, Unbekannt
Autoren/Hrsg.

Autoren

Static Monetary Macroeconomics.- Classical Macroeconomic Theory.- Keynesian Macroeconomic Theory.- Dynamic Monetary Macroeconomics.- Models with Rational Expectations.- Neoclassical Growth Theory.- Monetary Growth Theory.- The Welfare Cost of Inflation.- Theoretical Approaches to the Demand for Money.- The Classics, Keynes, and Friedman.- Transactions Theories of Money Demand.- Portfolio Theories of Money Demand.- Empirical Approaches to the Demand for Money.- Conventional Demand for Money Functions.- Modeling Trends in the Variables of the Money Demand Function.- Cointegration and the Aggregate Demand for Money Function.- Balanced Growth, the Demand for Money, and Monetary Aggregation.- Cross-Country Evidence on the Demand for Money.- Microfoundations and Monetary Aggregation.- The Microeconomic Foundations of the Definition of Money.- The New Monetary Aggregates.- Nominal Stylized Facts.- Microfoundations and the Demand for Money.- The Nonparametric Approach to Demand Analysis.- The Parametric Approach to the Demand for Monetary Assets.- Locally Flexible Functional Forms and Demand Systems.- Globally Flexible Functional Forms and Demand Systems.- Microeconometrics and the Demand for Money.- The Econometrics of Demand Systems.- Applied Monetary Demand Analysis.- Future Research Agenda.