A Course in Monetary Economics: Sequential Trade, Money, and by Benjamin Eden

By Benjamin Eden

Книга A path in financial Economics: Sequential alternate, cash, and Uncertainity A path in financial Economics: Sequential alternate, 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 alternate is an insightful creation to the complicated issues in financial economics. available to scholars who've mastered the diagrammatic instruments of economics, it discusses genuine concerns with numerous modeling choices, taking into account an instantaneous comparability of the consequences of different versions. The exposition is apparent and logical, delivering an outstanding starting place in financial concept and the innovations of monetary modeling. The textual content is rooted within the author's years of educating and learn, and may be hugely appropriate for financial economics classes in either the upper-level undergraduate and graduate degrees.

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Example text

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). Assume now that the transfer payment is given in proportion to the amount of money held by each individual so that gt = −rm mt−1 .

The discrete rate of change in the purchasing power of money (the real rate of return on money) is: rmt = {(1/Pt ) − (1/Pt−1 )}/(1/Pt−1 ) = [1/(1 + πt )] − 1. 33) Since Taylor’s expansion leads to: 1/(1 + π) = 1 − π + π2 − π3 + · · · , we can approximate rm by −π for small π. The real value of the transfer payment is: gt = (Mt − Mt−1 )/Pt = mt − mt−1 (Pt−1 /Pt ) = mt − mt−1 (1 + rmt ). 35) where here μ = (Mt − Mt−1 )/Mt−1 is the discrete rate of change in the money supply. The discrete rate of change in real balances is: (mt − mt−1 )/mt−1 = (1 + μ)/(1 + π) − 1 = (1 + μ)(1 + rm ) − 1.

A type i tree promises the stream of dividends {dti }∞ t=1 and its price at time t is pti . Each individual starts with a portfolio of n trees: one tree from each type. t. Ct + n pti Ati = i=1 (pti At−1i + dti At−1i ) i=1 Ct , Ati ≥ 0 and A0i = 1 are given. 24) OVERVIEW 23 The derivation of the first order condition is similar to what we already did. We cut consumption at t by x units and invest it in x/pti trees of type i. We then use the infinite stream of dividends to augment consumption at τ > t.

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