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Money And Output
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Book Synopsis Money, Exchange Rates, and Output by : Guillermo A. Calvo
Download or read book Money, Exchange Rates, and Output written by Guillermo A. Calvo and published by MIT Press. This book was released on 1996 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroeconomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and survey the current state of macroeconomic theory. Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition economics.
Book Synopsis Classical Theories of Money, Output and Inflation by : Roy Green
Download or read book Classical Theories of Money, Output and Inflation written by Roy Green and published by Springer. This book was released on 2016-07-27 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the conventional view that monetarism is a necessary part of classical economics and shows, in an historical account of monetary controversy, that the framework upon which classical analysis is based suggests an alternative account of the inflationary process. A corollary of the argument is that the monetarist approach is a logically necessary component of neoclassical analysis and that any attempt to criticise that approach in a fundamental way must involve an explicit rejection of the conceptual structure of neoclassical economics.
Book Synopsis Why Does Money Affect Output? by : Olivier J. Blanchard
Download or read book Why Does Money Affect Output? written by Olivier J. Blanchard and published by . This book was released on 1987 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why movements in nominal money appear to have strong and lasting effects on real activity is one of the most difficult questions in macroeconomics. The paper surveys the state of knowledge on the issue. with a focus on recent developments. The paper starts by reviewing the evolution of thought from Keynes' emphasis on wages to the "wage price mechanism" of the early 1970's. as well as the facts on the relation between money. prices and output. Prom this review. it concludes that the intellectual crisis of the 1970's came not from the inability of the prevailing theory to explain the facts -which it had mostly right-. but from the weakness of its theoretical foundations. The paper then examines the reconstruction effort. Two alternative strategies have been followed. The first has been to break with previous research and explore how far models based on perfect competition and imperfect information could go in explaining the effects of money on activity. This strategy has largely fizzled and its proponents moved away from the money-output issue. The second has been instead to explore whether the many insights of previous research could be made more rigorous and has focused on the potential role of imperfect competition in labor and goods markets ; substantial progress has been made. but no grand synthesis has emerged. nor is likely to in the foreseeable future
Book Synopsis Output And The Role Of Money: An Overview Of Macroeconomic Theory by : Mushin Jerry
Download or read book Output And The Role Of Money: An Overview Of Macroeconomic Theory written by Mushin Jerry and published by World Scientific Publishing Company. This book was released on 2002-10-25 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This invaluable book is an introduction to macroeconomic theory and policy. It provides the background of numerous issues that are of current importance. Although its primary purpose is to serve as a resource for undergraduates, it will also be useful to other readers. Despite being an introduction to the subject, its approach is not superficial, and complex issues are not ignored. Theory is related to practical issues. Particular attention is devoted to open-economy theory and the international constraints on the domestic economy. As is usual in economic matters, the conclusions are frequently tentative. Economic theory does not always provide answers. It does,however, encourage people to ask useful questions. And that is one of the aims of this book.An accompanying Instructors' Guide to Output and the Role of Money is available free to instructors who adopt Output and the Role of Money as a course book. The guide, Macroeconomic Thinking, is designed by the author to ensure that instructors' students derive maximum value from the book. The author has found that students enjoy the style of teaching presented and that it produces graduates who are knowledgeable and enthusiastic about economic theory and its applications.
Book Synopsis The General Theory of Employment, Interest, and Money by : John Maynard Keynes
Download or read book The General Theory of Employment, Interest, and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
Book Synopsis Monetary Policy Rules by : John B. Taylor
Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Book Synopsis Inflation, Nominal Interest Rates, and the Variability of Output by : Mr.Bankim Chadha
Download or read book Inflation, Nominal Interest Rates, and the Variability of Output written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1996-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. When both disturbances are significant, there exists, in general, a critical non-zero trend inflation rate that minimizes the variance of output.
Book Synopsis Monetary Theory and Policy by : Carl E. Walsh
Download or read book Monetary Theory and Policy written by Carl E. Walsh and published by MIT Press. This book was released on 2003 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of recent theoretical and policy-related developments in monetary economics.
Book Synopsis Monetarist Economics by : Milton Friedman
Download or read book Monetarist Economics written by Milton Friedman and published by Wiley-Blackwell. This book was released on 1991-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Explaining International Comovements of Output and Asset Returns by : Robert Miguel W. K. Kollman
Download or read book Explaining International Comovements of Output and Asset Returns written by Robert Miguel W. K. Kollman and published by International Monetary Fund. This book was released on 1999-06-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in the Real Business Cycle tradition, have great difficulties explaining this fact. This paper presents a dynamic-optimizing stochastic general equilibrium model of a two-country world with sticky nominal prices and wages and a flexible exchange rate. The structure here predicts positive international transmission of country-specific monetary policy and technology shocks, and it generates sizable cross-country correlations of output and of asset returns.
Book Synopsis Effects of Money on Output and Prices by : John Rutledge
Download or read book Effects of Money on Output and Prices written by John Rutledge and published by . This book was released on 1980* with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money and Inflation: Some Critical Issues by : Bennett T. McCallum
Download or read book Money and Inflation: Some Critical Issues written by Bennett T. McCallum and published by DIANE Publishing. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money Versus Credit in the Determination of Output for Small Open Economies by : International Monetary Fund
Download or read book Money Versus Credit in the Determination of Output for Small Open Economies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-09-27 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has been argued that domestic credit is therefore the relevant variable in output determination as well. However, this paper demonstrates, using a “new classical” structural model, that under the conditions that render the money supply uncontrollable, neither money nor domestic credit affects output. If either has a significant effect in empirical tests, it implies that the assumption of perfect capital mobility is not satisfied.
Book Synopsis Money, Output, and Prices Evidence From a New Monetary Aggregate by : Julio Rotemberg
Download or read book Money, Output, and Prices Evidence From a New Monetary Aggregate written by Julio Rotemberg and published by Forgotten Books. This book was released on 2015-07-23 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Money, Output, and Prices Evidence From a New Monetary Aggregate How monetary shocks affect prices and real activity are two of the central questions in macroeconomics. The implications of various theoretical models addressing these issues have been explored in literally hundreds of empirical papers. Despite the substantial interest in what money does, there is little consensus on what money is. Most previous empirical studies use relatively arbitrary rules in deciding which assets are monetary, and which are not. By choosing to study how the monetary base, or M1, or M2, affects prices and real activity, researchers implicitly made judgments about the identity of monetary assets. Narrow definitions of money, such as the base, exclude a variety of assets that provide liquidity services. Broader definitions, such as M2, give equal weight to a variety of assets with arguably quite different liquidities. This is hardly more defensible than constructing a measure of GNP by adding together the physical volume of output in different industries! A more attractive approach involves weighting different assets by the value of the monetary services they provide. This principle underlies Barnett's(1980) derivation of Divisia monetary aggregates. The continued widespread use of conventional aggregates is particularly surprising, since research has repeatedly shown Divisia aggregates to be at least as good at predicting GNP. In this paper we propose a new monetary aggregate, the currency-equivalent (CE) aggregate, which is related to the Divisia aggregates. The CE aggregate is a time-varying weighted average of the stocks of different monetary assets, with weights which depend on each asset's yield relative to that on a benchmark "zero liquidity" asset. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis Monetary Theory and Fiscal Policy by : Alvin Harvey Hansen
Download or read book Monetary Theory and Fiscal Policy written by Alvin Harvey Hansen and published by Pickle Partners Publishing. This book was released on 2018-12-02 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: IN TRADITIONAL economics the theory of money and the theory of output have been treated separately with little or no tendency toward integration. First Wicksell and then Keynes gave impetus to the movement to combine the theory of money with that of output as a whole. Drawing on classical economics and the modern aggregate analysis of Keynes, Professor Hansen in this volume succeeds in writing a book which, unlike the classical studies, shows the importance of money in the theory of output as a whole; and which, unlike numerous modern writings (e.g., of Hawtrey, Douglas, Hayek), avoids overemphasizing the importance of money. Here is a book that shows what monetary policy can and cannot achieve and why it has often failed in the past; the necessary supplementary role of monetary policy as an aid to fiscal policy; and the manner of integrating monetary and fiscal policy, in periods of both depression and inflation, as prerequisites for assuring a stable economy. Professor Hansen has drawn on his rich experience over thirty-five years in the study of cycles, fiscal policy, and international economics, and on his many years as an economic practitioner to write a book that makes use of the riches of classical economics, as well as neoclassical and Keynesian economics. The book should, for many years to come, be the standard work on monetary theory and fiscal policy as determinants of output. The reader will find here not only the modern theory of money and fiscal policy, but also rich surveys covering the last 150 years, reinterpreted with the tools of modern economics. He will find also suggestions, based on theory and history, for a policy in the years to come that will yield the high levels of income and stability without which the survival of democratic institutions is most unlikely.
Book Synopsis Output and Inflation Co-movement by : Michal Andrle
Download or read book Output and Inflation Co-movement written by Michal Andrle and published by International Monetary Fund. This book was released on 2017-01-18 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations are driven by one major factor. The positive co-movement of real output and inflation convincingly argues for a demand story. We propose a simple statistic that can compare data and models. Based on this statistic, we show that the recent vintage of structural economic models has difficulties replicating the stylized facts we document.
Book Synopsis Money, Output, and Prices by : Julio J. Rotemberg
Download or read book Money, Output, and Prices written by Julio J. Rotemberg and published by . This book was released on 1991 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
