Starr General Equilibrium Models of Monetary Economies

Studies in the Static Foundations of Monetary Theory
1. Auflage 2014
ISBN: 978-1-4832-7351-8
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 364 Seiten, Web PDF

General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory is a collection of essays that addresses the integration of the theory of money and the theory of value by using a mathematical general equilibrium theory. The papers discuss monetary theory, microeconomic theory, bilateral trade, transactions costs, intertemporal allocation, and the value of money. The Arrow-Debreu model of Walrasian general equilibrium theory provides a framework to represent money as a device for facilitating trade among economic agents without the use of money as a medium of exchange and as a store of value. The essays analyze the rationale for using a medium of exchange, for using a store of value, and for holding of idle balances in equilibrium. The essays show that by explicit modeling of the structure and difficulties of trade, a powerful class of models which deny money and finance a role in the economy, has by itself shown to have provided the foundation for the structures of trade. The collection will prove helpful for economists, statistician, mathematicians, students or professors of economics and business.

Autoren/Hrsg.

Starr, Ross M.

Inhaltsverzeichnis

1;Front Cover;1
2;General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory;4
3;Copyright Page;5
4;Table of Contents;8
5;Dedication;6
6;Part I: Monetary Theory and Microeconomic Theory;12
6.1;CHAPTER 1. MONEY IN FORMAL GENERAL EQUILIBRIUM ANALYSIS;14
6.2;CHAPTER 2. A SUGGESTION FOR SIMPLIFYING THE THEORY OF MONEY;18
6.3;A Suggestion for Simplifying the Theory of Money;19
6.4;CHAPTER 3. MONEY, CAPITAL, AND OTHER STORES OF VALUE;36
6.5;MONEY, CAPITAL, AND OTHER STORES OF VALUE;37
7;Part II: Bilateral Trade;50
7.1;SECTION 1: Classical Writers;52
7.1.1;CHAPTER 4. BILATERAL TRADE: MONEY AS A MEDIUM OF EXCHANGE;52
7.1.2;CHAPTER 5. OF THE ORIGIN AND USE OF MONEY;58
7.1.3;An Inquiry into the Nature and Causes of the Wealth of Nations;59
7.1.4;CHAPTER 6. MONEY AND THE MECHANISM OF EXCHANGE;66
7.1.5;MONEY AND THE MECHANISM OF EXCHANGE;67
7.1.6;CHAPTER 7. ON THE ORIGIN OF MONEY;78
7.1.6.1;ON THE ORIGIN OF MONEY;79
7.2;SECTION 2: Non-Monetary, Non-Market Trade;94
7.2.1;CHAPTER 8. BILATERAL TRADING PROCESSES, PAIRWISE OPTIMALITY, AND PARETO OPTIMALITY;94
7.2.1.1;Bilateral Trading Processes, Pairwise Optimality, and Pareto Optimality;96
7.2.2;CHAPTER 9. PAIRWISE, t-WISE, AND PARETO OPTIMALITIES;108
7.2.2.1;PAIRWISE, t-WISE, AND PARETO OPTIMALITIES;110
7.3;SECTION 3: Bilateral Market Trade;124
7.3.1;CHAPTER 10. THE INFORMATIONAL EFFICIENCY OF MONETARY EXCHANGE;124
7.3.1.1;The Informational Efficiency of Monetary Exchange;126
7.3.2;CHAPTER 11. THE STRUCTURE OF EXCHANGE IN BARTER AND MONETARY ECONOMIES;140
7.3.2.1;THE STRUCTURE OF EXCHANGE IN BARTER AND MONETARY ECONOMIES;142
7.3.3;CHAPTER 12. MONEY AND THE DECENTRALIZATION OF EXCHANGE;156
7.3.3.1;MONEY AND THE DECENTRALIZATION OF EXCHANGE;160
7.3.4;CHAPTER 13. DECENTRALIZED NON-MONETARY TRADE;182
7.3.4.1;DECENTRALIZED NONMONETARY TRADE;183
8;Part III: Transaction Costs and Intertemporal Allocation;186
8.1;CHAPTER 14. TRANSACTION COSTS AND INTERTEMPORAL ALLOCATIONS: MONEY AS A STORE OF VALUE;188
8.2;SECTION 1: Transaction Costs in a One-Period Model;194
8.2.1;CHAPTER 15. ECONOMIC EQUILIBRIUM WITH COSTLY MARKETING;194
8.2.1.1;Economic Equilibrium with Costly Marketing;195
8.3;SECTION 2: Efficient Intertemporal Allocation;212
8.3.1;CHAPTER 16. EQUILIBRIUM WITH TRANSACTION COSTS;212
8.3.1.1;ECONOMETRICA;214
8.3.2;CHAPTER 17. INEFFICIENCY AND THE DEMAND FOR "MONEY" IN A SEQUENCE ECONOMY;238
8.3.2.1;Inefficiency and the Demand for "Money" in a Sequence Economy;240
8.3.2.2;Money in a Sequence Economy: A Correction;252
8.4;SECTION 3: Intertemporal Market Equilibrium with Transaction Costs;254
8.4.1;CHAPTER 18. EQUILIBRIUM IN A FINITE SEQUENCE OF MARKETS WITH TRANSACTION COST;254
8.4.1.1;ECONOMETRICA;256
8.4.2;CHAPTER 19. EQUILIBRIUM WITH NON-CONVEX TRANSACTIONS COSTS: MONETARY AND NON-MONETARY ECONOMIES;276
8.4.2.1;Equilibrium with Non-convex Transactions Costs: Monetary and Non-monetary Economies;278
9;Part IV: The Value of Money;300
9.1;CHAPTER 20. DETERMINACY OF THE PRICE LEVEL, POSITIVITY OF THE PRICE OF MONEY;302
9.2;CHAPTER 21. ON SOME PROBLEMS OF PROVING THE EXISTENCE OF AN EQUILIBRIUM IN A MONETARY ECONOMY;308
9.3;ON SOME PROBLEMS OF PROVING THE EXISTENCE OF AN EQUILIBRIUM IN A MONETARY ECONOMY;309
9.4;CHAPTER 22. ON THE SHORT-RUN EQUILIBRIUM IN A MONETARY ECONOMY;318
9.5;On the Short-Run Equilibrium in a Monetary Economy;320
9.6;CHAPTER 23. THE PRICE OF MONEY IN A PURE EXCHANGE MONETARY ECONOMY WITH TAXATION;336
10;Part V: Conclusion;348
10.1;CHAPTER 24. OPEN QUESTIONS: A RESEARCH AGENDA;350
10.2;CHAPTER 25. CONCLUSION;354
11;BIBLIOGRAPHY;356
12;Economic Theory, Econometrics, and Mathematical Economics;364