By Benjamin Eden
Книга A path in financial Economics: Sequential exchange, funds, and Uncertainity A path in financial Economics: Sequential exchange, funds, 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 subject matters in financial economics. available to scholars who've mastered the diagrammatic instruments of economics, it discusses actual matters with quite a few modeling choices, making an allowance for an immediate comparability of the results of the various types. The exposition is apparent and logical, offering a superior starting place in financial thought and the options of financial modeling. The textual content is rooted within the author's years of training and examine, and may be hugely compatible for financial economics classes in either the upper-level undergraduate and graduate degrees.
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Extra resources for A Course in Monetary Economics: Sequential Trade, Money, and Uncertainity
61). 64). This means that if a planner starts with the steady state level of capital, kˆ he should not attempt to change it. To appreciate the implication of this result consider a subsidy scheme, ﬁnanced by a lump sum tax, in which the planner pays s units per unit of capital. The ﬁrst order condition for the representative private agent is now: ρ = r(k) + s. By choosing s = ρ the central planner can induce agents to accumulate capital until they reach k¯ and at this point r(k) = 0. 21. 22 Optimal consumption when capital is above the optimal level The above subsidy scheme reduces the welfare of the representative consumer, in spite of the fact that eventually it leads to more consumption.
21). This means that the gain from cutting corn consumption and buying trees is larger than the pain. Everyone wants to sell fruits for trees but no one wants to buy fruits. This excess supply of fruits works in the direction of reducing the price of fruits and increasing the price of trees. Note that when U is linear and U is a constant, the price of the asset is the expected τ−t d . This will also discounted sum of the future dividends that it promises: pt = ∞ τ τ=t+1 β be the case if dτ = dt for all τ and consumption is perfectly smooth.
11. They all try to move to a point like B. Since it is not possible for all agents to move to B they end up moving to the previous equilibrium: point E. The mathematics of this argument is quite simple. If P solves the equilibrium condition f (M/P) = ρ then 2P solves f (2M/2P) = ρ. What will happen if the government announces a policy of doubling the money supply each month? We will see that this thought experiment is not trivial. We start from some technical aspects of this question. 7 CHANGE IN THE RATE OF MONEY SUPPLY CHANGE: TECHNICAL ASPECTS We start from the continuous time case which is a useful approximation for the discrete time case used in the theoretical analysis which follows.
A Course in Monetary Economics: Sequential Trade, Money, and Uncertainity by Benjamin Eden