The economic works of Johann Heinrich von Thünen include 1,000 unpublished pages of drafts and notes on the basis of which he prepared the second volume of his famous 'Isolated State in Relation to Agriculture and Political Economy'. Thünen wrote his texts in the so-called Deutsche...

This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet uncertain consumption needs, the welfare costs of...

This paper describes the main cross fertilizations between monetary theory and portfolio theory, which characterized the origins and evolution of the latter. In addition, we explore the critics and controversies arising from the seminal works of Markowitz and Tobin, as well as the new generation...

This article shows that the "risk premium" shock in Smets and Wouters (2007) can be interpreted as a structural shock to the demand for safe and liquid assets such as short-term US Treasury securities. Several implications of this interpretation are discussed.

This article suggests a possible approach to the explanation of the monetarist money demand theory and the related policy implications in the teaching of History of economic thought. For the purpose of better understanding Milton Friedman’s contribution the emphasis is put on the conceptual...

ABSTRACTThis paper considers the question: - In face of changes in the demand for money resulting from an increase in the risk perception by the economic agents, what are the proper actions the Central Bank should take?" as a starting point for a normative conclusion about the convenience of a...

The economic works of Johann Heinrich von Thuenen include 1,000 unpublished pages of drafts and notes on the basis of which he prepared the second volume of his famous “Isolated State in Relation to Agriculture and Political Economy”. It’s bulk was not made accessible until today. The...