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Comparative Views on L. Walras and A. Cournot on The Regulation of Paper Money: Rules VS. Discretion at The End of The XIXth Century.
Alvarez, Andrés - UN - RCE - CID - 2010
This paper presents Léon Walras and Augustin Cournot views on monetary regulation. Important differences can be found in their views about the convenience of the issuing of paper money and fiat money in general. Whereas Walras is against bank notes, even if coming from a central bank, Cournot...
Persistent link: https://www.econbiz.de/10008522039
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Equality of Demand and Supply Neither Determines Price Nor Clears the Market
Gani, Mohammad - EconWPA - 2004
The belief that equality of demand and supply determines price and clears the market is universal. Shockingly, this belief is unfounded. It contradicts macro’s claim that equality of demand and supply determines output. It contradicts (new) monetary theory, which claims that equality of demand...
Persistent link: https://www.econbiz.de/10005413280
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How to Compute Equilibrium Prices in 1891
Brainard, William C.; Scarf, Herbert E. - Cowles Foundation for Research in Economics, Yale University - 2000
Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium …, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society …'s endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and report …
Persistent link: https://www.econbiz.de/10005087363
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Nonlinear Price Adjustment and the Lifetime of a Price Level
Polan, Magdalena - Centrum voor Economische Studiën, Faculteit Economie … - 2002
The objective of this paper is to develop and test empirically a new model of imperfect price adjustment. The new model offers two extensions of classical models. First, it allows for a variable proportion of price-setters adjusting their prices at any given period. Second, the duration of...
Persistent link: https://www.econbiz.de/10005252183
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Is Inflation Always and Everywhere a Monetary Phenomenon?
Grauwe, Paul De; Polan, Magdalena - Centrum voor Economische Studiën, Faculteit Economie … - 2001
Using a sample of about 160 countries over the last thirty years we test for the quantity theory relationship between money and inflation. When analysing the full sample of countries we find a strong positive relation between the long-run inflation and money growth rate. The relation is not,...
Persistent link: https://www.econbiz.de/10005252186
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Excess money growth and inflation dynamics
Roffia, Barbara; Zaghini, Andrea - Banca d'Italia - 2008
The paper analyzes the short-run impact of periods of strong monetary growth on inflation dynamics for 15 industrialized economies. We find that when robust money growth is accompanied by large increases in stock and house prices and loose credit conditions, the probability of recording an...
Persistent link: https://www.econbiz.de/10005770764
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Is Inflation Always and Everywhere a Monetary Phenomenon?
De Grauwe, Paul; Polan, Magdalena - C.E.P.R. Discussion Papers - 2001
Using a sample of about 160 countries over the last thirty years we test for the quantity theory relationship between money and inflation. When analysing the full sample of countries we find a strong positive relation between the long-run inflation and money growth rate. The relation is not,...
Persistent link: https://www.econbiz.de/10005656210
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Is Quantity Theory Still Alive?
Teles, Pedro; Uhlig, Harald - C.E.P.R. Discussion Papers - 2010
This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting...
Persistent link: https://www.econbiz.de/10008682890
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Irving Fisher's restatement of the quantity theory
Gomez Betancourt, Rebeca; de Boyer des Roches, Jérôme - Université Paris-Dauphine (Paris IX) - 2013
Introduction to the special issue of the EJHET in relation with the 2011 Fisher Conference organized in Lyon 2 …
Persistent link: https://www.econbiz.de/10010752101
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Patinkin on Irving Fisher's monetary economics
Dimand, Robert - In: The European Journal of the History of Economic Thought 9 (2002) 2, pp. 308-326
This paper examines Patinkin's analysis of Fisher's monetary economics, with regard to the integration of monetary and … value theory, the origins of the Chicago school and Fisher's relationship to Cambridge monetary theory. …
Persistent link: https://www.econbiz.de/10005640169