This paper demonstrates a robust proof of the continuous-time transformations of Stockman's cash-in-advance constraints. When the constraint applies to consumption and capital purchases, monetary growth lowers steady state consumption and capital. When the constraint applies only to consumption...

This paper demonstrates a robust proof of the continuous-time transformations of Stockman's cash-in-advance constraints. When the constraint applies to consumption and capital purchases, monetary growth lowers steady state consumption and capital. When the constraint applies only to consumption...

Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial...

This paper demonstrates a robust proof of the continuous−time transformations of Stockman’s cash−in−advance constraints. When the constraint applies to consumption and capital purchases, monetary growth lowers steady state consumption and capital. When the constraint applies only to...

Purpose – The purpose of this paper is to derive the real implications of inflation targeting using optimizing models characterized by endogenous time preference. Design/methodology/approach – To ensure consistent consumption and savings behavior, the rate of time preference is modeled as an...

Purpose – The purpose of this paper is to derive the real implications of inflation targeting using optimizing models characterized by endogenous time preference. Design/methodology/approach – To ensure consistent consumption and savings behavior, the rate of time preference is modeled as an...