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A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit : Part 1

Quint, Thomas; Shubik, Martin - 2004

In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems....

Persistent link: https://www.econbiz.de/10014072271

On the Micro-Foundations of Money : The Capitol Hill Baby-Sitting Co-Op

Hens, Thorsten; Schenk-Hoppé, Klaus Reiner; Vogt, Bodo - 2011

We suggest a new micro-foundation of money in which markets are well-organized but consumers' preferences are stochastic. In this model, we solve for stationary equilibria and show that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in...

Persistent link: https://www.econbiz.de/10014034117

Chapter 18. Macro, Money, and Finance : A Continuous-Time Approach

Brunnermeier, M.K.; Sannikov, Y. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 1497-1545). 2016

This chapter puts forward a manual for how to setup and solve a continuous time model that allows to analyze endogenous (1) level and risk dynamics. The latter includes (2) tail risk and crisis probability as well as (3) the Volatility Paradox. Concepts such as (4) illiquidity and liquidity...

Persistent link: https://www.econbiz.de/10014024265

Money, credit and imperfect competition among banks

Head, Allen C.; Kam, Timothy; Ng, Sam; Pan, Guangqian - 2022

Using micro-level data for the U.S., we provide new evidence - at national and state levels - of a positive (negative) relationship between the standard deviation (coefficient of variation) and the average in bank lending-rate markups. In a quantitative theory consistent with these empirical...

Persistent link: https://www.econbiz.de/10013301823

Money in finance

Wray, L. Randall - 2011

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private...

Persistent link: https://www.econbiz.de/10010281714

The financial crisis viewed from the perspective of the "social costs" theory

Wray, L. Randall - 2011

finance should not matter much, the alternative tradition - from Veblen and Keynes to Galbraith and Minsky - provides the …

Persistent link: https://www.econbiz.de/10010286502

Keynes after 75 years : rethinking money as a public monopoly

Wray, L. Randall - 2011

which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production … view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date. -- Money ; Public … Monopoly ; Monetary Theory of Production ; Keynes ; Marx ; Veblen ; Knapp ; Chartalism …

Persistent link: https://www.econbiz.de/10008906545

The financial crisis viewed from the perspective of the "social costs" theory

Wray, L. Randall - 2011

money and finance should not matter much, the alternative tradition - from Veblen and Keynes to Galbraith and Minsky …

Persistent link: https://www.econbiz.de/10008933474

The Financial Crisis Viewed from the Perspective of the 'Social Costs' Theory

Wray, L. Randall - 2011

money and finance should not matter much, the - alternative tradition from Veblen and Keynes to Galbraith and Minsky …

Persistent link: https://www.econbiz.de/10013127808

Keynes after 75 Years : Rethinking Money as a Public Monopoly

Wray, L. Randall - 2011

which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production … that view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date …

Persistent link: https://www.econbiz.de/10013128005