The Demand for Money: Theories, Evidence, and ProblemsHarper & Row, 1985 - 178 síður |
From inside the book
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Síða 138
... income , or some wealth variable , or perhaps some combi- nation of the two should play the role of the scale ... permanent income , measured as an exponentially weighted average of current and past levels of net national product ...
... income , or some wealth variable , or perhaps some combi- nation of the two should play the role of the scale ... permanent income , measured as an exponentially weighted average of current and past levels of net national product ...
Síða 139
... money to changes in measured income and changes in permanent income . A short rate of interest was in- cluded , and both broad and narrow definitions of money were employed . With either definition of money , wealth and permanent income ...
... money to changes in measured income and changes in permanent income . A short rate of interest was in- cluded , and both broad and narrow definitions of money were employed . With either definition of money , wealth and permanent income ...
Síða 142
... income level and hence a good proxy variable for wealth . They also suggested that what we could call " short - term expected " income should be distinguished from long - term normal or permanent income , that such a vari- able may ...
... income level and hence a good proxy variable for wealth . They also suggested that what we could call " short - term expected " income should be distinguished from long - term normal or permanent income , that such a vari- able may ...
Efni
The Demand for Money in a Fixed Price Level | 8 |
Price Flexibility in the Macromodel | 22 |
A Brief Overview | 39 |
Höfundarréttur | |
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Common terms and phrases
adjustment aggregate demand analysis approach argued assets assumption behavior brokerage fee cash chapter consumption consumption function cost of holding definition of money demand curve demand deposits demand for money demand function demand-for demand-for-money function discussed economists effect empirical equal Equation evidence exogenous expected inflation factors Figure Friedman given holding money hypothesis implications important increase individual agent inflation rate interest rate involved lagged Laidler level of income level of real liquidity trap LM curve long-run M₁ macroeconomic matter measured money demanded money function money holding money supply nominal money nonhuman wealth opportunity cost output P₁ period permanent income precautionary balances precautionary demand price level problem proportion quantity of money rate of interest rate of return real income relationship relevant scale variable shift short-run speculative demand studies supply and demand theory tion transactions and precautionary transactions demand volume of transactions wealth effect Y₁ yield