Modeling monetary economies:
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY ; Cambridge
Cambridge University Press
2022
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| Ausgabe: | Fifth edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxvii, 390 Seiten Diagramme |
| ISBN: | 9781316515211 9781009096508 |
Internformat
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Datensatz im Suchindex
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Brief Contents page xvii xxi xxiii List of Figures List of Tables Preface 5th Edition Parti Money 1 The Economy and the Planner’s Solution 2 Equilibrium Trade in the Economy without Money 3 A Simple Model of Money 4 Barter and Commodity Money 5 Inflation 6 International Monetary Systems 7 Price Surprises Part II 8 9 10 11 12 13 14 15 Capital and Banking Capital Liquidity and Financial Intermediation Central Banking and the Money Supply Money Stock Fluctuations Fully Backed Central Bank Money Payment Systems Bank Risk Liquidity Risk and Bank Panics Part III 3 20 33 56 73 99 125 145 166 180 199 218 235 258 278 Government Policy 305 326 16 Deficits and the National Debt 17 Savings and Investment vii
viii Brief Contents 18 The Effect of the National Debt on Capital and Savings 19 The Temptation of Inflation 341 360 References Index 381 388
Contents List of Figures List of Tables Preface 5th Edition Part I 1 2 page xvii xxi xxiii Money The Economy and the Planner’s Solution 1.1 Beginnings 1.2 The Environment 1.3 Preferences 1.3.1 Future Generations 1.3.2 The Initial Old 1.3.3 The Never-Ending Economy 1.4 The Economic Problem 1.4.1 Feasible Allocations 1.4.2 The Golden Rule Allocation 1.4.3 The Initial Old 1.5 Summary 1.6 Exercises Equilibrium Trade in the Economy without Money 2.1 Decentralized Solutions 2.1.1 A Record-Keeping Equilibrium 2.1.2 Finding the Value of Transfers 2.1.3 The Game and the Enforcement 2.2 Is the Record-Keeping Equilibrium the Golden Rule? 2.3 Blockchains and Cryptocurrencies 2.4 Summary 2.5 Exercises ix 3 4 5 6 7 12 12 13 13 15 16 17 17 20 21 22 24 26 28 29 31 32
x З Contents A Simple Model of Money ՝ 3.1 The Environment 3.2 The Economic Problem 3.3 Decentralized Solutions 3.3.1 Equilibrium without Money 3.3.2 Equilibrium with Money 3.4 Finding the Demand for Fiat Money 3.4.1 A Person’s Budget 3.4.2 Finding Fiat Money’s Return 3.4.3 The Quantity Theory of Money 3.4.4 The Neutrality of the Fiat Money Stock 3.4.5 The Role of Fiat Money 3.5 Is This Monetary Equilibrium the Golden Rule? 3.6 A Monetary Equilibrium with a Growing Economy 3.6.1 The Feasible Set with a Growing Population 3.6.2 The Budget Set with a Growing Population 3.7 Summary 3.8 Exercises 3.9 Appendix: Using Calculus 3.9.1 An Example 4 Barter and Commodity Money 4.1 Barter and Commodity Money 4.2 Model of Barter 4.2.1 Direct Barter 4.2.2 Monetary Exchange 4.3 What Should Be Used as Money? 4.3.1 Exchange Costs 4.4 A Model of Commodity Money 4.4.1 The Consumption of Gold 4.4.2 The Inefficiency of Commodity Money ’ 4.5 Summary 4.6 Exercises 5 Inflation 5.1 Inflation 5.2 A Growing Supply of Fiat Money 5.2.1 The Budget Set with Monetary Growth 5.2.2 The Inefficiency of Inflation 5.2.3 The Golden Rule Monetary Policy in a Growing Economy 5.2.4 A Government Policy to Fix the Price Level 5.3 Financing Government Purchases 5.3.1 Is Inflation an Efficient Tax? 5.3.2 A Nondistorting Tax 33 34 35 35 35 36 37 38 40 43 44 44 45 46 47 48 50 50 53 55 56 56 57 58 61 63 64 66 67 69 70 70 73 73 74 76 78 81 82 84 86 87
Contents The Limits to Seigniorage Summary Exercises Appendix: Equilibrium Consumption Is at the Edge of the Feasible Set 6 International Monetary Systems 6.1 Model of International Exchange 6.2 Foreign Currency Controls 6.2.1 Fixed Exchange Rates 6.2.2 The Costs of Foreign Currency Controls 6.3 The Indeterminacy of the Exchange Rate 6.3.1 Exchange Rate Fluctuations 6.3.2 International Currency Traders 6.4 Fixing the Exchange Rate 6.4.1 Cooperative Stabilization 6.4.2 Unilateral Defense of the Exchange Rate 6.4.3 Speculative Attacks on Currencies 6.4.4 Inflationary Incentives 6.5 The Optimal International Monetary System 6.6 Summary 6.7 Exercises 7 Price Surprises 7.1 The Data 7.1.1 The Phillips Curve 7.1.2 Cross-Country Comparisons 7.2 Expectations and the Neutrality of Money 7.2.1 The Lucas Model 7.2.2 Nonrandom Inflation 7.2.3 Random Monetary Policy 7.3 The Lucas Critique of Econometric Policy Evaluation 7.4 Optimal Policy 7.5 Summary 7.6 Exercises 7.7 Appendix: A Proof by Contradiction 5.4 5.5 5.6 5.7 Part П 8 xi 90 94 95 97 99 100 102 104 105 106 107 109 112 112 114 118 119 121 122 123 125 125 126 127 127 128 130 133 136 137 138 139 140 Capital and Banking Capital 8.1 Capital 8.2 Return Equality 8.3 Can Fiat Money Coexist with Another Asset? 8.3.1 The Tobin Effect 145 145 148 149 149
xii Contents When Fiat Money and Other Assets Are Not Substitutes 8.4.1 Nominal Interest Rates 8.4.2 Anticipated Inflation and the Nominal Interest Rate 8.4.3 Anticipated Inflation and the Real Interest Rate 8.5 Risk 8.6 Summary 8.7 Exercises 8.8 Appendix A: A Model of Private Debt 8.8.1 Private Debt 8.8.2 The Lender Problem 8.8.3 The Borrower Problem 8.8.4 Private Debt and Capital 8.9 Appendix B: The Golden Rule Capital Stock 9 Liquidity and Financial Intermediation 9.1 Money as a Liquid Asset 9.1.1 A Model of Illiquidity 9.2 The Business of Banking 9.2.1 A Simple Arbitrage Plan 9.2.2 The Effect of Arbitrage on Equilibrium 9.3 Banks as Monitors 9.3.1 Unintermediated Investment 9.3.2 Intermediated Investment 9.4 Summary 9.5 Exercises 10 Central Banking and the Money Supply 10.1 Legal Restrictions on Financial Intermediation 10.2 Reserve Requirements 10.2.1 Banks with Reserve Requirements 10.2.2 Prices 10.2.3 Seigniorage * 10.2.4 Capital and Output 10.2.5 Deposits 10.2.6 Welfare 10.3 Central Bank Definitions of Money 10.3.1 The Total Money Supply in Our Model 10.4 Central Bank Lending 10.4.1 Limited Central Bank Lending 10.4.2 Unlimited Central Bank Lending 10.4.3 Central Bank Lending Policies in the United States and Canada 10.4.4 Central Bank Lending since the 2007 Financial Crisis 10.5 Summary 10.6 Exercises 8.4 151 151 153 153 154 156 157 158 158 158 160 160 162 166 167 168 171 171 171 173 175 176 177 178 180 180 181 182 182 183 184 184 185 186 188 190 191 194 195 196 197 198
Contents 11 Money Stock Fluctuations 11.1 The Correlation between Money and Output 11.2 A Model of Currency and Deposits 11.2.1 A Model of Inside and Outside Money 11.3 Linking Output and the Money Multiplier 11.3.1 Correlation or Causality? 11.3.2 A Once-and-for-All Change in the Fiat Money Stock 11.4 A Monetary Stabilization Policy? 11.4.1 Another Look at Monetary Aggregates 11.5 Anticipated Inflation and Output Revisited 11.6 Zero Lower Bound 11.7 Summary 11.8 Exercises 11.9 Appendix: The Money Supply with Reserves and Currency 12 Fully Backed Central Bank Money 12.1 Paying Interest on Money 12.2 Another Look at the Quantity Theory 12.2.1 Money and Prices: 2007-2015 12.3 Deflation 12.4 Currency Boards 12.5 Summary 12.6 Exercises 12.7 Appendix: Price Level Indeterminacy 13 Payment Systems 13.1 Clearinghouses 13.2 A Model of the Clearing of Debt 13.2.1 Trading 13.3 Institutions for the Clearing of Debt 13.4 Providing Liquidity 13.4.1 Equilibrium with an Inelastic Money Supply 13.4.2 An Elastic Fiat Money Supply 13.4.3 An Elastic Supply of Inside Money 13.4.4 Fully Backed Bank Notes 13.5 A Potential for an Inflationary Overissue of Bank Notes 13.6 The Short-Term Interest Rate 13.6.1 Policy Options 13.7 Liquidity and the 2007 Financial Crisis 13.7.1 Unconventional Monetary Policy 13.8 Summary 13.9 Exercises 13.10 Appendix: A Secondary Market xiii 199 200 202 202 207 209 209 210 211 212 213 214 214 216 218 219 222 226 227 228 231 231 233 235 236 238 239 241 243 244 244 245 246 247 248 249 251 253 255 255 256
xiv Contents 14 Bank Risk 14.1 Demand Deposit Banking 14.1.1 A Model of Demand Deposit Banking 14.2 Bank Runs 14.3 Preventing Bank Panics 14.3.1 Interbank Lending 14.3.2 Identifying Unnecessary Withdrawals 14.3.3 Suspensions of Withdrawals 14.3.4 Government Deposit Insurance 14.4 Bank Failures 14.5 The Moral Hazard of Deposit Insurance 14.6 The Importance of Capital Requirements 14.6.1 Capital Requirements for Insured Banks 14.6.2 Closing Insolvent Banks 14.7 Summary 14.8 Exercises 14.9 Appendix: Targets, Channels, and Floors 15 Liquidity Risk and Bank Panics 15.1 Money with Limited Communication 15.1.1 A Model with Random Relocation 15.1.2 The Person’s Portfolio Decision 15.1.3 Portfolio Allocation with a Bank 15.1.4 With Only Second-Period Consumption 15.2 Optimal Consumption Bundles 15.2.1 Optimal Monetary Policy 15.3 Bank Risk 15.3.1 Regulation and Bank Panics 15.3.2 Inelastic Currency Supply 15.3.3 Elastic Currency Supply 15.4 Money, Banking, and the Zero Lower Bound 15.5 Summary 15.6 Exercises Part ПІ ’ 258 259 259 262 263 263 265 265 266 267 270 271 271 272 274 274 276 278 279 279 281 284 288 289 292 293 295 297 298 298 301 301 Government Policy 16 Deficits and the National Debt 16.1 High-Denomination Government Debt 16.1.1 A Model of Separated Asset Markets 16.1.2 Introducing Government Bonds 16.2 Continual Debt Issue 16.2.1 Rolling Over the Debt 305 305 307 308 309 311
Contents 16.3 The Burden of the National Debt 16.3.1 The Government Budget Constraint 16.3.2 The Government’s Intertemporal Choice 16.4 Open Market Operations 16.5 Political Strategy and the National Debt 16.6 Summary 16.7 Exercises 17 Savings and Investment 17.1 The Savings Decision 17.1.1 Wealth 17.1.2 Present Value 17.1.3 Wealth and Consumption 17.1.4 Income and Saving 17.2 The Effects of Taxes on Consumption and Savings 17.2.1 Wealth-Neutral Tax Changes 17.2.2 Wealth Effects 17.3 Social Security 17.3.1 Fully Funded Government Pensions 17.3.2 Pay-as-You-Go Pensions 17.4 Summary 17.5 Exercises 18 The Effect of the National Debt on Capital and Savings 18.1 The National Debt and the Crowding Out of Capital 18.1.1 Deficits and Interest Rates 18.2 Neutral Government Debt 18.3 Fiat Money and the Crowding Out of Capital 18.3.1 Offsetting Wealth Transfers 18.4 Infinitely Lived Agents 18.4.1 A Model of Infinitely Lived People 18.4.2 Wealth, Capital, and Interest-Bearing Government Debt 18.4.3 Wealth, Capital, and Real Balances 18.4.4 Parents, Bequests, and Infinite Lives 18.4.5 A Simple Model of Parents 18.4.6 Parents Leaving No Bequest 18.5 Summary 18.6 Exercises 19 The Temptation of Inflation 19.1 Defaulting on the Debt 19.1.1 The Inconsistency of Default 19.1.2 Commitment 19.1.3 Reputation 19.1.4 The Return on Risky Debt XV 315 316 317 319 321 323 324 326 326 328 328 330 332 333 334 335 336 336 338 339 340 341 342 344 345 347 348 349 350 350 352 354 354 356 357 357 360 360 361 363 364 364
xvi Contents 19.2 19.3 19.4 19.5 19.6 19.7 Inflation and the Nominal National Debt 19.2.1 Unanticipated Inflation and the Real National Debt 19.2.2 Anticipated Inflation and the Real National Debt 19.2.3 Rational Expectations 19.2.4 The Lucas Critique Revisited 19.2.5 Self-Fulfilling Inflationary Expectations 19.2.6 Hyperinflation 19.2.7 Commitment in Monetary Policy The Temptation of Seigniorage Inflation and Private Debt Summary Exercises Appendix: An Activist References Index ' 365 365 366 368 369 371 372 373 375 375 376 377 377 381 388 |
| adam_txt |
Brief Contents page xvii xxi xxiii List of Figures List of Tables Preface 5th Edition Parti Money 1 The Economy and the Planner’s Solution 2 Equilibrium Trade in the Economy without Money 3 A Simple Model of Money 4 Barter and Commodity Money 5 Inflation 6 International Monetary Systems 7 Price Surprises Part II 8 9 10 11 12 13 14 15 Capital and Banking Capital Liquidity and Financial Intermediation Central Banking and the Money Supply Money Stock Fluctuations Fully Backed Central Bank Money Payment Systems Bank Risk Liquidity Risk and Bank Panics Part III 3 20 33 56 73 99 125 145 166 180 199 218 235 258 278 Government Policy 305 326 16 Deficits and the National Debt 17 Savings and Investment vii
viii Brief Contents 18 The Effect of the National Debt on Capital and Savings 19 The Temptation of Inflation 341 360 References Index 381 388
Contents List of Figures List of Tables Preface 5th Edition Part I 1 2 page xvii xxi xxiii Money The Economy and the Planner’s Solution 1.1 Beginnings 1.2 The Environment 1.3 Preferences 1.3.1 Future Generations 1.3.2 The Initial Old 1.3.3 The Never-Ending Economy 1.4 The Economic Problem 1.4.1 Feasible Allocations 1.4.2 The Golden Rule Allocation 1.4.3 The Initial Old 1.5 Summary 1.6 Exercises Equilibrium Trade in the Economy without Money 2.1 Decentralized Solutions 2.1.1 A Record-Keeping Equilibrium 2.1.2 Finding the Value of Transfers 2.1.3 The Game and the Enforcement 2.2 Is the Record-Keeping Equilibrium the Golden Rule? 2.3 Blockchains and Cryptocurrencies 2.4 Summary 2.5 Exercises ix 3 4 5 6 7 12 12 13 13 15 16 17 17 20 21 22 24 26 28 29 31 32
x З Contents A Simple Model of Money ՝ 3.1 The Environment 3.2 The Economic Problem 3.3 Decentralized Solutions 3.3.1 Equilibrium without Money 3.3.2 Equilibrium with Money 3.4 Finding the Demand for Fiat Money 3.4.1 A Person’s Budget 3.4.2 Finding Fiat Money’s Return 3.4.3 The Quantity Theory of Money 3.4.4 The Neutrality of the Fiat Money Stock 3.4.5 The Role of Fiat Money 3.5 Is This Monetary Equilibrium the Golden Rule? 3.6 A Monetary Equilibrium with a Growing Economy 3.6.1 The Feasible Set with a Growing Population 3.6.2 The Budget Set with a Growing Population 3.7 Summary 3.8 Exercises 3.9 Appendix: Using Calculus 3.9.1 An Example 4 Barter and Commodity Money 4.1 Barter and Commodity Money 4.2 Model of Barter 4.2.1 Direct Barter 4.2.2 Monetary Exchange 4.3 What Should Be Used as Money? 4.3.1 Exchange Costs 4.4 A Model of Commodity Money 4.4.1 The Consumption of Gold 4.4.2 The Inefficiency of Commodity Money ’ 4.5 Summary 4.6 Exercises 5 Inflation 5.1 Inflation 5.2 A Growing Supply of Fiat Money 5.2.1 The Budget Set with Monetary Growth 5.2.2 The Inefficiency of Inflation 5.2.3 The Golden Rule Monetary Policy in a Growing Economy 5.2.4 A Government Policy to Fix the Price Level 5.3 Financing Government Purchases 5.3.1 Is Inflation an Efficient Tax? 5.3.2 A Nondistorting Tax 33 34 35 35 35 36 37 38 40 43 44 44 45 46 47 48 50 50 53 55 56 56 57 58 61 63 64 66 67 69 70 70 73 73 74 76 78 81 82 84 86 87
Contents The Limits to Seigniorage Summary Exercises Appendix: Equilibrium Consumption Is at the Edge of the Feasible Set 6 International Monetary Systems 6.1 Model of International Exchange 6.2 Foreign Currency Controls 6.2.1 Fixed Exchange Rates 6.2.2 The Costs of Foreign Currency Controls 6.3 The Indeterminacy of the Exchange Rate 6.3.1 Exchange Rate Fluctuations 6.3.2 International Currency Traders 6.4 Fixing the Exchange Rate 6.4.1 Cooperative Stabilization 6.4.2 Unilateral Defense of the Exchange Rate 6.4.3 Speculative Attacks on Currencies 6.4.4 Inflationary Incentives 6.5 The Optimal International Monetary System 6.6 Summary 6.7 Exercises 7 Price Surprises 7.1 The Data 7.1.1 The Phillips Curve 7.1.2 Cross-Country Comparisons 7.2 Expectations and the Neutrality of Money 7.2.1 The Lucas Model 7.2.2 Nonrandom Inflation 7.2.3 Random Monetary Policy 7.3 The Lucas Critique of Econometric Policy Evaluation 7.4 Optimal Policy 7.5 Summary 7.6 Exercises 7.7 Appendix: A Proof by Contradiction 5.4 5.5 5.6 5.7 Part П 8 xi 90 94 95 97 99 100 102 104 105 106 107 109 112 112 114 118 119 121 122 123 125 125 126 127 127 128 130 133 136 137 138 139 140 Capital and Banking Capital 8.1 Capital 8.2 Return Equality 8.3 Can Fiat Money Coexist with Another Asset? 8.3.1 The Tobin Effect 145 145 148 149 149
xii Contents When Fiat Money and Other Assets Are Not Substitutes 8.4.1 Nominal Interest Rates 8.4.2 Anticipated Inflation and the Nominal Interest Rate 8.4.3 Anticipated Inflation and the Real Interest Rate 8.5 Risk 8.6 Summary 8.7 Exercises 8.8 Appendix A: A Model of Private Debt 8.8.1 Private Debt 8.8.2 The Lender Problem 8.8.3 The Borrower Problem 8.8.4 Private Debt and Capital 8.9 Appendix B: The Golden Rule Capital Stock 9 Liquidity and Financial Intermediation 9.1 Money as a Liquid Asset 9.1.1 A Model of Illiquidity 9.2 The Business of Banking 9.2.1 A Simple Arbitrage Plan 9.2.2 The Effect of Arbitrage on Equilibrium 9.3 Banks as Monitors 9.3.1 Unintermediated Investment 9.3.2 Intermediated Investment 9.4 Summary 9.5 Exercises 10 Central Banking and the Money Supply 10.1 Legal Restrictions on Financial Intermediation 10.2 Reserve Requirements 10.2.1 Banks with Reserve Requirements 10.2.2 Prices 10.2.3 Seigniorage * 10.2.4 Capital and Output 10.2.5 Deposits 10.2.6 Welfare 10.3 Central Bank Definitions of Money 10.3.1 The Total Money Supply in Our Model 10.4 Central Bank Lending 10.4.1 Limited Central Bank Lending 10.4.2 Unlimited Central Bank Lending 10.4.3 Central Bank Lending Policies in the United States and Canada 10.4.4 Central Bank Lending since the 2007 Financial Crisis 10.5 Summary 10.6 Exercises 8.4 151 151 153 153 154 156 157 158 158 158 160 160 162 166 167 168 171 171 171 173 175 176 177 178 180 180 181 182 182 183 184 184 185 186 188 190 191 194 195 196 197 198
Contents 11 Money Stock Fluctuations 11.1 The Correlation between Money and Output 11.2 A Model of Currency and Deposits 11.2.1 A Model of Inside and Outside Money 11.3 Linking Output and the Money Multiplier 11.3.1 Correlation or Causality? 11.3.2 A Once-and-for-All Change in the Fiat Money Stock 11.4 A Monetary Stabilization Policy? 11.4.1 Another Look at Monetary Aggregates 11.5 Anticipated Inflation and Output Revisited 11.6 Zero Lower Bound 11.7 Summary 11.8 Exercises 11.9 Appendix: The Money Supply with Reserves and Currency 12 Fully Backed Central Bank Money 12.1 Paying Interest on Money 12.2 Another Look at the Quantity Theory 12.2.1 Money and Prices: 2007-2015 12.3 Deflation 12.4 Currency Boards 12.5 Summary 12.6 Exercises 12.7 Appendix: Price Level Indeterminacy 13 Payment Systems 13.1 Clearinghouses 13.2 A Model of the Clearing of Debt 13.2.1 Trading 13.3 Institutions for the Clearing of Debt 13.4 Providing Liquidity 13.4.1 Equilibrium with an Inelastic Money Supply 13.4.2 An Elastic Fiat Money Supply 13.4.3 An Elastic Supply of Inside Money 13.4.4 Fully Backed Bank Notes 13.5 A Potential for an Inflationary Overissue of Bank Notes 13.6 The Short-Term Interest Rate 13.6.1 Policy Options 13.7 Liquidity and the 2007 Financial Crisis 13.7.1 Unconventional Monetary Policy 13.8 Summary 13.9 Exercises 13.10 Appendix: A Secondary Market xiii 199 200 202 202 207 209 209 210 211 212 213 214 214 216 218 219 222 226 227 228 231 231 233 235 236 238 239 241 243 244 244 245 246 247 248 249 251 253 255 255 256
xiv Contents 14 Bank Risk 14.1 Demand Deposit Banking 14.1.1 A Model of Demand Deposit Banking 14.2 Bank Runs 14.3 Preventing Bank Panics 14.3.1 Interbank Lending 14.3.2 Identifying Unnecessary Withdrawals 14.3.3 Suspensions of Withdrawals 14.3.4 Government Deposit Insurance 14.4 Bank Failures 14.5 The Moral Hazard of Deposit Insurance 14.6 The Importance of Capital Requirements 14.6.1 Capital Requirements for Insured Banks 14.6.2 Closing Insolvent Banks 14.7 Summary 14.8 Exercises 14.9 Appendix: Targets, Channels, and Floors 15 Liquidity Risk and Bank Panics 15.1 Money with Limited Communication 15.1.1 A Model with Random Relocation 15.1.2 The Person’s Portfolio Decision 15.1.3 Portfolio Allocation with a Bank 15.1.4 With Only Second-Period Consumption 15.2 Optimal Consumption Bundles 15.2.1 Optimal Monetary Policy 15.3 Bank Risk 15.3.1 Regulation and Bank Panics 15.3.2 Inelastic Currency Supply 15.3.3 Elastic Currency Supply 15.4 Money, Banking, and the Zero Lower Bound 15.5 Summary 15.6 Exercises Part ПІ ’ 258 259 259 262 263 263 265 265 266 267 270 271 271 272 274 274 276 278 279 279 281 284 288 289 292 293 295 297 298 298 301 301 Government Policy 16 Deficits and the National Debt 16.1 High-Denomination Government Debt 16.1.1 A Model of Separated Asset Markets 16.1.2 Introducing Government Bonds 16.2 Continual Debt Issue 16.2.1 Rolling Over the Debt 305 305 307 308 309 311
Contents 16.3 The Burden of the National Debt 16.3.1 The Government Budget Constraint 16.3.2 The Government’s Intertemporal Choice 16.4 Open Market Operations 16.5 Political Strategy and the National Debt 16.6 Summary 16.7 Exercises 17 Savings and Investment 17.1 The Savings Decision 17.1.1 Wealth 17.1.2 Present Value 17.1.3 Wealth and Consumption 17.1.4 Income and Saving 17.2 The Effects of Taxes on Consumption and Savings 17.2.1 Wealth-Neutral Tax Changes 17.2.2 Wealth Effects 17.3 Social Security 17.3.1 Fully Funded Government Pensions 17.3.2 Pay-as-You-Go Pensions 17.4 Summary 17.5 Exercises 18 The Effect of the National Debt on Capital and Savings 18.1 The National Debt and the Crowding Out of Capital 18.1.1 Deficits and Interest Rates 18.2 Neutral Government Debt 18.3 Fiat Money and the Crowding Out of Capital 18.3.1 Offsetting Wealth Transfers 18.4 Infinitely Lived Agents 18.4.1 A Model of Infinitely Lived People 18.4.2 Wealth, Capital, and Interest-Bearing Government Debt 18.4.3 Wealth, Capital, and Real Balances 18.4.4 Parents, Bequests, and Infinite Lives 18.4.5 A Simple Model of Parents 18.4.6 Parents Leaving No Bequest 18.5 Summary 18.6 Exercises 19 The Temptation of Inflation 19.1 Defaulting on the Debt 19.1.1 The Inconsistency of Default 19.1.2 Commitment 19.1.3 Reputation 19.1.4 The Return on Risky Debt XV 315 316 317 319 321 323 324 326 326 328 328 330 332 333 334 335 336 336 338 339 340 341 342 344 345 347 348 349 350 350 352 354 354 356 357 357 360 360 361 363 364 364
xvi Contents 19.2 19.3 19.4 19.5 19.6 19.7 Inflation and the Nominal National Debt 19.2.1 Unanticipated Inflation and the Real National Debt 19.2.2 Anticipated Inflation and the Real National Debt 19.2.3 Rational Expectations 19.2.4 The Lucas Critique Revisited 19.2.5 Self-Fulfilling Inflationary Expectations 19.2.6 Hyperinflation 19.2.7 Commitment in Monetary Policy The Temptation of Seigniorage Inflation and Private Debt Summary Exercises Appendix: An Activist References Index ' 365 365 366 368 369 371 372 373 375 375 376 377 377 381 388 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4015118 |
| dewey-search | 332.4015118 |
| dewey-sort | 3332.4015118 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | Fifth edition |
| format | Book |
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| id | DE-604.BV048297654 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:05:46Z |
| indexdate | 2024-10-17T10:01:08Z |
| institution | BVB |
| isbn | 9781316515211 9781009096508 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033677503 |
| oclc_num | 1322795961 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-945 |
| owner_facet | DE-355 DE-BY-UBR DE-945 |
| physical | xxvii, 390 Seiten Diagramme |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | Cambridge University Press |
| record_format | marc |
| spelling | Champ, Bruce A. Verfasser (DE-588)170848922 aut Modeling monetary economies Bruce Champ, Scott Freeman, Joseph Haslag (University of Missouri-Columbia) Fifth edition New York, NY ; Cambridge Cambridge University Press 2022 xxvii, 390 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Geld (DE-588)4019889-3 gnd rswk-swf Kreditwesen (DE-588)4032950-1 gnd rswk-swf Mathematisches Modell (DE-588)4114528-8 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Geldtheorie (DE-588)4121333-6 s DE-604 Finanzwirtschaft (DE-588)4017214-4 s Mathematisches Modell (DE-588)4114528-8 s 1\p DE-604 Kreditwesen (DE-588)4032950-1 s 2\p DE-604 Geld (DE-588)4019889-3 s 3\p DE-604 Geldpolitik (DE-588)4019902-2 s 4\p DE-604 Freeman, Scott 1954-2004 Verfasser (DE-588)170269205 aut Haslag, Joseph H. Verfasser (DE-588)170501752 aut Erscheint auch als Online-Ausgabe 978-0-511-15644-1 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033677503&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Champ, Bruce A. Freeman, Scott 1954-2004 Haslag, Joseph H. Modeling monetary economies Finanzwirtschaft (DE-588)4017214-4 gnd Geld (DE-588)4019889-3 gnd Kreditwesen (DE-588)4032950-1 gnd Mathematisches Modell (DE-588)4114528-8 gnd Geldtheorie (DE-588)4121333-6 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)4017214-4 (DE-588)4019889-3 (DE-588)4032950-1 (DE-588)4114528-8 (DE-588)4121333-6 (DE-588)4019902-2 |
| title | Modeling monetary economies |
| title_auth | Modeling monetary economies |
| title_exact_search | Modeling monetary economies |
| title_exact_search_txtP | Modeling monetary economies |
| title_full | Modeling monetary economies Bruce Champ, Scott Freeman, Joseph Haslag (University of Missouri-Columbia) |
| title_fullStr | Modeling monetary economies Bruce Champ, Scott Freeman, Joseph Haslag (University of Missouri-Columbia) |
| title_full_unstemmed | Modeling monetary economies Bruce Champ, Scott Freeman, Joseph Haslag (University of Missouri-Columbia) |
| title_short | Modeling monetary economies |
| title_sort | modeling monetary economies |
| topic | Finanzwirtschaft (DE-588)4017214-4 gnd Geld (DE-588)4019889-3 gnd Kreditwesen (DE-588)4032950-1 gnd Mathematisches Modell (DE-588)4114528-8 gnd Geldtheorie (DE-588)4121333-6 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Finanzwirtschaft Geld Kreditwesen Mathematisches Modell Geldtheorie Geldpolitik |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033677503&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT champbrucea modelingmonetaryeconomies AT freemanscott modelingmonetaryeconomies AT haslagjosephh modelingmonetaryeconomies |