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Power theory of exchange and money
Stefanov, Yaroslav - In: Economies : open access journal 10 (2022) 1, pp. 1-16
demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon … of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and …
Persistent link: https://www.econbiz.de/10012800890
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Power theory of exchange and money
Stefanov, Yaroslav - In: Economies 10 (2022) 1, pp. 1-16
demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon … of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and …
Persistent link: https://www.econbiz.de/10013199967
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Gold's overly long farewell as money
Herr, Hansjörg - 2024
Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …
Persistent link: https://www.econbiz.de/10014632720
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Some Kaleckian remarks on modern monetary theory in light of a paper by Drumetz/Pfister
Sawyer, Malcolm C. - In: European Journal of Economics and Economic Policies: … 20 (2023) 1, pp. 67-77
This paper provides remarks on modern monetary theory (MMT) from a Kaleckian perspective in response to a paper by Drumetz/Pfister. The distinction between initial financing and final financing is drawn up to argue for clear separation of how expenditure is financed and funded, and pointing to...
Persistent link: https://www.econbiz.de/10014441463
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The bank lending channel revisited
Disyatat, Piti - Bank für Internationalen Zahlungsausgleich <Basel> - 2010
A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10005871023
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Monetary policy implementation: Misconceptions and their consequences
Disyatat, Piti - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Despite constituting the very heart of the monetary transmission mechanism, widespreadmisconceptions still exist regarding how monetary policy is implemented. This paperhighlights the key misconceptions in this regard and shows how they have compromised theunderstanding of important aspects of...
Persistent link: https://www.econbiz.de/10009248817
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The redistributive effects of monetary policy
Ledoit, Olivier - 2011
implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …
Persistent link: https://www.econbiz.de/10010316933
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Gold's overly long farewell as money
Herr, Hansjörg - 2024
Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …
Persistent link: https://www.econbiz.de/10014635562
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Monetary equilibria in a cash-in-advance economy with incomplete financial markets
Bai, Jinhui H.; Schwarz, Ingolf - 2005
The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …
Persistent link: https://www.econbiz.de/10010264772
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The monetary economy and the economic crisis
Laidler, David - 2010
The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the invisible hand, was a major...
Persistent link: https://www.econbiz.de/10010291902