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The Hierarchy of Money
Bell, Stephanie - 1998
State's ability to tax and the money of the economy. Minsky recognized that money represents an IOU or promise to pay and … money as a 'creature of the State' can be found in Minsky. Finally, I will apply the Chartalist theory to Minsky's notion of … a 'hierarchy of money' in order to suggest that the State determines not only the unit in which all of the monies in the …
Persistent link: https://www.econbiz.de/10014052374
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Money and Indeterminacy Over an Infinite Horizon
Bloise, Gaetano; Drèze, Jacques H.; Polemarchakis, … - 2002
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends …
Persistent link: https://www.econbiz.de/10014117062
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Money Talks
Hoerova, Marie - 2019
The authors study credible information transmission by a benevolent short-lived central bank. They consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very...
Persistent link: https://www.econbiz.de/10012906203
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Naturalizing Institutions : Evolutionary Principles and Application on the Case of Money
Herrmann-Pillath, Carsten - 2011
view, money is a neuronally anchored metaphor for emotions relating with social exchange and reciprocity. Money as a meme … population-level interactions. I apply this framework on the case of money, analyzing the emotions that go along with the use of … money, and presenting a stylized account of the emergence of money in terms of the naturalized Searle-Aoki model. In this …
Persistent link: https://www.econbiz.de/10013118396
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Naturalizing institutions : evolutionary principles and application on the case of money
Herrmann-Pillath, Carsten - 2011
view, money is a neuronally anchored metaphor for emotions relating with social exchange and reciprocity. Money as a meme … population-level interactions. I apply this framework on the case of money, analyzing the emotions that go along with the use of … money, and presenting a stylized account of the emergence of money in terms of the naturalized Searle-Aoki model. In this …
Persistent link: https://www.econbiz.de/10009382374
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On the theoretical efficacy of quantitative easing at the zero lower bound
Boel, Paola; Waller, Christopher - 2015
We construct a monetary economy in which agents face aggregate demand shocks and heterogeneous idiosyncratic preference shocks. We show that, even when the Friedman rule is the best interest rate policy the central bank can implement, not all agents are satiated at the zero lower bound and...
Persistent link: https://www.econbiz.de/10011338171
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A model of endogenous financial inclusion : implications for inequality and monetary policy
Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro - 2018 - This version: December 17, 2018
We propose a monetary dynamic general equilibrium model with endogenous credit market participation to study the impact of financial inclusion on welfare and inequality. We find that significant consumption inequality can result from limited access to basic financial services. In this...
Persistent link: https://www.econbiz.de/10011967245
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A model of endogenous financial inclusion : implications for inequality and monetary policy
Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro - 2019
We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary...
Persistent link: https://www.econbiz.de/10012052590
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Money Talks
Hoerova, Marie - 2015
We study credible information transmission by a benevolent short-lived central bank. We consider two possibilities: direct revelation through an announcement, versus indirect transmission through monetary policy. We show that, in the presence of externalities creating a wedge between private and...
Persistent link: https://www.econbiz.de/10013036955
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On the Historical Validity of Nominal Money as a Measure of Organizational Performance : Some Evidence and Logical Analysis
Salvary, Stanley C. W. - 2005
In the literature, nominal money has been decried as a reliable measure. However, before condemning money as a … defective measure, it is necessary to examine in a historical context the nature and the role of money in a money economic … system, and the changes over time in the types of money (commodity money versus paper money). Using historical evidence and …
Persistent link: https://www.econbiz.de/10014066196