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included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as … credit card balances, to assets, such as money. But economic aggregation theory and index number theory are based on … cards and money. In the transmission mechanism of central bank policy, these results raise potentially fundamental questions …
included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as … credit card balances, to assets, such as money. But economic aggregation theory and index number theory are based on … cards and money. The underlying assumption is that credit card services are not weakly separable from the services of …
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...
study examines how a change in the policy instrument of the Reserve Bank of South Africa affects money, credit and level of … and money supply respond instantaneously to changes in the repo rate by the South African reserve bank. Our analysis …
currency or an international central bank. This paper focuses on Hayek’s overall philosophy on international money mechanism … bank and his concerned over unstable arrangements in money mechanism,which, he believes, profoundly affects economic and …
money and its interaction with monetary policy. Borrowing capacity, and ultimately consumption, is linked to the value of …
ABSTRACTThis paper considers the question: - In face of changes in the demand for money resulting from an increase in … for a normative conclusion about the convenience of a monetary regime with a State monopoly of the money supply, forced … legal tender and central bank versus the alternative of competitive money supply.RESUMEN¿ANTE LOS CAMBIOS EN LA DEMANDA DEL …
In this paper, we analyze the process of money creation in a credit economy. We start from the consideration that the … traditional money multiplier is a poor description of this process and present an alternative and dynamic approach that takes into … network theory and statistical mechanics, we then try to shed some light on the actual process by which money is endogenously …
We define a non-tâtonnement dynamics in continuous-time for pure-exchange economies with outside and inside fiat money … can use them to pay their own debts only in the next period. Provided there is enough inside money, monetary trade curves … converge towards Pareto optimal allocations; money has a positive value along each trade curve, except on the optimal rest …
We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations … game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …