By Benjamin Eden
Книга A direction in financial Economics: Sequential exchange, funds, and Uncertainity A direction in financial Economics: Sequential alternate, cash, and UncertainityКниги Экономика Автор: Benjamin Eden Год издания: 2004 Формат: pdf Издат.:Wiley-Blackwell Страниц: 424 Размер: 2 ISBN: 0631215662 Язык: Английский0 (голосов: zero) Оценка:Monetary Economics and Sequential alternate is an insightful advent to the complicated subject matters in financial economics. obtainable to scholars who've mastered the diagrammatic instruments of economics, it discusses genuine matters with quite a few modeling choices, bearing in mind an instantaneous comparability of the results of the various types. The exposition is obvious and logical, supplying a superior starting place in financial idea and the options of monetary modeling. The textual content is rooted within the author's years of training and examine, and should be hugely compatible for financial economics classes in either the upper-level undergraduate and graduate degrees.
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0 . . 0 . . 0 . . 0 . . 0 . . τ−t S d to show that the price We can now apply the asset pricing formula pti = ∞ τ τi τ=t+1 β of a type 2 tree is higher than the price of a type 3 tree. 1: 1 Assume a consumer who comes to the market with an endowment of Y1 = Y2 . The consumer’s utility function is U(C1 ) + U(C2 ). (a) Show that this consumer will choose to consume his endowment if the interest rate is zero. (b) Show that this consumer will choose to save if the interest rate is positive.
For the purpose of analyzing fully anticipated changes in monetary policy, it is useful to assume that relative prices (p2 /p1 , . . 7) where the same symbol is used to denote different functions. 2 THE MULTI-PERIOD, SINGLE-AGENT PROBLEM We are now ready to discuss the choice of real balances. 8) where U( ) has the standard properties of a single period utility function and f( ) has the standard properties of a production function, with f (0) = 0. Indeed we may think of real balances as an input in the production of consumption (liquidity services).
They all try to move to a point like B. Since it is not possible for all agents to move to B they end up moving to the previous equilibrium: point E. The mathematics of this argument is quite simple. If P solves the equilibrium condition f (M/P) = ρ then 2P solves f (2M/2P) = ρ. What will happen if the government announces a policy of doubling the money supply each month? We will see that this thought experiment is not trivial. We start from some technical aspects of this question. 7 CHANGE IN THE RATE OF MONEY SUPPLY CHANGE: TECHNICAL ASPECTS We start from the continuous time case which is a useful approximation for the discrete time case used in the theoretical analysis which follows.
A Course in Monetary Economics: Sequential Trade, Money, and Uncertainity by Benjamin Eden