Money, Inflation, and Capital Formation: An Analysis of the by Leopold von Thadden

By Leopold von Thadden

This ebook is a marginally revised model of my doctoral thesis which I wrote in the course of my time as an assistant on the college of Economics of the college of Magdeburg. i'm thankful that I had the chance to jot down my the­ sis within the stimulating surroundings of this younger and full of life college. lowe a large amount of gratitude to my manager Prof. G. Schwodiauer who con­ stantly inspired my paintings and helped to enhance it in lots of discussions. I additionally wish to thank Prof. K-H. Paque and Prof. P. Flaschel who, as participants of my doctoral committee, commented on a number of info of this examine in a really optimistic demeanour. At numerous levels of my paintings I bought worthy reviews from many colleagues of mine, specifically T. Konig and A. Wohrmann. besides the fact that, it is going with no announcing that I keep complete responsi­ bility for all closing blunders. Contents advent 1 I cash, inflation, and capital formation ultimately: common comments five 1 precis of the literature: theoretical facets 7 2 precis of the literature: empirical elements 19 three additional reflections on cash 29 II cash, inflation, and capital formation: the point of view of overlapping generations versions forty three four The Diamond version with cash as unmarried open air asset forty five four. 1 The version. . . . . . . . forty six four. 2 Equilibrium stipulations. fifty one four. three coverage results fifty eight four. four dialogue. sixty one four. five Appendix . sixty three five edition 1: Imperfect credits markets and uneven info sixty five five. 1 The version. . . . . . . .

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Extra info for Money, Inflation, and Capital Formation: An Analysis of the Long Run from the Perspective of Overlapping Generations Models

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E. single digit) inflation rates, with the structural break occurring somewhere in the middle of the single digit range, and, second, a negative and convex relationship for all other inflation rates. 14 Taking this second finding for granted, a move in the annual inflation rate from, let's say, 10% to 20% is far more detrimental in terms of foregone output than a move from 40% to 50%. Accordingly, both studies conclude that misspecified, linear estimates induce a severe downward bias to the estimated inflation coefficient over the range of greatest policy interest.

Ad iii) Casual observation confirms that outright payment by cash is by no means the only way how market-based transactions are settled. Exploring this issue in considerable detail, Fama (1983) offers a useful classification that distinguishes broadly between two different modes of non-barter exchange. On the one hand, agents can use non-interest-bearing currency as a direct hand-to-hand medium of exchange. On the other hand, however, agents commonly own interest-bearing deposits which provide access to an accounting system of exchange offered by banks.

38 held despite being dominated in return by other assets. 21 More recent research has attempted to overcome some of the shortcomings of the cash-in-advance friction resulting from its strong ad-hoc nature. Questioning the plausibility of dividing goods rigidly into cash and credit goods, Schreft (1992) and Ireland (1994), for example, present closely related frameworks in which the choice between payment by cash or credit becomes fully endogenous due to a modified spatial arrangement of the economy.

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