The Demand for Money: Theoretical and Empirical Approaches by Apostolos Serletis

By Apostolos Serletis

This is the main complete textbook to be had at the cash call for functionality and its function in smooth macroeconomics. The ebook takes a microeconomic- and aggregation-theoretic method of the subject and provides empirical proof utilizing state of the art econometric technique, whereas spotting the life of unsolved difficulties and the necessity for additional advancements. the recent variation is totally revised and contains new chapters.

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These models are also extremely versatile. They can be extended to deal with a number of issues in growth theory such as, for example, increasing returns to scale, human capital, endogenous population growth, and technological progress - see Robert Lucas (1988), Paul Romer (1986, 1990), Barro and Salai-Martin (1995), and Solow (1999, 2000) for references. 40 Chapter 3. Neoclassical Growth Theory Neoclassical growth theory, however, also has uses in monetary economics and macroeconomics. As Costas Azariadis (1993, p.

Therefore, removing the labor supply schedule, L = L(w/P), and the implicit labor-market-clearing condition (LD = LS = L), making the money wage rate exogenous, and 1 See Barro (1997, Chapter 20) for a more detailed discussion. 2 The Complete Keynesian Model 15 making consumption also a function of real disposable income are the essential changes that must be made in the classical model of Chapter 1 in order to arrive at the Keynesian model. 6) where w denotes the exogenous money wage, determined outside the system.

The Lagrangian expression is 00 00 £. = L,Btu (Ct, mt) t=o -Ct - kt+1 + (1 - + L,Bt At [ f(kt ) + Vt t=o 8)kt - (1 + 7rt)mt+l + mt ] . The necessary first-order conditions for optimality can be obtained by differentiating £. with respect to Ct, mt+1, and k t+1. 11) -At + ,BAt+l [f'(kt+l) +1- 8] = O. 12) are necessary for a maximum. 9) gives the change in real money holdings from period t to period t + 1.

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