Leopold von Thadden

Money, Inflation, and Capital Formation

An Analysis of the Long Run from the Perspective of Overlapping Generations Models

• Broschiertes Buch

Produktbeschreibung

This book offers a comprehensive analysis of long run effects of inflation on real activity. The first part presents detailed surveys of the theoretical and empirical literature. The second part introduces a monetary version of an overlapping generations economy with production and a single outside asset as a base model and offers thereby a unified framework to organize the debate. Drawing on recent contributions from the theoretical literature and new results established by the author, various modifications to the base model are discussed. These modifications address a diverse range of features such as imperfections in credit markets, random liquidity needs, transaction aspects of money in a context with multiple means of payment, and the coexistence of multiple outside assets. Throughout the second part of the book consistent notation is used, and particular attention is paid to a careful classification of comparative statics and dynamic properties of steady state equilibria.

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This book is a slightly revised version of my doctoral thesis which I wrote during my time as an assistant at the Faculty of Economics of the University of Magdeburg. I am grateful that I had the opportunity to write my the sis in the stimulating atmosphere of this young and lively faculty. lowe a great amount of gratitude to my supervisor Prof. G. Schwodiauer who con stantly encouraged my work and helped to improve it in many discussions. I also would like to thank Prof. K-H. Paque and Prof. P. Flaschel who, as members of my doctoral committee, commented on various details of this study in a very constructive manner. At various stages of my work I received helpful comments from many colleagues of mine, in particular T. Konig and A. Wohrmann. However, it goes without saying that I retain full responsi bility for all remaining errors. Contents Introduction 1 I Money, inflation, and capital formation in the long run: general remarks 5 1 Summary of the literature: theoretical aspects 7 2 Summary of the literature: empirical aspects 19 3 Further reflections on money 29 II Money, inflation, and capital formation: the perspective of overlapping generations models 43 4 The Diamond model with money as single outside asset 45 4. 1 The model. . . . . . . . 46 4. 2 Equilibrium conditions. 51 4. 3 Policy effects 58 4. 4 Discussion. 61 4. 5 Appendix . 63 5 Variation 1: Imperfect credit markets and asymmetric information 65 5. 1 The model. . . . . . . .

Produktdetails

• Lecture Notes in Economics and Mathematical Systems 479
• Verlag: Springer / Springer Berlin Heidelberg / Springer, Berlin
• Artikelnr. des Verlages: 978-3-540-66456-7
• 1999.
• Seitenzahl: 212
• Erscheinungstermin: 17. November 1999
• Englisch
• Abmessung: 235mm x 155mm x 12mm
• Gewicht: 280g
• ISBN-13: 9783540664567
• ISBN-10: 3540664564
• Artikelnr.: 09222978

Inhaltsangabe

I Money, inflation, and capital formation in the long run: general remarks.- 1 Summary of the literature: theoretical aspects.- 2 Summary of the literature: empirical aspects.- 3 Further reflections on money.- II Money, inflation, and capital formation: the perspective of overlapping generations models.- 5 Variation 1: Imperfect credit markets and asymmetric information.- 6 Variation 2: Random liquidity needs.- 7 Variation 3: Standard cash-in-advance constraint and endogenous savings.- 8 Variation 4: Differentiated goods, multiple means of payment, and money as single outside asset.- 9 Variation 5: Differentiated goods, multiple means of payment, and alternative specifications of government activities.- Summary.- Appendix I: Technology.- Appendix II: Dynamics.- References.- List of Figures.