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Money and Value : A Reconsideration of Classical and Neoclassical Monetary Economics - Jean-Michel Grandmont

Money and Value

A Reconsideration of Classical and Neoclassical Monetary Economics

Paperback Published: 6th January 1986
ISBN: 9780521313643
Number Of Pages: 212

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This book addresses one of the major theoretical issues that underlies, implicitly or explicitly, some recurrent controversies in macroeconomics - namely, whether a competitive monetary economy has built-in mechanisms that are strong enough to remove excess demands and supplies on all markets, through an automatic adjustment of the price system. Jean-Michel Grandmont sheds light on this complex subject by using the analytical techniques of general equilibrium theory alongside the methods of monetary analysis. The book warns against the indiscriminate use of the rational expectations hypothesis when approaching this topic, and conversely stresses the common-sense observation that short-run learning processes are among the most important characteristics of economic agents. Grandmont argues that such processes are deserving of careful theoretical study, and the result is a clear and rigorous analysis of all the issues involved.

Industry Reviews

'This is a beautifully written book. There is hardly a subject the author touches on that he does not enhance with the clarity and elegance of his exposition. Though it places much less emphasis on mathematical technique, the book stands comparison with the classic texts of Debreu (1959) and Hildenbrand (1974) ... Grandmont's pioneering work has allowed others to see more clearly what needs to be done and how to do it. For this he deserves the admiration and gratitude of all economists.' Journal of Political Economy '... those familiar with [Grandmont's] work will expect a rigorous and mathematically sophisticated treatment of the issues and they will not be disappointed. In addition, he takes pains to explain in a heuristic fashion - and quite successfully - the significance of the mathematical proofs which are relegated to the appendices. For this effort Grandmont should be praised because he has opened up an area of the literature which by its nature was previously restricted to a very narrow audience.' Journal of Economic Literature '... this book is a very worthy venture, strongly recommended to monetary theorists of all persuasions. Moreover, the accessibility of exposition should make some of its important ideas available with benefit to undergraduate students in monetary economics.' The Economic Journal

Prefacep. xi
Introductionp. 1
Expectations and the real balance effectp. 8
Classical and neoclassical views on moneyp. 10
Structure of the modelp. 14
Short-run demand functionsp. 16
The existence of a short-run Walrasian monetary equilibriump. 21
The expected utility of moneyp. 27
Stationary statesp. 32
The neutrality of moneyp. 38
Notes on the literaturep. 45
Suggested readingp. 46
Money and credit in the short runp. 48
Structure of the modelp. 51
Neoclassical views on inside and outside moneyp. 53
Short-run demand and supply functionsp. 62
Pegging the interest ratep. 70
Controlling the money supplyp. 79
The neutrality of moneyp. 91
Notes on the literaturep. 95
Suggested readingp. 95
Classical stationary states with money and creditp. 96
Consumers' characteristicsp. 98
Long-run demands and suppliesp. 99
The equations of steady statesp. 103
Golden Rule steady statesp. 109
Balanced steady statesp. 113
Remarks on dynamicsp. 117
Notes on the literaturep. 121
Suggested readingp. 121
Open-market policies and liquidityp. 122
Neoclassical theory revisitedp. 124
Consumers' characteristicsp. 131
Short-run demandsp. 132
Pegging the interest ratep. 135
Controlling the money supplyp. 140
The liquidity trapp. 144
The neutrality of moneyp. 147
Notes on the literaturep. 149
Suggested readingp. 149
Conclusionp. 150
Appendixesp. 153
Preliminariesp. 155
Basic notionsp. 155
Functions and correspondencesp. 157
Competitive equilibriump. 159
Demand correspondencesp. 160
Expectations and the real balance effectp. 164
Demand functionsp. 164
Short-run Walrasian equilibriump. 166
Stationary statesp. 167
Money and credit in the short runp. 170
Demands and suppliesp. 170
Pegging the interest ratep. 174
Controlling the money supplyp. 175
Classical stationary states with money and creditp. 179
Long-run demands and suppliesp. 179
Golden Rule steady statesp. 181
Balanced steady statesp. 185
Open-market policies and liquidityp. 186
Short-run demand correspondencesp. 186
Pegging the interest ratep. 188
Controlling the money supplyp. 190
The liquidity trapp. 191
Referencesp. 193
Indexp. 197
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521313643
ISBN-10: 0521313643
Series: Econometric Society Monographs in Pure Theory
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 212
Published: 6th January 1986
Country of Publication: GB
Dimensions (cm): 22.94 x 15.37  x 1.35
Weight (kg): 0.35

Earn 119 Qantas Points
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