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Money and Value

A Reconsideration of Classical and Neoclassical Monetary Theories

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Paperback | 6 January 1986

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212 Pages

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22.86 x 15.24 x 1.22

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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

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You Can Find This Book In

Non-Fiction Economics Macroeconomics Monetary Economics Econometrics Economic History

Preface	p. xi
Introduction	p. 1
Expectations and the real balance effect	p. 8
Classical and neoclassical views on money	p. 10
Structure of the model	p. 14
Short-run demand functions	p. 16
The existence of a short-run Walrasian monetary equilibrium	p. 21
The expected utility of money	p. 27
Stationary states	p. 32
The neutrality of money	p. 38
Notes on the literature	p. 45
Suggested reading	p. 46
Money and credit in the short run	p. 48
Structure of the model	p. 51
Neoclassical views on inside and outside money	p. 53
Short-run demand and supply functions	p. 62
Pegging the interest rate	p. 70
Controlling the money supply	p. 79
The neutrality of money	p. 91
Notes on the literature	p. 95
Suggested reading	p. 95
Classical stationary states with money and credit	p. 96
Consumers' characteristics	p. 98
Long-run demands and supplies	p. 99
The equations of steady states	p. 103
Golden Rule steady states	p. 109
Balanced steady states	p. 113
Remarks on dynamics	p. 117
Notes on the literature	p. 121
Suggested reading	p. 121
Open-market policies and liquidity	p. 122
Neoclassical theory revisited	p. 124
Consumers' characteristics	p. 131
Short-run demands	p. 132
Pegging the interest rate	p. 135
Controlling the money supply	p. 140
The liquidity trap	p. 144
The neutrality of money	p. 147
Notes on the literature	p. 149
Suggested reading	p. 149
Conclusion	p. 150
Appendixes	p. 153
Preliminaries	p. 155
Basic notions	p. 155
Functions and correspondences	p. 157
Competitive equilibrium	p. 159
Demand correspondences	p. 160
Expectations and the real balance effect	p. 164
Demand functions	p. 164
Short-run Walrasian equilibrium	p. 166
Stationary states	p. 167
Money and credit in the short run	p. 170
Demands and supplies	p. 170
Pegging the interest rate	p. 174
Controlling the money supply	p. 175
Classical stationary states with money and credit	p. 179
Long-run demands and supplies	p. 179
Golden Rule steady states	p. 181
Balanced steady states	p. 185
Open-market policies and liquidity	p. 186
Short-run demand correspondences	p. 186
Pegging the interest rate	p. 188
Controlling the money supply	p. 190
The liquidity trap	p. 191
References	p. 193
Index	p. 197
Table of Contents provided by Syndetics. All Rights Reserved.

Money and Value

A Reconsideration of Classical and Neoclassical Monetary Theories

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

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