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Money

In Equilibrium

By: Douglas Gale

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Paperback | 20 May 1985

At a Glance

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360 Pages

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21.6 x 13.8 x 2.3

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As the title suggests, this book deals mainly with what can be described as the general-equilibrium approach to monetary theory. The author does not attempt an encyclopaedic treatment, but investigates the central problems and ideas in the development of contemporary monetary theory. The first part of the book - technically the easier - deals with questions which will be recognized as falling within the traditional field of (macroeconomic) monetary theory, although the treatment is unflaggingly microeconomic. The second part is less conventional, dealing with the general equilibrium theory of money in a fundamental way.

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You Can Find This Book In

Non-Fiction Economics Macroeconomics Monetary Economics Economic Theory & Philosophy Economic History

Introduction	p. 1
The neutrality of money	p. 7
Notes	p. 24

Monetary theory in the nineteen-sixties	p. 28
Notes	p. 55
Informational efficiency and economic efficiency	p. 59
Rational expectations hypothesis	p. 59
Efficiency	p. 66
Noise and the Lucas model	p. 68
Notes	p. 74

Rational expectations equilibrium (REE)	p. 75
Efficiency	p. 80
A characterization of REE	p. 87
Notes	p. 92
Expectations and economic policy	p. 93
Expectations and the theory of economic policy	p. 94
The importance of commitments: an example	p. 105
Rules, commitments and rational expectations	p. 109
Notes	p. 114

The repeated leader-follower game	p. 117
Rules and the existence of REE	p. 127
Notes	p. 135
The economic costs of inflation	p. 136
Traditional theory	p. 136
Other explanations	p. 145
Inflation and the rate of interest	p. 153
Inflation and the supply of loanable funds	p. 159
Notes	p. 162
	p. 163
Notes	p. 180
Sequences of budget constraints	p. 182
The general equilibrium view of money	p. 182
Borrowing and lending	p. 184
Cash constraints and incomplete markets	p. 189
Digression on flexibility	p. 192
Transaction costs revisited	p. 194
Notes	p. 197

The classical theorems of welfare economics	p. 198
Economies with incomplete markets	p. 203
Concepts of equilibrium in a sequence of markets	p. 207
Efficiency properties of sequence equilibria	p. 213
Efficiency properties of the futures equilibrium	p. 220
Introducing money	p. 225
Notes	p. 230
Monetary equilibrium: a cooperative approach	p. 231
The classical theory	p. 232
The problem of trust	p. 234
Introducing money	p. 239
The sequential core with an incomplete set of assets	p. 246
Notes	p. 248

Large economies	p. 250
Some classical equivalence theorems	p. 252
Monetary economies	p. 253
The sequential core	p. 260
Concepts of equilibrium in a sequence of markets	p. 264
Characterization of strongly improving conditions	p. 269
Formal results	p. 273
Proofs	p. 280
Discussion of results	p. 285
Notes	p. 289
Monetary equilibrium: a non-cooperative approach	p. 290
A non-cooperative approach	p. 292
Abstract market games	p. 295
The Walrasian case	p. 299
Sequential market games	p. 302
Proof of Theorem 7.4.4	p. 312
The value of money	p. 318
Efficient market games	p. 323
Money, information and efficiency	p. 325
Mathematical appendix	p. 330
Bibliographical notes	p. 335
References	p. 341
Index	p. 347
Table of Contents provided by Syndetics. All Rights Reserved.

Money

In Equilibrium

At a Glance

Paperback

Shipping

How to return your order

Defective items

You Can Find This Book In

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