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Money : In Equilibrium - Douglas Gale


In Equilibrium

Paperback Published: 20th May 1985
ISBN: 9780521289009
Number Of Pages: 360

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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.

Introductionp. 1
The neutrality of moneyp. 7
Notesp. 24
Monetary theory in the nineteen-sixtiesp. 28
Notesp. 55
Informational efficiency and economic efficiencyp. 59
Rational expectations hypothesisp. 59
Efficiencyp. 66
Noise and the Lucas modelp. 68
Notesp. 74
Rational expectations equilibrium (REE)p. 75
Efficiencyp. 80
A characterization of REEp. 87
Notesp. 92
Expectations and economic policyp. 93
Expectations and the theory of economic policyp. 94
The importance of commitments: an examplep. 105
Rules, commitments and rational expectationsp. 109
Notesp. 114
The repeated leader-follower gamep. 117
Rules and the existence of REEp. 127
Notesp. 135
The economic costs of inflationp. 136
Traditional theoryp. 136
Other explanationsp. 145
Inflation and the rate of interestp. 153
Inflation and the supply of loanable fundsp. 159
Notesp. 162
p. 163
Notesp. 180
Sequences of budget constraintsp. 182
The general equilibrium view of moneyp. 182
Borrowing and lendingp. 184
Cash constraints and incomplete marketsp. 189
Digression on flexibilityp. 192
Transaction costs revisitedp. 194
Notesp. 197
The classical theorems of welfare economicsp. 198
Economies with incomplete marketsp. 203
Concepts of equilibrium in a sequence of marketsp. 207
Efficiency properties of sequence equilibriap. 213
Efficiency properties of the futures equilibriump. 220
Introducing moneyp. 225
Notesp. 230
Monetary equilibrium: a cooperative approachp. 231
The classical theoryp. 232
The problem of trustp. 234
Introducing moneyp. 239
The sequential core with an incomplete set of assetsp. 246
Notesp. 248
Large economiesp. 250
Some classical equivalence theoremsp. 252
Monetary economiesp. 253
The sequential corep. 260
Concepts of equilibrium in a sequence of marketsp. 264
Characterization of strongly improving conditionsp. 269
Formal resultsp. 273
Proofsp. 280
Discussion of resultsp. 285
Notesp. 289
Monetary equilibrium: a non-cooperative approachp. 290
A non-cooperative approachp. 292
Abstract market gamesp. 295
The Walrasian casep. 299
Sequential market gamesp. 302
Proof of Theorem 7.4.4p. 312
The value of moneyp. 318
Efficient market gamesp. 323
Money, information and efficiencyp. 325
Mathematical appendixp. 330
Bibliographical notesp. 335
Referencesp. 341
Indexp. 347
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521289009
ISBN-10: 0521289009
Series: Cambridge Economic Handbooks
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 360
Published: 20th May 1985
Country of Publication: GB
Dimensions (cm): 21.44 x 14.22  x 2.24
Weight (kg): 0.48

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