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Essays on the inventory theory of money demand: Theory and Empirical Evidence (Paperback)

Chen Li

ISBN 10: 3639044673 / ISBN 13: 9783639044676
Editorial: VDM Verlag Dr. Müller e.K., Germany, 2012
Nuevos Condición: New Encuadernación de tapa blanda
Librería: The Book Depository EURO (London, Reino Unido)

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Language: English. Brand new Book. The inventory theoretic approach, first developed by Baumol (1952) and Tobin (1956), served as one of the most important theoretical frameworks in monetary economics. Nevertheless, the traditional inventory theory was built on the partial equilibrium frameworks, the income elasticity prediction is inconsistent with the empirical finding by Lucas (1988,2000) that it should be one, though the predicted interest elasticity is correct at the value of 0.5 empirically. As a major theoretic extension of the existing inventory theory of money demand, this book investigated the theoretical and empirical implications of the general equilibrium inventory theoretic approach to the demand for money. Specifically, it provides a positive theory to explain the key parameters that shape the demand for money the income and interest elasticity of money; more importantly, it provides a unified framework to explain the pattern of the last 40 years of US demand data for M1. N° de ref. de la librería KNV9783639044676

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Título: Essays on the inventory theory of money ...

Editorial: VDM Verlag Dr. Müller e.K., Germany

Año de publicación: 2012

Encuadernación: Paperback

Condición del libro: New

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The inventory theoretic approach, first developed by Baumol (1952) and Tobin (1956), served as one of the most important theoretical frameworks in monetary economics. Nevertheless, the traditional inventory theory was built on the partial equilibrium frameworks, the income elasticity prediction is inconsistent with the empirical finding by Lucas (1988,2000) that it should be one, though the predicted interest elasticity is correct at the value of 0.5 empirically. As a major theoretic extension of the existing inventory theory of money demand, this book investigated the theoretical and empirical implications of the general equilibrium inventory theoretic approach to the demand for money. Specifically, it provides a positive theory to explain the key parameters that shape the demand for money – the income and interest elasticity of money; more importantly, it provides a unified framework to explain the pattern of the last 40 years of US demand data for M1.

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