Interaction of money demand and money supply in non-Walrasian economics

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Interaction of money demand and money supply in non-Walrasian economics

Popis výsledku v původním jazyce

This paper presents an alternative approach to dealing with interaction of money demand and money supply, based on assumptions of non-Walrasian economics. Classical contributions to the theory of market equilibrium (Say, 1880), Walras (1874) emphasize the long-term equality of money demand and money supply, i.e. markets clear through immediate price adjustment process, and all agents are in the market satisfied. However, as Clower, (1965), Patinkin (1965) and Leijonhfvud (1968) showed in their pioneering work on disequilibrium theory that markets may not clear and demand supply imbalances in one market can have a spill-over effect into another market. I therefore try to provide a short review of literature on Walrasian and non-Walrasian approaches to economics and outline an approach to modeling disequilibrium in the monetary sector.

Název v anglickém jazyce

Interaction of money demand and money supply in non-Walrasian economics

Popis výsledku anglicky

This paper presents an alternative approach to dealing with interaction of money demand and money supply, based on assumptions of non-Walrasian economics. Classical contributions to the theory of market equilibrium (Say, 1880), Walras (1874) emphasize the long-term equality of money demand and money supply, i.e. markets clear through immediate price adjustment process, and all agents are in the market satisfied. However, as Clower, (1965), Patinkin (1965) and Leijonhfvud (1968) showed in their pioneering work on disequilibrium theory that markets may not clear and demand supply imbalances in one market can have a spill-over effect into another market. I therefore try to provide a short review of literature on Walrasian and non-Walrasian approaches to economics and outline an approach to modeling disequilibrium in the monetary sector.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2012

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

PEFnet 2012

ISBN

978-80-7375-669-7

ISSN

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e-ISSN

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Počet stran výsledku

6

Strana od-do

1-6

Název nakladatele

Mendel University in Brno

Místo vydání

Brno

Místo konání akce

Brno

Datum konání akce

1. 1. 2012

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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