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Acar, Mehmet Fazil. "The endogenous money theory in the open economy : Turkish case." Thesis, University of Leeds, 2016. http://etheses.whiterose.ac.uk/16160/.
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The purpose of this study is to consider a range of issues which arise in an open economy context when money is treated as endogenously created by the banking system. In this dissertation, the aim is to further develop the Post Keynesian analyses of the behaviour and decision making of the economic agents in the monetary processes and in the demand for money, and extended into an open economy context. The central bank has a role to play in terms of setting monetary policies, setting the interest rate and acting as a lender of last resort. The behaviour of the central bank, in terms of playing these roles, is analysed by considering the difference of the open economy macroeconomic variables, for example, exchange rate, foreign trade, balance of payment conditions, compare to closed economy view point. Similarly, the behaviour of the banking system in the credit creation process and their response to behaviour of the central bank are explored further. Behaviour of the banking system, with regard to their liquidity preference, is analysed in terms of setting the mark-up, supplying credit, and re-arranging their portfolios. The behaviour of households and firms are explored with regard to their decision of demanding loans, holding a currency, rearranging the portfolio decision, by considering their own liquidity preference. In addition to the theoretical developments, this dissertation includes two empirical analyses, in terms of central banking and banking in Turkey. Firstly, it explores how the Turkish central bank (the CBRT) responds to the changes in inflation gap, output gap, foreign currency reserve and exchange rate in setting the policy interest rate. Secondly, 18 partially structured and partially semi-structured interviews with senior bankers in Turkey were conducted. In the first section, the bankers’ perceptions of monetary policies implemented by the central bank are explored. In the second section, the semi-structured interviews helped to discover how these macroeconomic changes take place in the banker’s decision in the credit creation process.
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Vítek, Roman. "Postkeynesiánská teorie peněz: vliv na ekonomickou (ne)stabilitu a možnosti jejího řešení." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75658.
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The diploma thesis analyses the influence of money on the economic instability by the view of Post Keynesian economic theory. The paper answers the question, what creates the economic instability and if it's possible to eliminate or least reduce the instability. The money is here always seen as credit, which is made by institutions on the financial market. We need trust to create money. However the confidence is based on long-term expectations, which are not rational. The result of the analysis is that the trust growth in economy leads to growth of creation of money, whereby more money based on irrational, by psychology influenced expectations, is made. The economy becomes less stable, because there is more money in it, than people will have in the future to pay for its extinction. As the irrational expectation is an exogenous variable, which basically cannot be influenced, the economic instability is ineliminable and therefore allied to economy. We can only reduce instability by focusing on limiting factors in the creation of money, or on areas, where the irrational action can vent itself. Into consideration comes regulation of the financial institutions size, or regulation of international capital flow.
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Ögren, Anders. "Empirical studies in money, credit and banking : the Swedish credit market in transition under the silver and gold standards 1834-1913." Doctoral thesis, Handelshögskolan i Stockholm, EHFF - Stiftelsen för Ekonomisk-historisk och Företagshistorisk Forskning, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1876.
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The empirical results reached in this thesis contradict the traditional theoretical view of money as being exogenously introduced into an economy as a medium of exchange intended to reduce the transactions costs associated with barter. Instead money was endogenously created in the form of credit. Thus, the long run neutrality of money also is called into question. The varying quality of different kinds of money reflects the demand for them. If legal tender was of higher quality than private promissary notes, it was because the former were in greater demand. Concisely put, the market determines the value, and therefore the quality, of various kinds of money. The principal problem addressed in this thesis is how, during the expansive nineteenth century, it was possible to satisfy the ever growing need for credit and means of payment without sacrificing the fixed exchange rate. Particular attention is paid to the private note issuing banks, the so called Enskilda banks, that dominated the Swedish banking system throughout the nineteenth century. In addition to their note issuing, the Enskilda banks were characterized by unlimited owner liability. An examination of the ongoing political process from a rational choice perspective, indicates that initially the concept of note issuing Enskilda banks enjoyed wide spread support. They were considered to be a reasonable response to the problem of establishing a commercial banking system in an illiquid economy. The distribution of political and economic power in favor of the Crown and the Nobility included their control over the issuance of bank charters. The monopolistic policy they followed in this regard, however, resulted in growing hostility towards these. As a result, starting in the middle 1860's, a more liberal attitude towards the establishment of banks began to prevail. By the end of the nineteenth century, various political interest were able to engineer the revocation of the Enskilda banks’ note issuing rights. The special characteristics of the Enskilda banks, the right to issue bank notes and the unlimited liability of their owners, have caused them to be perceived as outdated, at least once Joint Stock banks were introduced. In contrast to the Enskilda banks, these were unable to issue notes but instead provided their owners with limited liability. The thesis demonstrates that, given the initial illiquidity of the Swedish economy, the Enskilda banks actually were the more efficient alternative. Indeed, the note issuing privileges of the Enskilda banks became one of the principal factors behind the development of liquid domestic capital markets. An empirical study that includes the most basic constraints faced by the nineteenth century Swedish economy, the demands of the specie standard and the general shortages of reliable means of payment and of credit, reveals that the Enskilda bank system can not, strictly speaking, be considered an example of free banking. Instead of holding specie reserves, the Enskilda banks backed their notes with central bank (Riksbank) notes. This was not because the public preferred Enskilda bank to Riksbank notes. Rather it was the result of a monetary adverse selection process; Gresham’s Law. Previously utilized, lower quality, means of payment were replaced by Enskilda bank notes. By accepting some of the discount costs, the Enskilda banks made their notes circulate at par with Riksbank notes. Thus a domestic specie exchange system was created. The note issuance of the Enskilda banks paved the way for the deposit based commercial banking system that followed, and it was essential for the monetization of the economy that occurred during the late 1860's. The long run expansion of the money supply was unrelated to growth in Riksbank reserves, specie holdings or the monetary base. Other countries operating under the specie standard also experienced monetary growth, indicating that the specie standard actually was a system of credit. Money supply, as measured in terms of Riksbank and Enskilda bank notes held by the public, eventually reflected the level of output (GDP). VAR-tests indicated that annual changes in the level of Riksbank reserves preceded changes in the money supply which, in turn, preceded changes in the level of prices, thus supporting the price quantity theory. These results are summarized in a regression model that estimates domestic price movements as a function of current changes in international prices and GDP and of lagged changes in domestic prices and the money supply. The final chapter is an empirical analysis of the support provided to the Swedish banking system during the most severe financial crises of the nineteenth century. Maintaining the specie standard was over riding goal of the Riksbank. In times of crises, this concern prevented the Bank from supporting the banking system in accord with the classical lender of last resort recipe; to inject liquidity and briefly suspend convertibility. The thesis argues that in a transitional economy, such as that of nineteenth century Sweden, the fixed exchange rate makes it impossible in times of crisis to support the banks at all costs. Doing so might well convert a banking crisis into a currency crisis. Indeed, this is exactly what has happened in various countries on several occasions during the late twentieth century. Instead the appropriate procedure for acting as lender of last resort in a transitional economy is to initially support the banks, but only as long as central bank reserves are not exhausted. Should the seriousness of the crisis make this insufficient, the authorities should then proceed to import high powered money as a way of supplementing their reserves. The possibility that such action will be needed makes it particularly important that the country’s public finances be kept in good order.Diss. Stockholm : Handelshögskolan, 2003. Sammanfattning på engelska
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Wäckerle, Manuel. "On the Bottom-up Foundations of the Banking-Macro Nexus." Kiel Institute for the World Economy, 2013. http://dx.doi.org/10.5018/economics-ejournal.ja.2013-40.
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The complexity of credit-money is conceived as the central issue in the banking-macro nexus, which the author considers as a structural as well as process component of the evolving economy. This nexus is significant for the stability as well as the fragility of the economic system, because it connects the monetary with the real domain of economic production and consumption. The evolution of credit rules shapes economic networks between households, firms, banks, governments and central banks in space and time. The properties and characteristics of this evolutionary process are discussed in three sections. First, the author looks into the origins of the theory of money and its role for contemporary monetary economics. Second, he briefly discusses current theoretical foundations of top-down as well as bottom-up approaches to the banking-macro nexus, such as dynamic stochastic general equilibrium and agent-based models. In the third part he suggests an evolutionary framework, building on a generic rule-based approach, to arrive at standards for bottom-up foundations in agent-based macroeconomic models with a banking sector. (author's abstract)
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Baron, Hervé. "Endogenous theories of money : a critical appraisal." Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E021.
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Dans ce travail, nous allons traiter de l’économie monétaire. Plus précisément, en utilisant largement l’histoire de la pensée économique, nous tenterons d’abord, d’une part, de reconstruire le chemin qui a conduit à l’émergence du New Consensus Model et, d’autre part, d’examiner ses faiblesses et ses limites d’un point de vue méthodologique. En outre, toujours à partir de l’histoire de la pensée économique, nous essaierons ensuite, d’une part, de reconstruire la pensée monétaire de Kaldor et Graziani et, d’autre part, d’examiner, toujours du point de vue méthodologique, les querelles entre horizontalistes et structuralistes. Une interprétation personnelle de la pensée de Kaldor et de Graziani sera fournie à la fin des chapitres qui leur sont consacrés. Enfin, quelques conclusions préliminaires seront tirées et quelques orientations possibles pour les recherches futures seront indiquéesIn this work, we shall be dealing with monetary economics. More precisely, through the extensive use of the history of economic thought, we shall at first try, on the one hand, to reconstruct the path that led to the emergence of the so-called New Consensus Model and, on the other, to examine its weaknesses and limitations from a methodological point of view. Furthermore, again using the history of economic thought, we shall secondarily try, on the one hand, to reconstruct the monetary thought of Kaldor and Graziani and, on the other, to examine, again from the methodological point of view, the querelles between horizontalists and structuralists. A personal interpretation of both Kaldor and Graziani’s thought will be provided at the end of the chapters dedicated to them. Finally, some preliminary conclusions will be drawn and some possible directions for future researches will be pointed out
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Theron, N. "Endogenous credit money : evidence from selected developing countries." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53408.
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Dissertation (PhD)--Stellenbosch University, 2003.ENGLISH ABSTRACT: The endogenous money theory states that the money supply responds endogenously to the demand for credit. The money supply is not exogenously determined by the central bank. The endogenous theory is associated with the Post Keynesian school. It has been tested extensively for developed countries, where it was found that the modern credit-driven world is characterised by an endogenous money supply. The contribution of the present study is to extend this analysis to developing countries, specifically twelve countries in the SADC region. To examine the applicability of the endogenous money theory to developing countries, the thesis begins with an overview of the views of the different schools of thought on the role of money. The areas of consensus and disagreement within the Post Keynesian school are discussed. The theoretical basis of the thesis is the ‘structuralist’ Post Keynesian view that money cannot be endogenous if the financial system in a country has not reached the final stages of development. The ‘structuralist’ hypothesis is tested for the SADC countries by examining the demand and supply of credit money in each country. It was found that households do not generally have full access to formal credit markets. Changes in the money supply are not determined by changes in private sector credit in many of the countries. The analysis was then extended to the institutional environment in each country. A financial institutional index was developed to facilitate comparison between the SADC countries. It was shown that South Africa is the only country in the SADC area that has a financial system that can be classified as ‘largely developed’. It is also the only country where changes in the supply of money are predominantly credit-driven. Post Keynesians maintain that the money supply is endogenous and interest rates are exogenous. Interest rate mark-ups and spreads are assumed stable over the business cycle. This notion is challenged by the ‘structuralist’ Post Keynesians. To test the theory of stable interest rate mark-ups and spreads, data for each individual country were examined. Neither interest rate spreads, nor interest rate mark-ups were found to be stable. Interest rate spreads are generally higher in developing countries than in developed countries. No clear pro- or counter-cyclical variation in spreads was found. Finally, an econometric model was developed and the links between financial development and growth were examined. By looking at 49 developed and developing countries, it was found that financial development is strongly linked to economic growth. Financial repression and high interest rate spreads cause growth to be depressed. Financial development and increased competition in the banking sector will lead to higher real economic growth rates. In an environment where the financial system has not reached the stage where money is endogenous, the lack of financial institutional development stifles economic growth.
AFRIKAANSE OPSOMMING: Die teorie van ‘n endogene geldvoorraad aanvaar dat die aanbod van geld endogeen reageerop die vraag na krediet. Die geldvoorraad word nie eksogeen bepaal deurdie sentrale bank nie. Die endogene gedvoorraad teorie word geassosieer met die Post Keynesiaanse skool. Dit is reeds getoets vir ontwikkelde lande, waar die bevinding was dat ‘n endogene geldvoorraad ‘n eienskap is van ‘n moderne kredietgedrewe wereld. Hierdie tesis maak ‘n bydrae deur die analise uit te brei na ontwikkelende lande, spesifiek twaalf lande in die SADC streek. Om die toepasbaarheid van die endogene geldvoorraad vir ontwikkelende lande te toets, begin die tesis met ‘n oorsig van die verskillende denkskole se sienings oor die rol van geld. Die areas waar Post Keynesiane ooreenstem en verskil word bespreek. Die teoretiese basis van die tesis is die ‘strukturalistiese’ Post Keynesiaanse siening dat die geldvoorraad nie endogeen kan wees indien die finansiele sisteem in ‘n land nog nie die finale ontwikkelingstadia bereik het nie. Hierdie hipotese van die ‘strukturaliste’ word getoets vir die SADC lande deur te kyk na die vraag na en aanbod van krediet in elke land. Daar is bevind dat huishoudings oor die algemeen nie volledige toegang het tot formele kredietmarkte nie. Veranderinge in die geldvoorraad word nie in al die lande veroorsaak deur veranderinge in privaat sektor kredietverlening nie. Hierdie analise word dan uitgebrei na die institusionele omgewing in elke land, ‘n Finansiele institusionele indeks is ontwikkel om vergelyking tussen die SADC lande moontlik te maak. Daar is bevind dat Suid Afrika die enigste land is met 'n finansiele sisteem wat geklassifiseer kan word as ‘grotendeels ontwikkeld’. Dit is ook die enigste land waardie geldvoorraad beduidend kredietgedrewe is. Post Keynesiane glo dat die geldvoorraad endogeen is en rentekoerse eksogeen. Rentekoersmarges word gesien as stabiel oor die konjunktuursiklus. Hierdie aanname word bevraagteken deur die ‘strukturalistiese’ Post Keynesiane. Die teorie van stabiele rentekoersmarges word getoets deur te kyk na data vir elke individuele land. Die bevinding is dat rentekoersmarges nie stabiel is nie. Marges is oor die algemeen hoer in ontwikkelende lande as in ontwikkelde lande. Daar is geen duidelike pro- of kontrasikliese variasies in rentekoersmarges gevind nie. Laastens is ‘n ekonometriese model ontwikkel om die skakels tussen finansiele ontwikkeling en groei te ondersoek. Deur te kyk na 49 ontwikkelde en onontwikkelde lande, is daar bevind dat finansiele ontwikkeling en groei ‘n sterk verband toon. Finansiele onderdrukking en hoe rentekoersmarges lei tot laer ekonomiese groei. Finansiele ontwikkeling en groter mededinging in die bank sektor sal lei tot hoer reele ekonomiese groeikoerse. In ‘n omgewing waar die finansiele sisteem nog nie die stadium bereik het waar geld endogeen is nie, sal die gebrek aan finansiele institusionele ontwikkeling ekonomiese groei benadeel.
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Mittner, Jiří. "The Endogenous Supply of Money Some Theoretical Implications." Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-77086.
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This thesis concentrates on the topic of the endogenous supply of money. It describes the basic shapes of the endogenous money theory and analyzes the causes of usual misunderstandings about the nature and behavior of money. We outline the important difference between asset-based and liability-based understanding of money and conclude that although both principles are theoretically applicable, the liability-based approach matches the major volume of real economic transactions. The liability-approach, which we conclude to be more appropriate way of understanding money, leads back to the topic of money endogeneity. We go over to the development of the ideas of endogenous supply of money as they appear over the second half of the 20th century and depict the major contributions in this area. We reference also the Czech academic research and comment the most relevant works. In the second part, the thesis concentrates on two theoretical areas analyzing the impacts of the money endogeneity. We point out at fundamental controversies in the concept of deposit multiplication concluding it to be an unrealistic process in a credit based economy. We conclude that the stock of money is not a directly controllable aggregate, especially not by means of the money base. The other area is the theory of capital and the foundation of the return on capital. We recall the Keynesian topic of the euthanasia of the rentier, develop the microeconomical foundation of the accumulation of capital and conclude that the zeroizing of the interest rate is feasible in a long-run. In the third part we go over to economic history and schools of economic thinking confronting them with the theory of endogenous supply of money. We concentrate on the notorious Smithian criticism of the mercantile doctrine finding the criticism not fully sustainable if we consider the varying nature of money over the medieval period. We analyze the available statistical data of medieval England concluding that the stock of monetary metals had a direct influence on the economic activity of England in the pre-Smithian era thus referencing to a strongly exogenous character of money, while there is no such relation afterwards, when money was becoming more endogenous. We put a next emphasis on the Austrian theory of money, which in many aspects is at variance with the endogenous money theory. We analyze both views on the money circulation and add new comments to the discussion on the foundation of the return on capital. We draw attention to the Mises' idea of Zirkulationskredit (circulation credit) concluding that this concept comes in fact to a common understanding of the money behavior along with the endogenous money approach. We conclude with finding that the theory of endogenous supply of money is a fundamental economical concept with impacts on almost all other branches of economics. This thesis thus contributes to a larger adoption of the endogenous money theory in the economical research on the theoretical as well as on the practical level. Concerning the practical area, the primary interest in adoption of this theory in contemporary macroeconomics is indeed concentrated on the suggestion for economic policy after the 2008 subprime crisis and we extend this thesis also by concluding notes in this issue.
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Dodd, Nigel Bruce. "Money in social theory." Thesis, University of Cambridge, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.239150.
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Kwak, Seung Ki. "Institutional theory of naive money." Thesis, Massachusetts Institute of Technology, 2018. http://hdl.handle.net/1721.1/120202.
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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2018.Cataloged from PDF version of thesis.
Includes bibliographical references.
In the first chapter, I propose a theoretical framework to elucidate how capital from unsophisticated investors (naive money) is associated with fund performance dynamics. In the framework, when naive money invested in a fund exceeds the ideal amount for the manager's skill, it leads funds to under-perform persistently. In contrast, the model predicts that, when the amount of invested naive money is smaller than the ideal size of a fund reflecting the manager's skill, the fund performs the same as the market on a risk-adjusted basis. Empirical results using mutual fund data support this prediction. In the second chapter, I develop a model that characterizes how naive money influences the decisions of active mutual fund managers: in particular, managerial effort, fees, marketing expenses, private benefit-seeking, and risk-taking. My model predicts that managers who receive a surplus of naive money are inclined to reduce their managerial effort, charge higher fees, allocate more resources towards marketing, and pursue their private benefit by sacrificing returns to investors. In addition, it also predicts that a manager is most likely to increase idiosyncratic risk when the amount of invested naive money gets closer to a certain size of the fund that reflects the manager's skill. In the third chapter, I build a model to study how naive money affects funds' survivorship and entry decisions. Sufficient capital provision from unsophisticated investors elongates the survival of unskilled managers. Competition among funds determines the industry equilibrium, and the equilibrium is affected by several key market conditions: the aggregate investment opportunities, the aggregate capital inflows from unsophisticated investors, and the supply of skilled managers. When AM markets are heterogeneous in investor sophistication, the model shows, AM markets with more sophisticated investors (say, hedge fund markets) differentiate from those with less sophisticated investors (say, mutual fund markets). Skilled managers generate more value in hedge fund markets, and choose to enter those markets.
by Seung Ki Kwak.
1. Theory and Evidence: Mutual Fund Performance Dynamics -- 2. IO of Active Mutual Funds -- 3. IO of the Active AM Industry: Entries and Exits.
Ph. D.
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Guerriero, Carmine. "Endogenous legal systems : theory and evidence." Thesis, University of Cambridge, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.608761.
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Likitkijsomboon, Pichit. "Marx's theory of money : a critique." Thesis, University of Cambridge, 1990. https://www.repository.cam.ac.uk/handle/1810/250978.
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Hammour, Mohamad L. "Endogenous business cycles : some theory and evidence." Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/80456.
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Stec, Jeffery A. "Money demand and the moderate quantity theory of money : an empirical investigation." Connect to resource, 2000. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261310212.
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Rodrik-Bali, G. "Money demand and money multiplier components in the United Kingdom : 1871-1969." Thesis, City University London, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.374281.
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Redding, Stephen James. "Endogenous innovation and economic growth." Thesis, University of Oxford, 1996. https://ora.ox.ac.uk/objects/uuid:d0121eee-cb0d-40c4-a40e-9ac257ac599f.
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This thesis seeks to explain variations in growth rates across countries and time within an endogenous growth framework. Intentional investments by profit-seeking agents determine the rate of technological progress, which in turn determines an economy's rate of growth. Chapter 2 surveys the existing literature and introduces the quality ladder model of endogenous growth, upon which much of this thesis builds. Chapter 3 argues that entrepreneurs' incentives to invest in Research and Development (R & D) depend upon workers' complementary investments in human capital. Strategic complementarities between the two investments, together with indivisibilities in the R & D technology, may result in an economy becoming trapped in a "low skills" equilibrium. Chapter 4 argues that the realisation of the full productive potential of an innovation may be dependent upon a lengthy process of further improvement. The existing literature is surveyed and a distinction between fundamental and secondary innovation drawn. Chapter 5 argues that this distinction provides a rationale for a "penalty" to being a pioneer, and an alternative explanation for income convergence to those suggested in the existing literature. Depending on the magnitude of secondary knowledge spillovers in production and research, a pioneer may be characterised by a higher or lower level of research employment and rate of economic growth than an otherwise identical latestarter. Technological lock-in may occur. Chapter 6 investigates the relationship between technological change and international trade. We argue that an economy may face a trade-off between specialising according to its current pattern of comparative advantage and specialising in sectors where the potential for rapid productivity growth may generate such an advantage in the future. A distinction between static and dynamic comparative advantage is drawn. Chapter 7 relates the evolution of the crosssection distribution of income over time to patterns of international trade, and considers the relevance of the concept of "international competitiveness" for an economy's standard of living.
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Nunes, Monica Maria, Ming-tak Kalwan Kwan, Rajvinder Singh, Wai-shun Wilson Tam, 羅嘉雯, and 譚威信. "Explaining money laundering with rational choice theory." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/205834.
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This research aims to explore if rational choice theory can be applied to explain money laundering in Hong Kong by drawing on the characteristics of stooges and their motives for colluding in money laundering activities and the effectiveness of imprisonment or other forms of punishments as a means of deterrence. An actor has limited cognitive capacity, makes decisions based on incomplete information and his actions reflect personal optimal beliefs (Piquero and Tibbetts, 2002; Hindmoor, 2006). Findings from the seven in-depth interviews conducted as part of the research and documentary reviews of local court cases support that financial reward is the major reason “why” offenders engage in money laundering activities at both the individual and institutional level. The findings also show that, in addition to ignorant and vulnerable individuals being chosen as stooges, well-regarded individuals and charitable organizations are also possible candidates. The research highlights a luring process experienced by the stooges which supports the psychosocial dynamics of rational choice. The research findings also challenge one of the cornerstones of classical criminology that maximum penalty is an effective means of deterrence.published_or_final_version
Criminology
Master
Master of Social Sciences
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Mailian, Tamara. "Money and Healing| Awareness of Money as an Instrument of Soul." Thesis, Pacifica Graduate Institute, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=1524895.
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Money is one of the strongest driving forces in society today. Its power over the human experience is widespread, yet many people are blind to their relationship with money and the psychological effects it has on them. Money has become a taboo topic in present-day society; even in psychotherapy it is swept under the rug. Employing heuristic methodology, this thesis uses a depth psychological approach to explore how awareness of one’s relationship with money can facilitate the healing of wounds caused by the misuse of money. The author uses her personal experiences with the money complex, along with existing research, to better understand this phenomenon. The findings show that in raising awareness around one’s own money complex, one finds that money may be used as an instrument of the soul rather than just a mere instrument of functioning, or surviving, in today’s modern society.
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Cortes, Francisco O’Neill. "An endogenous business cycle model : theory and simulation." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12830.
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Mestrado em Economia Monetária e FinanceiraEsta dissertação tem como objectivos principais, partindo dos modelos de ciclos económicos endógenos existentes na literatura, em primeiro lugar construir um novo modelo e em segundo lugar determinar a sua capacidade para gerar ciclos e em que medida os valores dos parâmetros afectam os resultados. O modelo-base que foi usado foi o modelo da capacidade utilizada de Leão (2016), complementado com o modelo "profit squeeze" de Sherman (1991). Depois de terem sido feitas simulações usando, tanto quanto possível, valores plausíveis para os parâmetros, concluiu-se que o modelo é de facto capaz de gerar ciclos económicos que satisfazem a maior parte dos factos estilizados e cuja forma depende dos parâmetros. Contudo, fica por fazer a estimação dos parâmetros do modelo para situações económicas concretas. Em suma, os resultados obtidos sugerem que a resposta do investimento a desvios da capacidade utilizada face ao seu valor desejável, o principal mecanismo em que o modelo se baseia, tem um papel relevante na explicação de como os ciclos económicos se desenrolam em economias reais.
This dissertation has as its main objectives, taking the models for endogenous business cycles existing in the literature, firstly to build a new model and secondly to determine its actual capability to generate cycles and how different parameter values can change the results. The base model used was the capacity utilization model by Leão (2016), complemented with the profit squeeze model by Sherman (1991). After we had run simulations using, as much as possible, plausible values for the parameters, it was found that the model can indeed generate business cycles that satisfy most stylized facts and whose shape depends on the parameters. However, the next step of estimating the parameters of the model for concrete real world situations remains still to be done. Overall, our results suggest that the response of investment to deviations of capacity utilization from its desirable level, which is the main mechanism on which the model is based, plays a significant role in the explanation of how business cycles develop in real economies.
N/A
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Gaus, Eric. "Macroeconomic models with endogenous learning." Thesis, University of Oregon, 2010. http://hdl.handle.net/1794/10868.
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xi, 87 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.The behavior of the macroeconomy and monetary policy is heavily influenced by expectations. Recent research has explored how minor changes in expectation formation can change the stability properties of a model. One common way to alter expectation formation involves agents' use of econometrics to form forecasting equations. Agents update their forecasts based on new information that arises as the economy progresses through time. In this way agents "learn" about the economy. Previous learning literature mostly focuses on agents using a fixed data size or increasing the amount of data they use. My research explores how agents might endogenously change the amount of data they use to update their forecast equations. My first chapter explores how an established endogenous learning algorithm, proposed by Marcet and Nicolini, may influence monetary policy decisions. Under rational expectations (RE) determinacy serves as the main criterion for favoring a model or monetary policy rule. A determinant model need not result in stability under an alternative expectation formation process called learning. Researchers appeal to stability under learning as a criterion for monetary policy rule selection. This chapter provides a cautionary tale for policy makers and reinforces the importance of the role of expectations. Simulations appear stable for a prolonged interval of time but may suddenly deviate from the RE solution. This exotic behavior exhibits significantly higher volatility relative to RE yet over long simulations remains true to the RE equilibrium. In the second chapter I address the effectiveness of endogenous gain learning algorithms in the presence of occasional structural breaks. Marcet and Nicolini's algorithm relies on agents reacting to forecast errors. I propose an alternative, which relies on agents using statistical information. The third chapter uses standard macroeconomic data to find out whether a model that has non-rational expectations can outperform RE. I answer this question affirmatively and explore what learning means to the economy. In addition, I conduct a Monte Carlo exercise to investigate whether a simple learning model does, empirically, imbed an RE model. While theoretically a very small constant gain implies RE, empirically learning creates bias in coefficient estimates.
Committee in charge: George Evans, Co-Chairperson, Economics; Jeremy Piger, Co-Chairperson, Economics; Shankha Chakraborty, Member, Economics; Sergio Koreisha, Outside Member, Decision Sciences
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Ribeiro, Thompson Maria-João Cabral de Almeida. "Endogenous growth : theoretical investigations and developments." Thesis, University of Warwick, 2003. http://wrap.warwick.ac.uk/74143/.
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This thesis provides theoretical investigations and developments to endogenous growth models, with the purpose of contributing to growth theory with new mechanisms for endogenously generating positive per-capita long-run growth. Chapter 2 is dedicated to the analysis of the models that constitute the basis of endogenous growth theory. This analytical study is motivated by the need to identify, in the existing growth literature, the mechanisms for generating endogenous sustained positive per-capita growth. In Chapter 3 we develop a new model that integrates R&D and human capital accumulation into a single framework. This growth model has an R&D-based structure although with human capital accumulation as the engine of growth. We build on Romer's [1990] model by introducing two further functions: (1) A specification for the production of new designs that assumes no externalities from the stock of designs into researchers productivity; and (2) A specification for the accumulation of human capital technically similar to that in Lucas [1988]. Our proposed model displays two main results. The first is the elimination of the scale effects prediction. Such a prediction is rejected empirically, hence it is important to eliminate it from growth models. The second result is a new prediction that growth depends negatively on the ratio of final-good-workers to researchers. In Chapters 4 and 5 we develop two growth models with the key aspects of complementarity between capital goods in the production function, and the assumption of internal costly investment in capital. This assumption of internal costly investment in capital is new to the R&D-based growth literature. The two proposed models build on Evans, Honkapohja and Romer's [1998] model, and give microfoundations to the convex adjustment costs in Evans et al. [1998] by introducing an analytically observable internal adjustment cost function due to Hayashi [1982]. The model we introduce in Chapter 4 has a one-sector structure, with the final good, accumulation of capital and the invention of new designs provided by the same technology. In contrast, the model we introduce in Chapter 5 has a two-sector structure, as the final good and capital accumulation are produced with one technology, whereas the invention of new designs is undertaken with another. The main result of our proposed models in Chapters 4 and 5, is that, and in contrast to their inspirational multiple equilibria model by Evans et al. (1998), the combination of the assumptions of complementarities between capital goods and of internal adjustment costs generates a unique equilibrium solution. We then carry out investigations into the possibility of generating multiple equilibria in the two models through the introduction of an analytically observable alternative convex internal investment cost function. Chapter 6 is dedicated to the discussion of some limitations of the existing endogenous growth models and Chapter 7 closes the thesis with Final Remarks.
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Seixas, Luís Manuel Moutinho. "Money creation in ehe Euro (2007-2013) : an essay on the Theory of Money." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7884.
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Mestrado em Economia Monetária e FinanceiraA crise económica e financeira atingiu as economias dos Estados Unidos, do Reino Unido e do Euro, no pós 2007. A atividade dos bancos centrais ganhou novos contornos em resposta à turbulência nos mercados, e foram acionadas medidas não convencionais. As bases monetárias dos bancos centrais aumentaram, em disputa com o pensamento ortodoxo. Na crise, os erros dos agentes provaram os erros da teoria, e vice-versa. A moeda é ainda um véu para a corrente neoclássica, embora a discussão da austeridade europeia em tudo se dirija ao euro. Aqui será feita uma reavaliação da teoria da moeda, e adicionada uma proposta para a criação de um Tesouro Europeu comum, apontado à restruturação de dívida soberana e à aplicação de regulação económica no acesso a capital de base monetária.
The economic and financial crisis hit the US, British and Euro economies, in the post 2007 time. The activity of central banks gained new contours, in response to the markets turmoil, and unconventional measures were set up. Central banks? monetary base expanded, in defiance of orthodox reasoning. In crisis, the agents? errors proved the errors of theory, and vice-versa. Money is still a veil for the neoclassical mainstream, whereas the European austerity talk is all about the euro currency. Here will be made a reassessment of the theory of money and added a proposal for the creation of a common European Treasury, aimed at state-debt restructuration and application of economic regulation on base-money capital access.
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Alrasheedy, Abdulelah. "Monetary Policies for Full Employment and Price Stability in Saudi Arabia| An Endogenous Money Approach." Thesis, University of Missouri - Kansas City, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10280216.
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Despite being a relatively young and prosperous country, Saudi Arabia has recently suffered from substantial rises in unemployment. This dissertation thus examines the root causes for the rise in unemployment and limited monetary policies in Saudi Arabia. It then attempts to provide feasible solutions for these problems. It includes an explanation of the Saudi economic structure and its features. It additionally investigates the historically-rooted causes of unemployment issues in the nation. The dissertation explains the high economic and social costs of unemployment and also calculates the empirical relationship between unemployment and loss in Gross Domestic Product (GDP) utilizing Okun’s law and applying recently-developed panel econometrics techniques; additional details about the social costs of unemployment are also explained. Knowledge of money’s effect on unemployment in Saudi Arabia is currently limited and thus the dissertation explores the ability and affordability of implementing a comprehensive solution to persistently high rates of unemployment. This is done through examining whether or not the nation experiences endogenous money processes wherein loans create deposits and deposits create reserves. In addition to exploring potential methods of achieving full employment and the expected benefits of these methods, the study explained the unique features of the Saudi economy that make said methods particularly easy to facilitate. In essence, this study revealed the possibility for the nation to achieve full employment using statistical evidence and the endogenous money supply hypothesis. The primary goal of the dissertation is to develop an approach to achieve full employment ultimately resulting in significant economic benefits for the society as a whole. It employs the endogenous money approach to offer policy solutions for unemployment in Saudi Arabia through transforming the economy into a Knowledge-based economy (KBE). KBE’s pillars are all present in Saudi Arabia save for innovation which could easily be improved because of the high numbers of educated individuals among the unemployed. Thus, this approach could benefit the nation with no foreseeable risks of harm threatened or seen from previous attempts at solutions from Saudi policy-makers.
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Li, Chen. "Essays on the inventory theory of money demand." Thesis, University of British Columbia, 2007. http://hdl.handle.net/2429/417.
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The goal of this dissertation is to examine the theoretical and empirical implications of the inventory theoretic approach to the demand for money.
Chapter 1 reviews the existing inventory theoretic frameworks and empirical money demand literature and provides an overview of this thesis. One of the main conclusions is that the elasticity results from the existing inventory theoretic models are not robust.
Chapter 2 develops a partial equilibrium inventory theoretic model, in which a fixed cost is involved per cash transfer. The key feature is that a firm endogenously chooses the frequency of pay periods, which a household takes as given. When the firm must borrow working capital and pay wages by cheque, I show that both the firm and the household choose to transfer cash every payday only. The model keeps the basic result from the classical inventory theoretic approach that both the income and interest elasticity of money demand are 0.5.
Chapter 3 extends the partial equilibrium model into a general equilibrium framework and shows that the partial equilibrium elasticity results no longer apply in the general equilibrium. First, the income elasticity is 1 in the general equilibrium. Second, the interest elasticity has two values depending on a threshold interest rate. When interest rates are below this threshold, the model is the Cash-In-Advance model with a constant income velocity of money and zero interest elasticity; otherwise the interest elasticity is close to 0.5 and the velocity fluctuates in response to variations in interest rates. Finally, the general equilibrium elasticity results are robust across alternative specifications of the agent's utility.
Chapter 4 calibrates the general equilibrium model to the last 40 years of US data for M1. By constructing a residual measure of money transaction costs from the structural money demand function, I find that a structural break in the transaction costs occurred in 1981 might have been responsible for the instability of long-run money demand. The benefit of this approach is that it can explain this pattern of money demand without appealing to an exogenous structural break in the money demand function.
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Yao, Effie, and 姚歡恩. "Thornton vs Ricardo on quantity theory of money." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1994. http://hub.hku.hk/bib/B31954431.
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Yao, Effie. "Thornton vs Ricardo on quantity theory of money." [Hong Kong : University of Hong Kong], 1994. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13705490.
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Smith, Gregor W. "Stochastic inventory theory and the demand for money." Thesis, University of Oxford, 1986. http://ora.ox.ac.uk/objects/uuid:f7316a7f-5676-4d31-801c-a34aa5597b23.
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This thesis describes an inventory-theoretic approach to the study of the demand for money. It aims to connect money demand theory with optimal inventory theory on the one hand and with time series empirical evidence on the other. Thus it incorporates recent advances in inventory theory and extends these to allow the interest rate to follow a stochastic process. The problem of minimising the expected, discounted suns of cash-management costs is ascribed to an agent. Through the use of continuous-time, stochastic, optimal control an optimal cash-management policy is shown to exist and be of a familiar target-threshold form. Closed-form expressions for the forward-looking time-varying targets and thresholds are derived in special cases. The steady-state, Baumol-Tabin model, a further special case, also is examined in detail. The theory implies that expected future interest rates may influence money holdings despite the absence of strictly convex adjustment costs. A distributed-1ag expression for these holdings is proposed in which the adjustment and expectations dynamics are derived front theory. Aggregation over time and, to a lesser extent, over agents is treated explicitly. The econometric issues involved in testing models of the demand for money with rational expectations are outlined and simulation evidence on the predictions of the theory is provided. The theory gives rise to new predictions concerning expectations effects and variable adjustment speeds. It can also account for the findings of empirical research. In particular, it largely resolves the problem of slow adjustment in empirical money demand equations.
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Csabafi, Tamas Zoltan. "Business cycles, endogenous growth, and monetary cycles." Thesis, Cardiff University, 2015. http://orca.cf.ac.uk/88965/.
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This dissertation sets out to introduce a new calibration procedure building on Jermann (1998) and the iterative shock identification scheme of Benk et al. (2005) in Chapter 1. It incorporates the use of Simulated Annealing, a global optimization algorithm, into the Jermann (1998) calibration methodology that is applied to search for the combination of structural parameters within a bounded parameter space that yields the lowest distance between a vector of US data moments and its simulated moments counterpart in the frequency domain. It also extends the methodology of Jermann (1998) with the identification scheme of Benk et al. (2005) to obtain convergent estimates for shock parameters. After illustrating the workings of this new calibration methodology on the two sector business cycle model of Dang et al. (2011) with endogenous growth and human capital in Chapter 2 this dissertation sets out in Chapter 3 to introduce an extended version of the model of Dang et al. (2011) and to explain a number of real business cycle (RBC) problems that include the Gali (1999) labor response, the basic consumption-output and labor-output relationship, and the lack of an internal propagation mechanism as pointed out by Cogley and Nason (1995) and Rotemberg and Woodford (1996). This extension follows the suggestions of King and Rebelo (2000) to incorporate an external labor margin through a human capital investment sector and a physical capital utilization margin in the form of physical capital utilization rate to improve the performance of the standard RBC model. In the model introduced in Chapter 3 the physical capital utilization rate is further amended by the introduction of entrepreneurial capacity as in Friedman (1976) and Lucas (1988). The added margin of physical capital utilization is intra-temporal in nature, which enables the new calibration scheme to improve on the ability of the model significantly to explain the underlying real business cycle problems and US data moments in the frequency domain. Lastly, in Chapter 4 a simple monetary extension of the model in Chapter 3 is presented. In this chapter it is shown that the added physical capital utilization in a monetary model combined with the proposed calibration scheme is successful in explaining the empirical negative long term relationship between in ation and output.
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Wilder, Matthew. "A unified theory of exogenous and endogenous attentional control." Connect to online resource, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:1460879.
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Teles, Caio Augusto Colnago. "Money distribution with intermediation." reponame:Repositório Institucional do FGV, 2013. http://hdl.handle.net/10438/11188.
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This paper analyzes the distribution of money holdings in a commo dity money search-based mo del with intermediation. Intro ducing heterogeneity of costs to the Kiyotaki e Wright ( 1989 ) mo del, Cavalcanti e Puzzello ( 2010) gives rise to a non-degenerated distribution of money. We extend further this mo del intro ducing intermediation in the trading pro cess. We show that the distribution of money matters for savings decisions. This gives rises to a xed p oint problem for the saving function that di cults nding the optimal solution. Through some examples, we show that this friction shrinks the distribution of money. In contrast to the Cavalcanti e Puzzello ( 2010 ) mo del, the optimal solution may not present the entire surplus going to the consumer. At the end of the pap er, we present a strong result, for a su cient large numb er of intermediaries the distribution of money is degenerated.
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Faria, Joao Ricardo. "Analytical papers on money, inflation and growth." Thesis, University of Kent, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.245722.
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Teles, Caio Augusto Colnago. "Essays on monetary theory." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/20190.
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In this thesis, we use mechanism design approach in order to study economies in which optimal mechanism bears some resemblance to actual monetary system. More precisely, we study optimal monetary policy in models in which either: money is essential, or, money and bonds are coessential. In the first chapter, we study an optimal intervention in a model of outside money. Next, we extend the model to include bonds and interpret its role. Finaly, the last chapter we discuss the problems with the usual modeling aproach to monetary policy transition and its implications
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Hoover, K. D. "Causality and invariance in the money supply process." Thesis, University of Oxford, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.371665.
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Haegler, Urs. "Money, reputation and inventories under credit market imperfections." Thesis, London School of Economics and Political Science (University of London), 1998. http://etheses.lse.ac.uk/2862/.
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This thesis analyses the way in which credit market imperfections affect the behaviour of economic agents, and examines how a variety of tangible or intangible assets such as fiat money, reputation and inventories, facilitate bilateral exchange and influence investment decisions of firms under such circumstances. The first chapter of the thesis deals with the role of fiat money as a medium of exchange in a model in which agents hold consumable goods or nonconsumable cash. The physical environment of pairwise random matching for bilateral trade, however, prevents them from issuing debt certificates. Unlike fiat money, consumables have uncertain quality characteristics, and agents can only detect the quality of a subset of goods. As a consequence, barter is plagued by asymmetric information, whereas monetary exchange involving generally recognisable legal tender is not. This suggests that it is because of, rather than despite, its intrinsic uselessness that, as a medium of exchange, fiat money is superior to goods or assets subject to some form of quality uncertainty. The second chapter examines the effects of reputation and internal finance on a firm's investment incentives. An entrepreneur with unknown productivity finances risky production with a combination of internal finance and funds from external investors who, just like himself, are able to learn about his true productivity over time, a process that influences their willingness to lend. However, investment decisions taken by the entrepreneur, are not observable to outsiders. This information problem leads not only to underinvestment but also to premature liquidation. It is shown that the acquisition of reputation and internal funds may counteract such undesirable outcomes. On the other hand, it becomes clear that when assets are low, incentives to invest are disrupted because of a high probability of liquidation in the near future. Young firms appear to be particularly susceptible to effects of this type. Finally, the third chapter studies inventory investment and internal-finance decisions of a financially constrained firm facing an uncertain demand process. The model gives an explanation for the stylised fact that production is more volatile than sales. Assuming that firms have limited access to capital markets they are forced to rely on internal finance. However, following a series of unfavourable sales realisations such funds possibly are so low that firms find themselves unable to re-establish the old inventory level in subsequent periods. Conversely, after a series of high sales the firm has a substantive amount of money to finance output quantities that may be in excess of sales.
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Kelly, David. "Money-capital and company law : a historical analysis." Thesis, University of Kent, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.278196.
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Şener, Ulaş. "Die Neutralitätstheorie des Geldes : ein kritischer Überblick." Universität Potsdam, 2014. http://opus.kobv.de/ubp/volltexte/2014/7236/.
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Ökonomen wie Wirtschaftspolitiker berufen sich auf die Neutralitätstheorie des Geldes, wenn sie eine Entpolitisierung der Geldpolitik fordern. Sowohl die Theorie der Geldneutralität als auch das Paradigma der Entpolitisierung der Geldpolitik sind jedoch problematisch. Die politökonomischen Entwicklungen nach der globalen Finanz- und Wirtschaftskrise 2007/2008 und die jüngsten Kontroversen über die Rolle und Bedeutung von Geld haben dies deutlich vor Augen geführt. Die vorliegende Arbeit diskutiert zunächst die konzeptionellen Grundlagen und theoretischen Modelle der Geldneutralität. Anschließend werden die zentralen theoretischen Annahmen und Aussagen der Neutralitätstheorie aus einer kritischen heterodoxen Perspektive hinterfragt. Es wird argumentiert, dass Geld eine nicht-neutrale Produktionskraft ist, die weder ökonomisch noch sozial neutral ist. Die Bedingungen, unter denen Geld verfügbar ist und zirkuliert, sind richtungsweisend für die ökonomische Entwicklung. Daher kann es auch kein neutrales Geld oder gar eine apolitische Geldpolitik geben.The assumption of the neutrality of money is a widespread belief in mainstream economics. Accordingly, money is regarded as a neutral means of exchange that has no lasting effects on the real side of the economy. This study questions the conceptual validity of the neutrality assumption and its theoretical models arguing that its basic insights and predictions are problematic because they misrepresent the circumstances and conditions of the real economy. First, it discusses the conceptual grounds of the neutrality argument, which is based on the classical dichotomy approach and the notion of exogenous money. In a second step, it exposes the theoretical weaknesses of both the traditional and the contemporary versions of the neutral money models, that is, of the quantity theory and the rational-choice theory, by questioning its basic assumptions and implications. Finally, it argues from a critical heterodox perspective that rather than exogenous and neutral, money is endogenous and non-neutral, both in economic and social terms.
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Murau, Steffen. "The political economy of private credit money accommodation." Thesis, City, University of London, 2017. http://openaccess.city.ac.uk/19010/.
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Private credit money forms are debt instruments that co-exist alongside publicly provided forms of money and emerge de-centrally out of the lending activities of banks or non-bank financial institutions. In normal times, they are easily convertible into higher-ranking forms of public or commodity money. Throughout history, however, private credit money forms have repeatedly become subject to a run by investors who all at once tried to convert their private credit money balances into higher-ranking money. Such runs are an integral and unavoidable feature of the modern credit money system, which in its essence is a self-referential network of expanding, yet instable debt claims. To keep up the stability of the monetary system, governments had to react to these runs and in a range of instances decided to drag the private credit money form under the control of the state by ensuring that they do not break away from par. This study examines this process of 'accommodating' private credit money. It establishes a functionalist theory about the transformation of the modern monetary system. To understand how and why such accommodation occurred, it develops an ideal-typical model of private credit money accommodation and applies it on three cases in the respective centres of the global financial system: the 1797 Bank Restriction in England that accommodated bank notes; the 1933 Emergency Banking Act in the U.S. that accommodated bank deposits; and the realignment of policies by the Fed and the U.S. Treasury in the 2008 crisis, which accommodated overnight repurchase agreements and money market fund shares as ‘shadow money’. On the basis of those case studies, the study argues that today’s public credit money supply is made up of accommodated, formerly private, credit money forms.
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Zahedi, Vafa Mohammad Hadi. "Endogenous growth: A search model for new technology with applications to international trade." Thesis, University of Ottawa (Canada), 2001. http://hdl.handle.net/10393/6443.
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A model in which firms carry out a sequential search to raise their technological level is formulated under the overlapping-generations framework. Technological improvements are random outcomes of a sequential search process, which is financed by the capital raised by firms. The amount of capital resources spent on searching for new technologies by a firm is endogenous and depends on the search undertaken by the firm and its capital. This model identifies some factors that affect the interactions between the search process and the production technology. The basic model is extended to that of a two-sector economy that encompasses a high-technology sector and a more traditional sector. In the extended model, capital is sector-specific. Firms in the high-technology sector can raise their technological level by engaging in R&D, while those in the traditional sector have no more prospects for improving their technological capacity. The two sectors differ from each other in terms of technological level and factor intensity. Finally, the two-sector model is extended in to the world of international trade to analyze the impact of technological change on trade in goods and capital flow.
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Economopoulos, Takis. "Post-Keynesian theory and the transmission mechanism of money and credit." Thesis, McGill University, 1990. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=74579.
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This thesis analyzes the transmission process that generates and links credit, money and economic activity as proposed by Post-Keynesian authors. These authors include mainly Chick, Davidson, Minsky and Wojnilower, who base their hypotheses on the collected works of Keynes and Kalecki. Their key contribution is to identify the cause of the transmission mechanism with the deficit spending of private economic units that is financed by credit that is created by financial intermediaries. The framework used by these authors assumes uncertainty, speculation and instability that have resulted in the formation of institutions such as money, contracts and intermediaries. It is shown that a consistent framework integrates the processes, channels, order and vehicles of the Post-Keynesian mechanism.
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Peiris, Mahatelge Udara. "Essays in money, liquidity and default in the theory of finance." Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.543623.
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Espinoza, Raphael. "Essays on Money and Transaction Costs in the Theory of Finance." Thesis, University of Oxford, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.517116.
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Fontana, Giuseppe. "Essays on money, uncertainty and time in the Post Keynesian tradition." Thesis, University of Leeds, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.364696.
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Garner, John Clifford. "An analysis of Friedman's modern quantity theory." Thesis, Georgia Institute of Technology, 1995. http://hdl.handle.net/1853/30506.
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Asaoka, Shintaro. "Essays on the Theory of Bubbles." Kyoto University, 2020. http://hdl.handle.net/2433/253470.
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Weir, Diarmid J. G. "Money and production : a pluralist analysis." Thesis, University of Stirling, 2008. http://hdl.handle.net/1893/1141.
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The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find that while money can exist in sequence economies with frictions, models of this type give no justification for its creation, valuation or holding for any significant duration, either theoretically or experimentally. Models that introduce dated goods and trading frictions to motivate the issue of risk-spreading ‘bundled’ debt are more promising for money creation, although they still cannot explain the the holding and valuation of money. Using the concept of team-production of Alchian and Demsetz and that of ‘hostage-taking’ in contracts owing to Williamson, we demonstrate how the issue of a token of generalised purchasing power from a team-production contract can enhance output and consumption. This conclusion motivates an original monetary theory of production that integrates the insights of Post-Keynesian monetary theory and the triangular contracts of the Circulation Approach and expresses them in a way that shows consistent asset and liability matching through a balance sheet approach. The creation and valuation of money and the determination of interest are embedded within the central processes of this economy. The features of the monetary production economy we analyse are in contrast to the mainstream proposition that the economy as a whole is rendered coherent by the existence of a unique and stable equilibrium determined by the utility-maximisation of households and the profit maximisation of firms. Apart from their inability to describe the economy in aggregate, such models treat money as an afterthought that is in no way core to their conception. We set the triangular contracts within a rigorous stock-flow framework of the type developed by Godley and Lavoie and argue that the shifting of the level of impact of uncertainty and failed expectations induced by money leads to specific patterns of economic disruption. These patterns are independent of the specific behavioural characteristics of households and firms and so are robust to policy changes that leave the institutions of the monetary production economy intact. We briefly assess current monetary policy and alternatives in the light of these findings.
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Jacobsohn, Stacey A. "Stories of money| Building social capital through time banking." Thesis, Gonzaga University, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=1553081.
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This study explored communication and ethical investment in social capital to improve quality of life through the lens of time banking, a model of alternative currency. Previous studies of time banking noted a distinct set of characteristics of time banks that contrast with capitalist-based systems while using similar language; these were compared to research of social capital and social networks. Seven participants were interviewed at-length as representatives of the time bank movement. Stories of money framed theoretical constructs in practice on a daily basis and future visioning of the movement. Further analysis using the dialogic ethic of Martin Buber and the theory of the coordinated management of meaning (CMM) of Pearce and Pearce described transformational patterns of communication in time banks. The analysis shed light on the intentions of time banks and the meaning of the terms reciprocity, community and co-construction of reality. Further explorations of transcendent stories of time banking were recommended.
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Sharan, Kamal K. 1962 Carleton University Dissertation Economics. "The Transaction role of real money balances in the theory of firms." Ottawa.:, 1996.
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Day, Frederick George. "Thomas Hodgskin and economic progress : a radical reconstruction of his endogenous growth theory." Thesis, Manchester Metropolitan University, 2009. http://e-space.mmu.ac.uk/323627/.
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By means of a close reading of early 19th century economic works, and by reconstructing aspects of Thomas Hodgskin‘s political economy, this thesis presents an exposition of those parts of his work that contributed to his position on growth. Rather than concentrating on his ideas on capital, we have centred on his concept of political economy as a science concerned with labour as the sole creator of wealth. We present his political economy as having labour as its focal point within a hypothetical pure market economy. From here he sought a foundation to economic growth derived from human action rather than capital or other material circumstances. Hodgskin saw human knowledge and the use of technology as the starting point that would, from his perspective, lead inevitably to those economic conditions that produce improvements in economic welfare and by doing so allow for an increase in population. In order to demonstrate his ideas on growth, we reconstruct his concepts of what was natural and artificial to equate to the modern notions of endogenous and exogenous. Improvements to knowledge and technology that stemmed from the very temper of humanity and its tendency to multiply, were the endogenous fount of growth. In this way as Hodgskin stressed - necessity was the mother of invention. We also illustrate how, from Hodgskin‘s perspective, exogenous issues were the non-economic influences such as governments, legal (rather than natural) laws and tithes that tended to act counter-productively to human progress. Our reconstruction also resolves some of the dissonance that has long been associated with Hodgskin‘s economics, by addressing some of the apparent contradictions that otherwise persist.
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Kim, Byungkuk. "Revisiting the relationship between price stickiness and the non-neutrality of money." Thesis, University of Warwick, 2016. http://wrap.warwick.ac.uk/86758/.
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By lots of economists and central banks, price stickiness is believed to be the main factor which brings about the non-neutrality of money. Based on the belief, most of the New Keynesian models are developed to feature price stickiness in order to make the real effect of money. Among those, the Calvo pricing has been the most popular framework in featuring the sticky price. This thesis investigates whether the non-neutrality of money is always guaranteed by the Calvo-type price stickiness or not. In particular, the focus lies on the effect of volatility of firms’' optimal prices on the relationship between price stickiness and the non-neutrality of money. Chapter 1 presents the theoretical possibility of the non-relationship between the two phenomenons in such case that repricing firms’' optimal prices are very volatile, and the following two chapters propose more micro-founded endogenous frameworks to deliver the results which support the argument in Chapter 1. It is shown in Chapter 1 that high volatility of reset prices has the same effect as that of lowering the degree of price stickiness and increasing the future discount factor in the standard Calvo framework. Due to the effect, it can be illustrated that the aggregate price level can be flexible even when some firms’ maintain the previous price level if the other repricing firms' prices respond very elastically to monetary shocks. Chapter 2 proposes a model in which repricing firms’ behave as in collusion and exploit the information on aggregate price dynamics by taking the aggregate price as a function of their own price at the process of optimization. It is shown that the colluding firms set much higher prices for monopoly gains against positive monetary shocks, and therefore, the aggregate price level can be very responsive even with price stickiness of the rms. Lastly, Chapter 3 presents the case where firms have no information on other firms' pricing behaviours and have expectations on average reset price with bounded rationality. The model of this chapter demonstrates that the realized level of average reset price of the firms can be much higher than that of the standard model when their expectations are heterogeneous. All the results of the chapters imply that the monetary policy might not be able to have the real effect even with price stickiness if firms’ reset prices show very volatile movements. Therefore, economists and central banks should research more on the volatility of firms' reset prices when analysing monetary policy and also try to find other factors which might have direct relationship with the rigidity of aggregate price, rather than price stickiness which focuses just on individual prices, when developing a monetary model.
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Porcellacchia, Davide. "Three essays on money and banking : effects of monetary policy on liquidity risk." Thesis, London School of Economics and Political Science (University of London), 2018. http://etheses.lse.ac.uk/3812/.
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This thesis studies the effects of monetary policy on liquidity risk. I extend the model of financial intermediation developed by Diamond and Dybvig (1983) to include a monetary authority. Through the lens of different versions of this model, I study the effects of negative interest on reserves, of payment of positive interest on reserves and of a large central-bank balance sheet. In the first essay, I study optimal monetary policy in the model's liquidity trap. I find that a negative interest on reserves is effectively a tax on the banking system. As such, it leads to less effective financial intermediation and therefore increases liquidity risk. On the other hand, it also acts as a tax on saving and therefore has the effect of boosting aggregate demand. I find that in the liquidity trap, when aggregate demand is insufficient to absorb the economy's full productive capacity, it is optimal for the central bank to set a strictly negative interest on bank reserves. The second essay adds financial markets to the model. Banks faced with competition for savings from financial markets are unable to fully insure depositors' liquidity risk. In this setting, I ask whether appropriate monetary policy can improve the economy's equilibrium outcome. I find that paying a positive interest on bank reserves is welfare improving. There exists a strictly positive level of interest on reserves that implements the economy's efficient allocation. In the last essay, I make the model's term structure of interest rates endogenous. I find that the central bank can control the term premium by varying the size of its balance sheet. In particular, issuing bank reserves lowers the return on long-term assets. I show that in this setting optimal monetary policy requires a large central-bank balance sheet.
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Green, Roy. "Classical theories of money, output and inflation : a study in 'historical economics'." Thesis, University of Cambridge, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.317732.
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