Inflation Theory in Economics: Welfare, Velocity, Growth and Business Cycles

by Gillman; Max

• ISBN13: 9780415477680
• ISBN10: 0415477689
• eBook ISBN(s): 9781134021734
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-06-09
• Publisher: Routledge

Summary

These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory.

Table of Contents

1. Introduction Part I: Inflation and Welfare 2. The Welfare Costs of Infation in a Cash in Advance Model with Costly Credit 3. A Comparison of Partial and General Equilibrium Estimates of the Welfare Cost of Inflation 4. Money, Banking, Credit and the Welfare Cost of Inflation in a Growing Economy Part II: Optimal Inflation Taxes 5. The Optimality of a Zero Inflation Rate: Australia 6. On The Optimality of Restricting Credit: Inflation-Avoidance and Productivity 7. Ramsey-Friedman Optimality within a Banking Time Economy Part III: Money Demand and its Velocity 8. The Demand for Bank Reserves and OtherMonetary Aggregates 9. Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks 10. Money Velocity with Costly Credit 11. Money Demand in General Equilibrium Endogenous Growth: Estimating the Role of a Variable Interest Elasticity 12. Money Demand in an EU Accession Country: A VECM Study of Croatia Part IV: Inflation and Growth 13. Inflation and Balanced-Path Growth with Alternative Payment Mechanisms 14. Contrasting Models of the Effect of Inflation on Growth 15. A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, US and UK, 1959-1999 16. Inflation and Growth: Explaining the Negative Effect 17. Granger Causality of the Inflation-Growth Mirror in Accession Countries 18. Inflation, Financial Development and Growth in Transition Countries Part V: Monetary Business Cycles 19. Credit Shocks in the Financial Deregulatory Era: Not the Usual Suspects 20. A Comparison of Exchange Economies within a Monetary Business Cycle 21. Volatility of Output and Inflation: A Good Shock, Bad Shock Story Part VI: Inflation and Nominal Prices 22. Monetary Causality of Oil and Gold Prices 23. On Keynes' Theory of the Aggregate Price Level in the Treatise: Any Help for Modern Aggregate Analysis?