Money, Capital and Rationality
نویسندگان
چکیده
منابع مشابه
Money, Interest, Prices and Capital Flowsf
In this paper we develop the first search-theoretic monetary model of a two-country global economy. We show the connection between deep monetary frictions (i.e. search and matching frictions), capital holdup externalities, and the realization of an endogenous departure from the “excess smoothness” problem in the real exchange rate found in standard models. Using this alternative monetary model,...
متن کاملSearch , Money and Capital : A Neoclassical Dichotomy ¤
Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating into the search model some centralized markets as well as some decentralized markets where money is essential. This paper takes a further step towards this integration by introducing labor, capital and neoclassical ̄rms. The resulting framework nests the search-theoretic monetary m...
متن کاملMoney and Prices in Models of Bounded Rationality
In this paper the authors explore the ability of simple monetary models with bounded rationality to account for the joint distribution of money and prices. They impose restrictions on the size of the mistakes agents can make in equilibrium and argue that countries with high inflation are likely to satisfy these restrictions. Their computations show that the model with bounded rationality does n...
متن کاملMoney with Idiosyncratic Uninsurable Returns to Capital
helpful discussions and to three anonymous referees for helpful comments. Also, I am indebted to the assistance of Sonia Laszlo. RUNNING TITLE: Money with Idiosyncratic Returns. 2 ABSTRACT This paper extends the income fluctuations problem to an economy with endogenous growth. Individuals, instead of owning an stream of endowments, accumulate capital with an investment irreversibility constrain...
متن کاملTHE RATIONALITY OF POLITICAL CULTURE Voter Turnout and Social Capital
Social capital is a concept that can facilitate a friendly merger between sociological and economic theories of political behavior. Rational-choice theories emphasize resources and constraints, and political-cultural theories focus on normative rules and habitual behavior; social capital integrates both. Mutual obligations instituted among members of society function as “credit slips” which are...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Research in Economics and Management
سال: 2017
ISSN: 2470-4393,2470-4407
DOI: 10.22158/rem.v2n5p192