The goal of this paper is to enhance the Chartalist approach to the origin of money, by embedding it in the concrete historical and socioeconomic circumstances of ancient societies, such as Ancient Mesopotamia ca. 4000 B.C. to 2500 B.C. It will be argued, that given the absence of bureaucratic tools such as writing, census systems and formal means of personal identification to detect those with...

This article addresses the therapeutic importance of discussing money at every stage of a couple's relationship, both as a concrete reality and as a metaphor for security, adequacy, competence, commitment, acceptance, and acknowledgment in a relationship. I will present a developmental schema looking at financial issues that couples confront at various stages in the adult life cycle and how the...

money and capital market are among financial institutions that have significant role in economy, and coordinating synergic relationship between them could cause economic growth. the supreme leader of the islamic republic of iran, ayatollah sayed ali khamenei, introduced the concept of resistive economy and communicated its executive policies in 1389. resistive economy is among those models whic...

There have been two broad theories of inflation, namely the demand-pull theory of inflation (that is nowadays mainly the monetary theory of inflation) and the cost-push theory of inflation. The mainstream macroeconomics views inflation as a monetary phenomenon in the long run. Iran has experienced double-digit rates of inflation for about four decades. Our main aim is an explanation for the lon...

This paper examines the role of habit persistence in consumption in explaining persistent responses of inflation and output to money growth shocks. A monetary stochastic dynamic general equilibrium (DGE) model with a money-in-the-utility-function (MIU-) setup is augmented by habit formation in consumption and evaluated for both Taylor and Calvo price staggering. It is shown that in the benchmar...

This paper employs a structural vector autoregression (SVAR) model to investigate the monetary policy framework of a small emerging open economy Malaysia, especially how the economy dynamically respond to money, interest rate, exchange rate and foreign shocks. We establish identification conditions to uncover the dynamic effects of monetary policy shocks on various domestic variables. Following...

This paper investigates the role of liquidity. It is argued that the firm holds money as a guarantee of solvency to its contractual partners. By holding liquid assets the firm is able to increase the efficiency of its contracts. Variations in the opportunity cost of holding money cause variations in the firm’s demand for money and consequent variations in the frequency of contract failures, Thi...

The transmission effect of money has been a frequently debated issue. This paper discusses the empirical literature examining the effect of money on real output. In contrast to the commonly held belief that money has a powerful effect on output, most empirical tests of money shows relatively minor, but persistent effects. This is especially true for the extensive VAR literature. The paper focus...