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The inventory theoretic approach, first developed by Baumol (1952) and Tobin (1956), served as one of the most important theoretical frameworks in monetary economics. Nevertheless, the traditional inventory theory was built on the partial equilibrium frameworks, the income elasticity prediction is inconsistent with the empirical finding by Lucas (1988,2000) that it should be one, though the predicted interest elasticity is correct at the value of 0.5 empirically. As a major theoretic extension of the existing inventory theory of money demand, this book investigated the theoretical and empirical implications of the general equilibrium inventory theoretic approach to the demand for money. Specifically, it provides a positive theory to explain the key parameters that shape the demand for money – the income and interest elasticity of money; more importantly, it provides a unified framework to explain the pattern of the last 40 years of US demand data for M1.
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Dr. Li, graduated from the University of British Columbia (Canada), is currently an assistant professor at the Chinese Academy of Finance and Development of the Central University of Finance and Economics in Beijing, China.
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- PublisherVDM Verlag Dr. Müller
- Publication date2009
- ISBN 10 3639044673
- ISBN 13 9783639044676
- BindingPaperback
- Number of pages116
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Essays on the inventory theory of money demand
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(2009)
ISBN 10: 3639044673
ISBN 13: 9783639044676
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Book Description Taschenbuch. Condition: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -The inventory theoretic approach, first developed by Baumol (1952) and Tobin (1956), served as one of the most important theoretical frameworks in monetary economics. Nevertheless, the traditional inventory theory was built on the partial equilibrium frameworks, the income elasticity prediction is inconsistent with the empirical finding by Lucas (1988,2000) that it should be one, though the predicted interest elasticity is correct at the value of 0.5 empirically. As a major theoretic extension of the existing inventory theory of money demand, this book investigated the theoretical and empirical implications of the general equilibrium inventory theoretic approach to the demand for money. Specifically, it provides a positive theory to explain the key parameters that shape the demand for money the income and interest elasticity of money; more importantly, it provides a unified framework to explain the pattern of the last 40 years of US demand data for M1. 116 pp. Englisch. Seller Inventory # 9783639044676
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Essays on the inventory theory of money demand : Theory and Empirical Evidence
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VDM Verlag Dr. Müller
(2009)
ISBN 10: 3639044673
ISBN 13: 9783639044676
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Book Description Taschenbuch. Condition: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - The inventory theoretic approach, first developed by Baumol (1952) and Tobin (1956), served as one of the most important theoretical frameworks in monetary economics. Nevertheless, the traditional inventory theory was built on the partial equilibrium frameworks, the income elasticity prediction is inconsistent with the empirical finding by Lucas (1988,2000) that it should be one, though the predicted interest elasticity is correct at the value of 0.5 empirically. As a major theoretic extension of the existing inventory theory of money demand, this book investigated the theoretical and empirical implications of the general equilibrium inventory theoretic approach to the demand for money. Specifically, it provides a positive theory to explain the key parameters that shape the demand for money the income and interest elasticity of money; more importantly, it provides a unified framework to explain the pattern of the last 40 years of US demand data for M1. Seller Inventory # 9783639044676
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Essays On The Inventory Theory Of Money Demand: Theory And Empirical Evidence
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Book Description Kartoniert / Broschiert. Condition: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Autor/Autorin: Li ChenDr. Li, graduated from the University of British Columbia (Canada), is currently an assistant professor at the Chinese Academy of Finance and Development of the Central University of Finance and Economics in Beijing, China. Seller Inventory # 4952241
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