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  1. The nature of money and the theory of international trade
    Thornton and Ricardo
    Autor*in: Weber, Isabella
    Erschienen: 2021
    Verlag:  University of Massachusetts Amherst, Amherst

    A rich recent literature reinvestigates the nature of money, but little attention has been paid to the ramifications of the ways in which we theorize money for the theory of international trade. This paper examines the logical relationship between... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 179
    Fernleihe:
    keine Fernleihe

     

    A rich recent literature reinvestigates the nature of money, but little attention has been paid to the ramifications of the ways in which we theorize money for the theory of international trade. This paper examines the logical relationship between the neutrality of money and self-balancing trade based on Henry Thornton and David Ricardo as two foundational contributions to credit and commodity money theories respectively. I show that both authors theorize trade as self-balancing whenever money is conceptualized as neutral. I distinguish two notions of the neutrality of money: ex ante and ex post neutrality. In Thornton's Paper Credit money is not neutral ex ante: there can be temporary trade imbalances. But in the long-run money is neutral ex post and international trade boils down to self-balancing barter. In Ricardo money is neutral both ex ante and ex post and international trade is always balanced unless central bank policy undermines monetary neutrality.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/247436
    Schriftenreihe: Economics Department working paper series ; 2021, 18
    Schlagworte: Neutrality of money; Thornton; Ricardo; international trade; monetary policy
    Umfang: 1 Online-Ressource (circa 29 Seiten)
  2. "Neutrality of money" revisited: an integrative economic ethics and post-Keynesian perspective
    Autor*in: Mauchle, Urs
    Erschienen: 2022

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    Schlagworte: Neutralität des Geldes; Integrative Wirtschaftsethik; Neokeynesianismus; Geldpolitik; Kredittheorie; integrative economic ethics; Neutrality of money; Post-Keynesianismus; credit theory of money; post-Keynesianism; Neokeynesianismus; Wirtschaftsethik; Neutralität des Geldes
    Umfang: 1 Online-Ressource (circa 172 Seiten), Illustrationen
    Bemerkung(en):

    Dissertation, University of St.Gallen, 2021
  3. The neutrality of money reconsidered
    a statistical equilibrium model of the labor market
    Autor*in: Scharfenaker, Ellis; Foley, Duncan K.
    Erschienen: [2023]
    Verlag:  University of Utah, Department of Economics, [Salt Lake City, UT]

    Economic analysis has approached the problem of the neutrality of money through methods of supply-demand equilibrium in which changes in aggregate demand due to monetary or fiscal policy are equivalent to changes in the denomination of the monetary... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 210
    Fernleihe:
    keine Fernleihe

     

    Economic analysis has approached the problem of the neutrality of money through methods of supply-demand equilibrium in which changes in aggregate demand due to monetary or fiscal policy are equivalent to changes in the denomination of the monetary standard. We re-examine this question using statistical equilibrium methods adapted from statistical physics, which address both the central tendency of prices in equilibrium and the systematic fluctuation of prices around the central tendency. From this perspective the neutrality of money in the sense of the invariance of real economic outcomes to aggregate demand shocks depends on the adjustment of both expectations of the average level of wages and prices and the further adjustment of anticipations of the scale of fluctuations in prices and wage offers. We illustrate these conclusions through a model of wage and employment outcomes in a labor market model comprised of informationally constrained workers and employers whose interactions have a non-zero impact on wages. The model endogenizes employment interactions between workers and employers in terms of a quantal response equilibrium and produces an equilibrium level of unemployment as a statistical feature of a decentralized labor market. Shocks to the economy can produce short-run increases in involuntary unemployment arising from inertia in the adjustment of expectations. Even after agents align their expectations with market outcomes, unless they also adjust their expectations of the scale of statistical fluctuations in wages, a negative shock to demand can result in higher levels of equilibrium unemployment. In this way the model exhibits a particular type of non-neutrality of money in the short-run and long-run.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / University of Utah, Department of Economics ; no: 2023, 02 (February 2023)
    Schlagworte: Neutrality of money; Wage distribution; Labor market; Involuntary unemployment; Statistical equilibrium
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen