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1.
Synopsis It has been proposed that open thermodynamic systems will act to dissipate available energy gradients by self-organizing into
coherent structures that, with time, evolve and develop into nested hierarchies – panarchies – that adapt to internal and
external changes according to a characteristic adaptive cycle. This paper seeks to apply these ideas in the purely societal
realm by investigating the role of money in economic systems. Money represents the value embodied in goods; a value that is
separate from the exact nature of those goods. We suggest that money thereby liberates the ‘free value’ of economic desire
and that this free value has properties analogous to energy. The result is the self-organization of structures and systems
(‘econosystems’) that dissipate this ‘free value’. Econosystems act at different scales, and nested levels of econosystems
form a panarchy, having effects that can be observed. In particular, it appears that money facilitates the creation of relationships
between econosystem actors, increasing the connectedness of the econosystems that envelop those actors. We have identified
a phenomenon whereby freed social value (i.e. money) can aggregate, or pool, at a larger econosystem scale in structures such
as banks. These pools act as gradients that actors at the neighborhood scale can exploit for self-organization in the econosystem.
Thus, econosystem actors appear to be freed from thermodynamic constraints by using money as a means of self-organization.
However, because of these pools of aggregated social exergy, connectedness is increased at the larger scale of the econosystem.
The potential consequence of this dynamic is that money may act to push larger scale econosystems toward a state of heightened
vulnerability to collapse, while freeing smaller scale actors from apparent constraints. In this way, we propose that money
acts to skew information feedback loops between econosystem actors and larger scale structures such as economies and ecosystems.
相似文献
2.
Bernd Hayo 《Empirical Economics》2000,25(4):581-603
In this paper, the demand for real money M1, M2, and M3 is estimated for Austria over the time period 1965–96. The modelling
takes place within the framework of a small vector autoregression. To estimate the demand for money, two-equation error-correction
models are constructed, which contain the short-run dynamics and the long-run economic equilibrium. It is found that a stable
money demand exists for all monetary aggregates. The long-run equilibrium of M1, after accounting for a structural break in
1979, can be characterised as a classical type of money demand, with no interest rate effects and an elasticity of one for
real GDP. In the case of M2 and M3, we find a unit coefficient on income and a significantly negative influence of a long-term
interest rate. The statistical properties of the estimated short-run money demand equations – considering in-sample and out-of-sample
tests – are generally very good.
First version received: October 1996/Final version received: April 2000 相似文献
3.
This paper considers the nature and role of monetary policywhen money is modelled as credit money endogenously createdwithin the private sector. There are currently two schools ofthought that view money as endogenous: one has been labelledthe new consensus in macroeconomics, and the otheris the Keynesian endogenous (bank) money approach. The paperfirst explores the analysis of monetary policy in the newconsensus macroeconomic model, followed by an examinationof the effectiveness of monetary policy in that analysis. TheKeynesian view of endogenous money is discussed, and the rolefor monetary policy in a Keynesian endogenous monetary policyanalysis is considered, including discussion of the objectivesand instruments of monetary policy. 相似文献
4.
Simulating a real world environment is of utmost importance for achieving accurate and meaningful results in experimental
economics. Offering monetary incentives is a common method of creating this environment. In general, experimenters provide
the rewards at the time of experiment. In this paper, we argue that receiving the reward at the time of the experiment may
lead participants to make decisions as if the money they are using were not their own. To solve this problem, we devised a
“prepaid mechanism” that encourages participants to use the money as if it were their own. 相似文献
5.
Based on the framework of Bernanke & Blinader (1988) and Walsh (2003), this paper provides a concise analysis for relationship
among money supply, banking lending and aggregate demand; and makes an empirical test on relationship among China’s money
supply, banking lending and aggregate demand from 1994 to 2006 by adopting the single-equation regressive model and vector
autoregressive model in terms of Keynesian structural model and monetarism simplified model. The result shows that money supply
and banking lending have both played a driving role on real economy. Because of non-market interest rates, Keynesian structural
model cannot explain the transmission mechanism of China monetary policies better than monetarism simplified model.
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Translated from Jingji kexue 经济科学 (Economic Science), 2008, (1): 5–15 相似文献
6.
李治国 《Frontiers of Economics in China》2008,3(2):209-222
Chinese excessive liquidity problems are more serious than other main countries. The upgrading industrial structure and the
increasing opening degree lead to the excessive money demand and higher money demand elasticity. Bad credits weaken money
supply effectiveness and lead to illusive increasing money. We set up the money market disequilibrium model under the condition
of the excessive liquidity. The imbalance between money demand and money supply is the key of Chinese excessive liquidity
problems.
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Translated from Jingji lilun yu jingji guanli 经济理论与经济管理(Economic Theory and Business Management), 2007, (11): 38–44 相似文献
7.
8.
David A. Malueg 《Economic Theory》2010,44(2):243-270
In the Nash Demand Game, each of the two players announces the share he demands of an amount of money that may be split between
them. If the demands can be satisfied, they are; otherwise, neither player receives any money. This game has many pure-strategy
equilibria. This paper characterizes mixed-strategy equilibria. The condition critical for an equilibrium is that players’
sets of possible demands be balanced. Two sets of demands are balanced if each demand in one set can be matched with a demand
in the other set such that they sum to one. For Nash’s original game, a complete characterization is given of the equilibria
in which both players’ expected payoffs are strictly positive. The findings are applied to the private provision of a discrete
public good. 相似文献
9.
The income velocity of money in China has been declining since the country’s reform. By studying the money demand behavior
in the agricultural and non-agricultural sectors, we found that the marginal propensity to money demand is much higher in
the non-agricultural sector. This implies that as the share of the agricultural sector in national income declines, monetary
expansion is expected to meet not only the needs of income growth, but also the rapid structural shifts in the sectoral composition
of income. Hence, non-inflationary monetary expansion is possible as development proceeds. This provides a new perspective
in understanding the decline in the income-velocity of money in China.
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Translated from Social Sciences in China (中国社会科学), 2005,(4) (in Chinese) 相似文献
10.
Several papers have documented that when subjects play with standard laboratory “endowments” they make less self-interested
choices than when they use money they have either earned through a laboratory task or brought from outside the lab. In the
context of a charitable giving experiment we decompose this into two common artifacts of the laboratory: the intangibility
of money (or experimental currency units) promised on a computer screen relative to cash in hand, and the distinct treatment
of random “windfall” gains relative to earned money. While both effects are found to be significant in non-parametric tests,
the former effect, which has been neglected in previous studies, has a stronger impact on total donations, while the latter
effect has a greater impact on the probability of donating. These results have clear implications for experimental design,
and also suggest that the availability of more abstract payment methods may increase other-regarding behavior in the field. 相似文献
11.
The main activity of a Welfare State is to impose taxes in order to collect money to provide services. In this paper, we want
to test subjects’ perception of these two issues in the laboratory. In particular, using a real-effort experiment as a tool,
we aim at measuring both the labor supply and the consensus as the level of taxation and the efficiency of the Welfare State
vary. Our finding is that subjects significantly react to a change in the tax rate, while the performance of the Welfare State
affects subjects’ preferences but not their labor supply. 相似文献
12.
There is evidence that risk-taking behavior is influenced by prior monetary gains and losses. When endowed with house money,
people become more risk taking. This paper is the first to report a house money effect in a dynamic, financial setting. Using
an experimental method, we compare market outcomes across sessions that differ in the level of cash endowment (low and high).
Our experimental results provide support for a house money effect. Traders’ bids, price predictions, and market prices are
influenced by the amount of money that is provided prior to trading. However, dynamic behavior is difficult to interpret due
to conflicting influences.
JEL Classification C91 · C92 · D80
The views expressed here are those of the authors and not necessarily those of the Federal Reserve Bank of Atlanta or the
Federal Reserve System. 相似文献
13.
Ensar Yilmaz 《Empirica》2010,37(3):253-269
This paper firstly discusses the impact of inflation on real output in different theoretical models and then investigates
this impact empirically in an economy facing persistent high inflation. We find some evidence of Sidrauski’s (Am Econ Rev
57:534–544, 1967) superneutrality of money for Turkey in the long run. However, it seems that inflation affects real output negatively in
the short run. These results are more compatible with a class of utility functions in which real money balances and consumption
are perfect complements as Asako (Econometrica 51(5):1593–1596, 1983) elucidates. 相似文献
14.
罗天勇 《Frontiers of Economics in China》2008,3(2):223-239
This article applies a dynamics approach in the research of monetary law of movement under the complex system of social economical
operation, and characterizes the movement of money in a social institutional framework during GDP’s formation. Assuming that
humans’ pursuit of the return of their money expenditure is a sensible course of nature, it defines the expression of money
circulation velocity, and proceeds to deduce the basic differential equation of money circulation. By solving this equation,
we can get the expression for a GDP dynamics model. After empirically testing the expression, this article draws a conclusion:
GDP and the money in circulation (M0) share the positive correlation when the monetary financial institution remains unchanged.
相似文献
15.
The Classical Equations describe output and income in real terms.To use them to analyse aggregate demand, the transactions theydescribe must be monetised. A sum of money equalto the wage bill of the capital goods sector can be shown tobe necessary and sufficient to carry out all transactions, ina process of circulation which also defines an expression forvelocity. When money has intrinsic value, the quantity approachmay hold in the short run but, in the long run, money will beendogenous. In these conditions, the rate of interest will bedetermined by the supply and demand for reserves, but when moneyis purely nominal, only a minimum rate will be fixed, and therate of interest will have to be pegged. The Appendix developsthe Classical Equations and shows that they define an invariableunit of account. 相似文献
16.
Maurizio Motolese 《Economic Theory》2003,21(2-3):317-345
Summary. We study some implications of the Theory of Rational Beliefs to monetary policy. We show that monetary policy in a Rational
Beliefs environment can have an important effect on the characteristics of economic fluctuations. In Rational Beliefs Equilibria
money is generically non-neutral unlike Rational Expectations Equilibria in which money is neutral and monetary policy is
ineffective. Under Rational Beliefs Equilibria nominal prices and real output change not only in response to changes in the
exogenous growth rate of money but also in response to changes in the state of beliefs. In Rational Beliefs Equilibria monetary
shocks have real effects even when they are observed but are not fully anticipated. Furthermore, the non-neutrality of money
results in a short run Phillips curve. When money “flutters, real output sputters” [8]. We show that Endogenous Uncertainty and the distribution of market beliefs are the major explanatory variables of such fluctuations. Under Rational Expectations
monetary policy is ineffective because agents neutralize it by predicting correctly the effect of the policy. Under Rational
Beliefs it is shown instead that inflation and recessions can be substantially aggravated by the distribution of market beliefs.
Received: January 14, 2002; revised version: April 5, 2002
RID="*"
ID="*" I would like to thank Mordecai Kurz for his constant help and support. Most of the ideas developed hereby have been
inspired by innumerable and fruitful discussions with him. I have also greatly benefited from helpful comments by Stanley
Black, Luigi Campiglio, Carsten Nielsen and Ho-Mou Wu. I also received valuable remarks from participants at the V meeting
of “The Society for the Advancement of Economic Theory” held in Ischia, Italy, on July 2-8, 2001, where an initial draft of
the present work was presented. 相似文献
17.
In this paper the long-run trend in RPI inflation (core inflation) for the UK over the 1961–1997 period is estimated within the framework of a multivariate common trends model which extends
the bivariate VAR approach of Quah and Vahey (1995). In this context core inflation is directly linked to money and wage growth and interpreted
as the long-run forecast of inflation from a small-scale, cointegrated macroeconomic system.
First version received: September 1999/Final version received: October 2001
RID="*"
ID="*" We thank two anonymous referees for many helpful comments and suggestions. Work on this paper was partially conducted
when C. Morana was at Heriot-Watt University. 相似文献
18.
This paper reconsiders empirical evidence on relationships among money, income, nominal prices, and wheat prices. Error correction
and directed acyclic graphs are used to study both lagged and contemporaneous relations in late 19th and early 20th century U.S. data. We summarize evidence supporting the view that money was a causal actor in price movement in this period.
In the long run (at a five year horizon), over twenty percent of the movement in price is explained by earlier movements in
money supply; whereas, wheat price accounts for less than ten percent of this movement. There is also evidence that money
supply was not exogenous, as it was determined, in contemporaneous time, by movements in the general price level and income.
About forty percent of the variation in money is explained by current or lagged prices and income. There remains considerable
uncertainty with respect to role of wheat prices in this period. Innovations in wheat price explain over twenty five percent
of the uncertainty in real income at the five year forecast horizon – suggesting wheat price as either causal or proxying
for more fundamental causal forces in the U.S. economy over our period of analysis.
First version received: December 1999/Final version received: February 2001 相似文献
19.
The purpose of this article is to show that money is not anentity but hic et nunc a genuine mode of circulation associatedwith a genuine social organisation. Criticising money hypostasismay help to to: (i) elucidate the ambivalence of monetary relationsin our modern society (equivalence and subordination); (ii)criticise the idea that primitive monies are nothingbut imperfect forms of our modern money and show that exoticsocieties are worth studying for themselves; and (iii) relativisethe knowledge we have about our societies and to develop comparativeanalysis. A sketchy comparison between wodani society and ourssuggests that an abduction relation exists between money andsociety. 相似文献
20.
Previous studies of the causal relationship between money supply and real output are based on asymptotic distributions. If
the assumption of normality is not fulfilled and if ARCH effects are present, asymptotic distributions perform inaccurately.
In this paper, we reinvestigate the potential causal relationship between money and output by applying an alternative methodology
based on the leveraged bootstrapped simulation techniques using data from Denmark, Japan, Sweden, and the US. We find unidirectional
causality from money to output for the sample countries except for Sweden for which causality is bi-directional. This finding
of unidirectional causality between money and output supports monetary business-cycle models and reveals one important policy
implication—that is, in looking for the sources of output fluctuations, money might be a major factor.
相似文献
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