By Benjamin Eden
Книга A path in financial Economics: Sequential alternate, funds, and Uncertainity A direction in financial Economics: Sequential alternate, funds, and UncertainityКниги Экономика Автор: Benjamin Eden Год издания: 2004 Формат: pdf Издат.:Wiley-Blackwell Страниц: 424 Размер: 2 ISBN: 0631215662 Язык: Английский0 (голосов: zero) Оценка:Monetary Economics and Sequential exchange is an insightful advent to the complex subject matters in financial economics. available to scholars who've mastered the diagrammatic instruments of economics, it discusses actual concerns with a number of modeling possible choices, taking into account an immediate comparability of the results of the several versions. The exposition is obvious and logical, supplying a superior starting place in financial thought and the concepts of financial modeling. The textual content is rooted within the author's years of training and learn, and should be hugely appropriate for financial economics classes in either the upper-level undergraduate and graduate degrees.
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Extra resources for A Course in Monetary Economics: Sequential Trade, Money, and Uncertainity
53). 54); and (b) markets are cleared: Yt = Y¯ + R(kt−1 ) − kt , Mt = M0 (1 + μ)t and Bt = 0 for all t > 0. A steady-state equilibrium sequence is an equilibrium sequence for which Mt /Pt and kt do not change over time. 33). 13 The nominal interest rate and the inﬂation rate do not change over time and g = −rm m covers the depreciation of m units of real balances. 55) as:14 Yt + kt + bt + mt = Y¯ + bt−1 (1 + rb ) + mt−1 (1 + rm ) + R(kt−1 ) − mrm . 19 K = Capital stock per capita The choice of capital The consumer starts with m units of real balances, k units of capital and no private bonds.
The “overshooting” result is relatively “model free” because it does not require a complete understanding of the transition period (the modeling of the various frictions which lead to a transition period). 11 REGIME CHANGES In the previous analysis of a regime change (change in μ) the consumer was completely surprised by the announced change in policy. This is problematic because an agent with rational expectations assigns the true probability for all possible events. If the true probability of a regime change is zero (or close to zero) then regime changes are rare and do not deserve our attention.
3: 6 Assume an economy with three assets (trees). Asset 1 pays a unit of consumption in all odd periods and zero in even periods. Asset 2 pays a unit of consumption in all odd periods and zero in even periods. Asset 3 pays a unit of consumption in all even periods and zero in odd periods. (a) Compute the value of each of the three assets in (i) odd periods (ii) even periods. 95 and U(C) = ln(C). (b) Assume that we multiply the amount of dividends paid by each of the three assets. Will this change your answer to (a)?