Wealth effects and monetary theory
Author(s)
Bibliographic Information
Wealth effects and monetary theory
B. Blackwell, 1988
Available at / 45 libraries
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Research Institute for Economics & Business Administration (RIEB) Library , Kobe University図書
339.5-103081000078571
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Note
Bibliography: p. 320-324
Includes index
Description and Table of Contents
Description
"Wealth Effects and Monetary Theory" returns to the key but recently neglected issues of how changes in price variables - particularly the aggregate price level and the interest rate - affect wealth and hence the economy's behaviour. The real balance effect as found in the current literature is but a special case of the more general effects that the book examines. Professor Sweeney contends that, though consumers may feel better off when inflation and interest rates fall, the real effect on wealth of these changes is, to all intents and purposes, zero. Movements in conventional measures of wealth do not in general correspond to the changes in wealth the book finds. This throws into doubt the large amount of empirical work that uses conventional measures of wealth. The book has an important degree of topicality because of its view of budget deficits. For example the US deficit is currently causing considerable anxiety among Western governments. The book is aimed at professional macroeconomists and graduate students.
Table of Contents
- Part 1 - Introduction
- 1. Introduction
- 2. A Survey of Analysis of Wealth Effects
- Part 2 - Review
- 3. Wealth and Substitution Effects: The Analysis of Value and Capital'
- Part 3 - The Price-Induced Effect on Wealth
- 4. The Price-Induced Effect on Wealth: A Fixed Money Stock
- 5. Government Flat Money, the Price-Induced Effect on Wealth, and the Initial-Condition Effect
- 6. Bank Money and Wealth Effects: Banks Pay a Competitive Rate of Interest
- 7. Interest-Bearing Money and the Price-Induced Effect on Wealth
- Part 4 - The Interest Rate-Induced Effect on Wealth, and Government Bonds
- 8. The Interest Rate-Induced Effect on Wealth, and Government Bonds as Net Wealth
- 9. Government Bonds As Net Wealth: An Uncertainty Analysis
- Part 5 - Measuring Changes in Real Wealth
- 10. Problems in Measuring Changes in Real Wealth
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