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Growth in Monetary Economies: Steady-State Analysis of Monetary Policy

In: Economic Growth

Author

Listed:
  • Alfonso Novales

    (Universidad Complutense)

  • Esther Fernández

    (Universidad Complutense)

  • Jesús Ruiz

    (Universidad Complutense)

Abstract

In spite of the importance of money in actual economies, explaining why consumers have a demand for an asset which is dominated in return by other assets in the economy has been a traditional challenge for economic theory. Among many other monetary theorists, Keynes [49] proposed a detailed list of reasons why a typical consumer might demand money, including a precautionary reason or its role as facilitating transactions, which capture the role of money as a store of value and as a medium of exchange, respectively.

Suggested Citation

  • Alfonso Novales & Esther Fernández & Jesús Ruiz, 2009. "Growth in Monetary Economies: Steady-State Analysis of Monetary Policy," Springer Books, in: Economic Growth, chapter 0, pages 377-422, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-68669-9_8
    DOI: 10.1007/978-3-540-68669-9_8
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