AbstractThe first part of the paper surveys the discussion of monetary equilibrium by Wicksell, Lindahl, Myrdal, Ohlin and Palander. In the second part a number of analytical aspects of monetary equilibrium are discussed: The formulation of the first equilibrium condition in terms of prices instead of in terms of quantities; The interpretation of the second equilibrium condition as equality between saving and investments; What was the exact interpretation of the rate of interest as a monetary phenomenon; The economic interpretation of a gap between the natural and the loan rate of interest; and the use of equilibrium and disequilibrium analysis.
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Bibliographic InfoPaper provided by Stockholm University, Department of Economics in its series Research Papers in Economics with number 2005:7.
Length: 53 pages
Date of creation: 07 Sep 2005
Date of revision:
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Postal: Department of Economics, Stockholm, S-106 91 Stockholm, Sweden
Phone: +46 8 16 20 00
Fax: +46 8 16 14 25
Web page: http://www.ne.su.se/
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Monetary equilibrium; Monetary theory; Wicksell; Myrdal;
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-09-17 (All new papers)
- NEP-CBA-2005-09-17 (Central Banking)
- NEP-HPE-2005-09-17 (History & Philosophy of Economics)
- NEP-MAC-2005-09-17 (Macroeconomics)
- NEP-MON-2005-09-17 (Monetary Economics)
- NEP-PKE-2005-09-17 (Post Keynesian Economics)
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