Reconstructing the Quantity Theory (II)
AbstractPart (I) and (II) of this paper reconstruct the quantity theory from structural axiomatic foundations. This yields a coherent view of the interrelations of quantity of money, transaction money, saving–dissaving, liquidity–illiquidity, rates of interest, leverage, allocation, prices, profits, unit of account, and employment. Part (II) focuses on the symmetric and asymmetric process of nominal and real saving–dissaving and on the monetization of nonfinancial assets. The distinction between liquidity preferences of individual households and the household sector as a whole proves to be crucial.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 32542.
Date of creation: 02 Aug 2011
Date of revision:
New framework of concepts; Structure-centric; Axiom set; Complementary time preference; Time transfer; Real rate of interest; Inventory; Nonfinancial profit; Transmission mechanism; Asset-liability structure; Capital market;
Other versions of this item:
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
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