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Money Field Theory: in Pursuit of Formalism

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  • Maslov, Alexander
  • Ivanchenko, Igor

Abstract

The article explores the possibility of interaction between financial and industrial sectors of an economy via such a new economic notion as a pervasive money field, which is used to pin down the elusive entropy of financial markets. The theory of a field originally comes from physics and we show the way it can be applied to economic reality. The implementation makes possible not only to reunite separate channels of monetary transmission mechanism into a single mechanism, but it also provides a new glimpse at the formalized mechanism of macroeconomic monetary relationship.

Suggested Citation

  • Maslov, Alexander & Ivanchenko, Igor, 2011. "Money Field Theory: in Pursuit of Formalism," MPRA Paper 42765, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:42765
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    File URL: https://mpra.ub.uni-muenchen.de/42765/2/MPRA_paper_42765.pdf
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    References listed on IDEAS

    as
    1. Meltzer, Allan H, 1969. "Money, Intermediation, and Growth," Journal of Economic Literature, American Economic Association, vol. 7(1), pages 27-56, March.
    2. Laidler, David, 1981. "Monetarism: An Interpretation and an Assessment," Economic Journal, Royal Economic Society, vol. 91(361), pages 1-28, March.
    3. Cagan, Phillip, 1969. "The Non-Neutrality of Money in the Long Run: A Discussion of the Critical Assumptions and Some Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(2), pages 207-227, May.
    4. Laidler, David, 1978. "Money and money income: An essay on the `transmission mechanism'," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 151-191, April.
    5. Frederic S. Mishkin, 2001. "The Transmission Mechanism and the Role of Asset Prices in Monetary Policy," NBER Working Papers 8617, National Bureau of Economic Research, Inc.
    6. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
    7. Vernon L. Smith, 1994. "Economics in the Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 113-131, Winter.
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    More about this item

    Keywords

    money field; money supply; monetary transmission mechanism;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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