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- DescriptionThis book provides a comprehensive and systematic introduction to the problem of the definition of money and investigates the gains that can be achieved by a rigorous use of microecomic- and aggregation-theoretic foundations in the construction of monetary aggregates. It provides readers with key aspects of monetary ecomics and macroecomics, including monetary aggregation, demand systems, flexible functional forms, long-run monetary neutrality, the welfare cost of inflation, and nlinear chaotic dynamics.This book offers the following conclusions: the simple-sum approach to monetary aggregation and log-linear money demand functions, currently used by central banks, are inappropriate for monetary policy purposes; the choice of monetary aggregation procedure is crucial in evaluating the welfare cost of inflation; the inter-related problems of monetary aggregation and money demand will be successfully investigated in the context of flexible functional forms that satisfy theoretical regularity globally, pointing the way forward to useful and productive research.
- Author BiographyApostolos Serletis is Professor of Economics and Finance, Department of Economics, University of Calgary. He is the author of five books and published over 130 articles in leading economics and finance journals. He is Associate Editor of Macroeconomic Dynamics.
- PublisherWorld Scientific Publishing Co Pte Ltd
- Date of Publication11/08/2006
- SubjectEconomics: Professional & General
- Place of PublicationSingapore
- Country of PublicationSingapore
- ImprintWorld Scientific Publishing Co Pte Ltd
- Content Noteblack & white illustrations, black & white tables, figures
- Weight621 g
- Width161 mm
- Height234 mm
- Spine24 mm
- Edited byApostolos Serletis
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