The Demand for Money Theoretical and Empirical Approaches
The Demand for Money: Theoretical and Empirical Approaches 2nd Edition by Apostolos Serletis This book provides an account of the existing literature on the demand for money. It shows how the money demand function fits into static and dynamic macroeconomi
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THE DEMAND FOR MONEY Theoretical and Empirical Approaches Second Edition
Apostolos Serletis
University of Calgary Canada
Apostolos Serletis University of Calgary Canada
Library of Congress Control Number: 2007924968 ISBN 978-0-387-71726-5
e-ISBN 978-0-387-71727-2
Printed on acid-free paper. 2007 Springer Science+Business Media, LLC All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, Inc., 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now knon or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed in the United States of America. 987654321 springer.com
To Anna and Demitre
Contents
Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvii Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxi Part 1: Static Monetary Macroeconomics 1
Classical Macroeconomic Theory . . . . . . . . . . . . . . . . . . . . . 3 1.1 The Complete Classical Model . . . . . . . . . . . . . . . . . . . . . . . 4 1.2 The Classical Dichotomy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.3 The Classical AD-AS Model . . . . . . . . . . . . . . . . . . . . . . . . . 8 1.4 The Neutrality of Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1.5 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2
Keynesian Macroeconomic Theory . . . . . . . . . . . . . . . . . . . 2.1 The Keynesian Consumption Function . . . . . . . . . . . . . . . . 2.2 The Complete Keynesian Model . . . . . . . . . . . . . . . . . . . . . . 2.3 The Keynesian-Cross Model . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 The IS-LM Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 The Keynesian AD-AS Model . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 14 14 16 17 21 23
viii
Contents
Part 2: Dynamic Monetary Macroeconomics 3
Models with Rational Expectations . . . . . . . . . . . . . . . . . . 3.1 The Cagan Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 Adaptive Expectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2.1 Application to the Cagan Model . . . . . . . . . . . . . . . . 3.3 Rational Expectations . . . . . . . . . . . . . . . . . . . . . . . . . . .
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