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Chapter15Money,InflationandBanking
Chapter15TopicsAlternativeformsofmoney.Moneyandtheabsenceofdoublecoincidenceofwants.Thecausesandeffectsoflong-runinflation.Financialintermediationandbanking.2
AlternativeFormsofMoneyCommoditymoneyCirculatingprivatebanknotesCommodity-backedpapercurrencyFiatmoneyTransactionsdepositsatbanks3
TheDouble-CoincidenceProblemandtheRoleofMoneyBarterexchangeisdifficultinhighly-developed,specializedeconomies.Economicexchangerequiressearchcosts,andthesecostsarehighwheneconomicagentsarespecializedinconsumptionandproduction,andcanonlytradeagoodorserviceforanothergoodorservice.Searchcostsarereduceddramaticallyifeveryoneacceptsmoneyinexchangeforgoodsandservices.4
Figure15.1AnAbsence-of-Double-CoincidenceEconomy5
Figure15.2Good1asaCommodityMoneyintheAbsence-of-Double-CoincidenceEconomy6
Figure15.3FiatMoneyintheAbsence-of-Double-CoincidenceEconomy7
TheEffectsofLong-RunInflationUsethemonetaryintertemporalmodelfromChapter10.Showthatmoneyisnotsuperneutral–highermoneygrowthcauseshigherinflation,whichaffectsrealeconomicvariables.Anincreaseinthemoneygrowthrateincreasestheinflationrateandthenominalinterestrate,andreducesemploymentandoutput.8
Figure15.4ScatterplotoftheInflationRatevs.theGrowthRateinM0fortheUnitedStates,1960–20239
Equation15.1Assumethatthecentralbankcausesthemoneysupplytogrowataconstantrate.10
Equation15.2Inequilibrium,moneysupplyequalsmoneydemand.11
Equation15.3Moneysupplyalsoequalsmoneydemandinthefutureperiod.12
Equation15.4Combinetheprevioustwoequations.13
Equation15.5Theconsumer’sintertemporalmarginalcondition.14
Equation15.6Marginalconditionreflectingtheconsumer’stradeoffbetweencurrentleisureandfutureconsumption:15
Equation15.7Marginalconditionreflectingtheconsumer’stradeoffbetweencurrentle
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