Cash-in-advance, buffer-stock monetarism, and the loanable funds-liquidity preference debate in an open economy

Article Abstract:

The loanable funds (LF) and liquidity preference (LP) theories of interest are found to be in disequilibrium in a flexible exchange rate open economy. Alterations in the LP theory would result to similarities with the traditional LF theory of interest rates. In a traditional LP model, interest rates would eventually respond positively to fiscal shock in the long run. In the LF/amended LP model, a shock will result in a short run positive response and shall begin to partially decrease in the future.

Analysis, Money demand

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A geometry for non-Walrasian general equilibrium theory

Article Abstract:

The establishment of microfoundations for macroeconomics was facilitated by the emergence of non-Walrasian general equilibrium theory and its phenomenal rise during the seventies. In the absence of systematic geometry to explain non-Walrasian equilibrium analysis, the dissemination of its ideas has been retarded. A systematic geometry to make accessible the theorems of fix-price general equilibrium theory and the different variances of coupons equilibrium theory is proposed.

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Exchange rate preannouncement and economic activity: a note on Southern Conestabilization attempts

Article Abstract:

An analysis of the Southern Cone countries' economic stabilization policies is presented. Monetaryexchange rates preannouncements are believed to have resulted to long run economic depression in the countries of Argentina, Chile and Uruguay. Using real wage rigidity, disinflation can result to disequilibrium, generating economic success in the short run but eventually resulting in Keynesian unemployment.

Keynesian economics

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