Title: Money, in equilibrium /
Authors: Gale, Douglas.
Publisher: J. Nisbet ; Cambridge University Press,
Year: 1982
Subjects: Money.; Equilibrium (Economics)
Contents: The neutrality of money -- Monetary theory in the nineteen-sixties -- Informational efficiency and economic efficiency -- Rational expectations hypothesis -- Efficiency -- Noise and the Lucas model -- Rational expectations equilibrium (REE) -- Efficiency -- A characterization of REE -- Expectations and economic policy -- Expectations and the theory of economic policy -- The importance of commitments: an example -- Rules, commitments and rational expectations -- The repeated leader-follower game -- Rules and the existence of REE -- The economic costs of inflation -- Traditional theory -- Other explanations -- Inflation and the rate of interest -- Inflation and the supply of loanable funds -- Sequences of budget constraints -- The general equilibrium view of money -- Borrowing and lending -- Cash constraints and incomplete markets -- Digression on flexibility -- Transaction costs revisited -- The classical theorems of welfare economics -- Economies with incomplete markets -- Concepts of equilibrium in a sequence of markets -- Efficiency properties of sequence equilibria -- Efficiency properties of the futures equilibrium -- Introducing money -- Monetary equilibrium: a cooperative approach -- The classical theory -- The problem of trust -- Introducing money -- The sequential core with an incomplete set of assets -- Large economies -- Some classical equivalence theorems -- Monetary economies -- The sequential core -- Concepts of equilibrium in a sequence of markets -- Characterization of strongly improving conditions -- Formal results -- Proofs -- Discussion of results -- Monetary equilibrium: a non-cooperative approach -- A non-cooperative approach -- Abstract market games -- The Walrasian case -- Sequential market games -- Proof of Theorem 7.4.4 -- The value of money -- Efficient market games -- Money, information and efficiency.