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Rechts- und Staatswissenschaftliche Fakultät - Jahrgang 2012

 

Titel Essays in Monetary Theory
Autor Stephan Florian Kurka
Publikationsform Dissertation
Abstract This dissertation consists of three essays in monetary theory. Each period, agents trade in a day and in a night market. The night market is a standard Walrasian market. In the day market agents are anonymous which prevents trades against credit. As a consequence, a medium of exchange is needed to facilitate trade in the day market.
In chapter one, money and capital compete as media of exchange. Both assets are always accepted as payment by other agents. Furthermore, capital is used as an input in the day and night market production process. I study two versions of how trade is conducted in the day market. First, buyers and sellers meet bilaterally and bargain over the terms of trade. Second, buyers and sellers meet in a centralized market (price-taking) where they choose day market consumption/production given the market price. I show that the Friedman rule is not the optimal monetary policy in the price-taking version of this model.
In chapter two, buyers and sellers are matched in pairs and buyers make a take-it-or-leave-it offer to sellers. Money is more liquid than capital: Money can always be used as medium of exchange whereas capital can only be used as payment in a fraction of all transactions. Capital is only used as an input in production in the night market. An agent’s money and capital investment decisions are not linked if the rate of inflation is below a certain threshold. Therefore, a marginal increase of inflation has no effect on capital investment. Above the threshold level, there is a link between agents’ money and capital investment decisions. Consequently, agents substitute out of money and into capital in response to an increase of inflation. Thus, a marginal increase of inflation leads to a rise in capital investment if the rate of inflation is above the threshold (Tobin effect).
In chapter three, buyers and sellers meet in a centralized market. As in chapter two, money is more liquid than capital: A fraction of buyers and sellers enter market 1 where they can use money and capital as media of exchange and the rest enters market 2 where money is the only permissible means of payment. In contrast to chapter two, capital is used as an input in day and night market production. Therefore, an agent’s money and capital investment decisions are always linked. An increase of inflation acts as a tax and leads to a reduction in capital investment (income effect) if the rate of inflation is below a certain threshold. Next to the income effect, there is a substitution effect if the rate of inflation is above the threshold: Agents substitute out of money and into capital in response to an increase of inflation. By substituting, agents sacrifice consumption in market 2 where money is the only permissible medium of exchange. Whether or not the substitution effect dominates the income effect depends on the likelihood of entering market 1. If the probability of entering market 1 is sufficiently high, agents substitute more heavily and an increase of inflation leads to an increase of capital investment (Tobin effect). Otherwise, an increase of inflation reduces capital investment (Stockman effect).
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© Universitäts- und Landesbibliothek Bonn | Veröffentlicht: 24.05.2012