Growth in Monetary Economies: Steady-State Analysis of Monetary Policy

Alfonso Novales, Esther Fernández and Jesus Ruiz

Chapter Chapter 8 in Economic Growth, 2014, pp 399-447 from Springer

Abstract: Abstract In spite of the importance of money in actual economies, explaining why consumers have a demand for an asset which is dominated in return by other assets in the economy has been a traditional challenge for economic theory. Among many other monetary theorists, Keynes [9] proposed a detailed list of reasons why a typical consumer might demand money, including a precautionary reason or its role as facilitating transactions, which capture the role of money as a store of value and as a medium of exchange, respectively.

Keywords: Utility Function; Monetary Policy; Real Interest Rate; Representative Agent; Nominal Interest Rate (search for similar items in EconPapers)
Date: 2014
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Chapter: Growth in Monetary Economies: Steady-State Analysis of Monetary Policy (2022)
Chapter: Growth in Monetary Economies: Steady-State Analysis of Monetary Policy (2009)
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DOI: 10.1007/978-3-642-54950-2_8

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