The Monetary Multiplier

Andras Brody

Economic Systems Research, 2000, vol. 12, issue 2, 215-219

Abstract: After modelling the circulation of money as a Markov chain, a special multiplier is set up, explained and investigated. It describes, in mathematical terms, the enlivening course of new money, or the propagation of a monetary injection into a given economy, which David Hume inspected in his famous essay. Some explanation is given to why he considered it, justly, as a transitory phenomenon.

Keywords: Equilibrium; Ergodic Properties; Circulation Of Money (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1080/09535310050005707

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