Research Papers in Economics, Department of Economics, Stockholm University
Abstract: The first part of the paper surveys the discussion of
monetary equilibrium by Wicksell, Lindahl, Myrdal, Ohlin and Palander. In
the second part a number of analytical aspects of monetary equilibrium are
discussed: The formulation of the first equilibrium condition in terms of
prices instead of in terms of quantities; The interpretation of the second
equilibrium condition as equality between saving and investments; What was
the exact interpretation of the rate of interest as a monetary phenomenon;
The economic interpretation of a gap between the natural and the loan rate
of interest; and the use of equilibrium and disequilibrium analysis.
Keywords: Monetary equilibrium; Monetary theory; Wicksell; Myrdal; (follow links to similar papers)
JEL-Codes: B22; B30; E40; (follow links to similar papers)
53 pages, September 7, 2005
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