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My spouse and i constantly come across a new challenge & diverse in this article. <a title="michael fiore" href="https://www.rebelmouse.com/textyourexback/" rel="nofollow">michael fiore</a>Andrew Davidhttps://www.blogger.com/profile/10585039154983280927noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-12084733861950895542013-03-11T02:12:42.407-07:002013-03-11T02:12:42.407-07:00I have to say I am very impressed with the way you...I have to say I am very impressed with the way you efficiently website and your posts are so informative. Thanks dudepaket wisata pulau tidunghttp://www.pulautidungsalagau.com/noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-58122281537690749642010-12-15T09:24:12.053-08:002010-12-15T09:24:12.053-08:00Josh,
I get it now. A typical modern macroeconomi...Josh,<br /><br />I get it now. A typical modern macroeconomist would not want to think about models of asset pricing and trading outside of dynamic frameworks. Further when someone starts telling me about an "exess demand for money," this seems like a non-starter to me. I start to wonder where they got ideas like this. I can make some guesses, as long ago some people tried to teach me things that, in fact in static models (like Patinkin's for example). I can't always figure out where people are coming from. I also have a copy of "Monetary Trends..." on the shelf, but I have not read it, or I did and forgot the details.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-2633320332135304622010-12-14T12:15:51.716-08:002010-12-14T12:15:51.716-08:00Stephen,
Regarding point (2), Patinkin (1956) tri...Stephen,<br /><br />Regarding point (2), Patinkin (1956) tried to argue that a real balance effect existed within a static model. Archibald and Lipsey (1958) pointed out that real balance effects could not exist in static models, but rather required a dynamic framework. Thus, my point is that you don't see excess money demand in static models because it cannot be a feature of such models.<br /><br />Regarding point (3), I never said that you <i>should</i> agree with everything Friedman wrote. I brought this up because you explicitly stated that this idea was some sort of Old Keynesian idea. My comment was designed to demonstrate otherwise.Joshhttp://www.everydayecon.comnoreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-26082208099047927872010-12-14T11:57:18.652-08:002010-12-14T11:57:18.652-08:00"I have no problem if you don't like this..."I have no problem if you don't like this theory, but let's not pretend that this type of theory never existed."<br /><br />1. I don't pretend anything.<br />2. Yes, I was talking about static models, as I thought that was what the question was about. That's usually what excess-demand disequilibrium people are thinking about.<br />3. I don't agree with everything Friedman wrote. That's why I'm New and not Old.<br /><br />"How is it that a "new monetarist" is so unacquainted with how the old monetarists thought?" "Are you really unaware of this?"<br /><br />Ignorance can be a good thing sometimes.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-25409714043342417352010-12-14T08:24:51.343-08:002010-12-14T08:24:51.343-08:00Excess demand for money is, as Josh says, the stan...Excess demand for money is, as Josh says, the standard Friedman & Schwartz explanation of the Depression. How is it that a "new monetarist" is so unacquainted with how the old monetarists thought?<br /><br />Scott Sumner, Nick Rowe and Bill Woolsey all consider themselves "quasi-monetarists" and they all think excess demand for money explains not only the Depression but also the current recession. Are you really unaware of this?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-6171551035220534782010-12-14T07:13:05.576-08:002010-12-14T07:13:05.576-08:00Stephen,
You wrote,
"That is some very stra...Stephen,<br /><br />You wrote,<br /><br />"That is some very strange Old Keynesian economics. In every Old Keynesian model I saw, whether it was conventional IS/LM or some Tobin 3-asset model, the demand for each asset was always equal to the supply for that asset. There was never any excess demand for money."<br /><br />First, that is because these were static models.<br /><br />Second, the idea of an excess demand for money is a distinctly monetarist idea. Friedman and Schwartz's Monetary Trends in the United State and the United Kingdom, they <i>explicitly</i> discuss the role of a actual money balances deviating from desired money balances.<br /><br />Third, if you want a story of excess demand for money (and all other assets for that matter), look at Ch. 11 of Jurg Niehans's The Theory of Money (1978). There it is possible for the actual holdings of all assets to differ from desired holdings.<br /><br />I have no problem if you don't like this theory, but let's not pretend that this type of theory never existed.Joshhttp://www.everydayecon.comnoreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-23416291390578502112010-12-13T14:48:06.959-08:002010-12-13T14:48:06.959-08:00I hope not. In a sticky price model, it seems the ...I hope not. In a sticky price model, it seems the idea is that a firm's price can be too high, relative to what the firm would choose if it were free to do so. By assumption the firm produces whatever consumers want to consume at the stuck price. In some sense there is excess supply of the good at the market price. Walras told us that excess demands have to sum to zero. So where is the excess demand? It's in the labor market. Given the market wage, the firm would like to produce more by hiring more labor. Of course, there is another sense in which we are in equilibrium here. Given the rules of the game (the firm can't change its price and is required to produce whatever consumers want at that price) everyone is optimizing given their constraints.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-50152137302313359382010-12-13T14:33:28.652-08:002010-12-13T14:33:28.652-08:00"But in a monetary economy, it is the sum of ..."But in a monetary economy, it is the sum of excess demands across money and goods markets that sums to zero, so an excess demand for money implies deficient demand for goods, and vice versa."<br /><br />Where do the extra goods go? Hopefully, not into Paul's underwear.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-47356359838007352402010-12-13T09:33:51.821-08:002010-12-13T09:33:51.821-08:00That is some very strange Old Keynesian economics....That is some very strange Old Keynesian economics. In every Old Keynesian model I saw, whether it was conventional IS/LM or some Tobin 3-asset model, the demand for each asset was always equal to the supply for that asset. There was never any excess demand for money.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.com