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題名 | 貨幣市場失衡是常態=A Disequilibrium Model of Loanable Money |
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作者 | 陳文久; | 書刊名 | 社會科教育學報 |
卷期 | 2 民88.06 |
頁次 | 頁103-126 |
分類號 | 561.74 |
關鍵詞 | 貨幣總量; 貨幣供給; 貨幣需要; 貨幣需求; 可貸貨幣供給; 可貸貨幣需求; Quantity of money; Money supply; Demand for money; Money need; Supply of loanable money; Demand for loanable money; |
語文 | 中文(Chinese) |
中文摘要 | 本文證明Keynes誤用貨幣供需定義及誤用部份均衡分析,因為未涉及借貸的貨幣不會影響利率且貨幣借貸涉及存放款風險、還款能力與獲利能力,故貨幣市場失衡是常態。 另外,本文共獲以下論點:一、流動性偏好理論為零貨幣需求理論;二、投資與儲蓄可直接影響利率;三、當所得與財富愈低或預期通貨膨脹率愈高或持有貨幣機會成本愈高時,貨幣需求愈大;四、貨幣理論屬供給面主導;五、現有貨幣需求實證文獻大都不可信。 |
英文摘要 | The paper develops a disequilibrium model of money in which Keynes' liquidity preference theory is shown wrong both in defining the money demand and supply and in using the partial equilibrium analysis. The model predicts that the money demand is negatively related to income but positively to both the expected inflation and the expected returns, and that both investments and savings can exert direct influence on the interest rate. The model also predicts that Keynes' liquidity preference theory is a nonsense theory with zero demand, and that the money supply is endogenous and can't be determined by the money demand. |
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