February 11, 2018

Dr. Shozaburo Fujino (auth.)'s A Neo-Keynesian Theory of Inflation and Economic Growth PDF

By Dr. Shozaburo Fujino (auth.)

ISBN-10: 354006964X

ISBN-13: 9783540069645

ISBN-10: 3642481507

ISBN-13: 9783642481505

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Sample text

We can easily fonnalize this. Let us denote the market money wage rate per unit of physical labor by W, the subjective rate of meney wage per unit of physical labor, which an individual WR. We shall call wR the required wage. When we e:xpress his physical hours available for enployrrent by N, and his physical deerrn to be reasonable for his labor, by labor supply by NS' the difference (N - NS) represents hours available for his leisure. We shall asSUIIE that the individual decides en the follOlling independ- ent]y: (1) whether he supplies his labor or chooses leisure under a given amount of N, (2) whether he censUIIEs or saves a fixed incorre dJtained from his labor supply or other sources, and (3) in which types of assets he holds his savings.

8) from the necessary condition for a maximum, where (4. 9) is nothing but the degree of relative risk aversion with respect to real incotre in tertrB of the required wage unit. If the re lati ve risk aversion is an increasing fLmction of wealth, then the wealth elasticity of demand for money should be greater than unity as shown by K. ArTCM. 6) And with reliance on estimates of wealth or income elasticity of demand for money cbtained by M. 7) According to our investigation on cross-section data of consumers' assets, hCMever, the incorre elasticity of demand for morey is nearly equal to unity, and the financial wealth elastiCity is less than unity.

19), (2. 22) in the long run. And we can d:ltain our models of cyclical growth, inflatioo and monetary growth by adding sorre subsidiary relatiooships to our basic ooes (or by reviSing the basic relationships in sorre cases). CHAP'IER 3 A NEO-KEYNESIAN THEORY OF GRCM'IH CYCIE 3. 1 A Model of Grewth Cycle In analyzing business cycles, economists have usually come to graspe the pheromenon in terms of cyclical fluctuations in the absolute values of economic variables, such as output and prices. And economic statisticans deconpose economic time-series into its cyclical and time-trend parts, investigating each seperately.

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A Neo-Keynesian Theory of Inflation and Economic Growth by Dr. Shozaburo Fujino (auth.)

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