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Money, Interest, and Prices in Market Disequilibrium: A Comment
Ist Teil von
The Journal of political economy, 1976-08, Vol.84 (4), p.893-894
Ort / Verlag
Chicago: The University of Chicago Press
Erscheinungsjahr
1976
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
HERSCHEL GROSSMAN ( 1971 ) HAS EXTENDED ROBERT CLOWER'S ( 1965 ) DUAL DECISION HYPOTHESIS TO THE CASE OF MULTIMARKET DISEQUILIBRIUM BEHAVIOR IN AN ATTEMPT TO PROVIDE A CHOICE-THEORETIC ANALYSIS OF THE DISEQUILIBRIUM BEHAVIOR OF PRICES AND INTEREST. TWO COMMENTS ARE MADE ABOUT THE ARTICLE REFERRED TO IN A RECENT ISSUE OF THIS JOURNAL. FIRST, GROSSMAN'S CLAIM IS INFLATED WHEN HE ARGUES THAT HIS EXTENSION OF CLOWER'S DUAL DECISION HYPOTHESIS PROVIDES A CHOICE-THEORETIC FOUNDATION FOR DON PATINKIN'S ( 1952 ) CONCEPT OF SPILLOVER EFFECTS. SECOND, GROSSMAN'S DISCUSSION OF THE EFFECTIVE EXCESS DEMAND FOR MONEY IN HIS MODEL IS INCONSISTENT WITH THE FUNDAMENTAL ASSUMPTION UPON WHICH HIS MODEL IS BASED.