クラウアーの現金制約モデル再考(市場経済における不均衡分析,総合研究)
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概要
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This paper presents a reappraisal of Clower's cash-in-advance model in the context of the role of money in a market economy, focusing in particular on a recently-developed micro-foundation of monetary theory called the search-theoretic approach. The most important aspect of the development of monetary theory since Keynes published General Theory in 1936 is the fact that the fundamental nature of the money economy has been overlooked because of the way in which monetary theory has been built up around the framework of the general equilibrium model. It was Leijonhufvud who raised the alarm regarding this oversight and called for a return to Keynesian economics, arguing that "money does matter." Similarly, Glower has enshrined these arguments in his dual decision hypothesis and cash-in-advance model. While the revolutionary new search-theoretic approach represents an exhaustive working of one aspect of the Clower model, it is thought to stray considerably from the original intent of the model's author. In this paper, I will analyze the search-theoretic approach and examine the relationship between companies and markets and the role of credit with respect to the micro-foundations of monetary theory. If we view companies as a substitute for markets, then when companies do not exist we are confronted with the question of who creates the markets. Thus, companies and markets are treated as being in a mutually complementary relationship, which in turn necessitates the development of monetary theory. As Glower states, the coexistence of markets and money represents a vital relationship in our society and a necessary condition for the monetary economy. The search theoretic approach is based on an unwritten assumption of the complete absence of credit transactions. In reality, however, credit transactions account for the majority of all transactions. Taking credit into account illustrates the decentralization of exchange activities and highlights the existence of a special commodity that can be used for transactions involving all types of goods, i.e., money. Viewed from another angle, credit also acts as buffer stock. The role of credit in the micro-foundations of monetary theory is also discussed in this paper. Clower's dual decision hypothesis and cash-in-advance model have been theoretically expanded upon in two areas: the development of the in-advance model and the role of money. The Clower model implies that the roles of money and credit in this expansion of the theory are not confined to micro-foundations of monetary theory but are in fact also linked to wider issues of market coordination failure, namely, effective demand concepts and the deviation of effective demand from conceptual demand, issues which lie at the heart of unemployment analysis.
- 日本大学の論文
- 1997-03-01
著者
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