关于“生锈”的钱。西尔维奥·格塞尔的《重新思考施文德》。第一部分:短期运行

G. Rehme
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引用次数: 0

摘要

西尔维奥·格塞尔(Silvio Gesell)假设货币贬值对经济和社会都有益,这一观点经常受到争议。在这里,我分析了在Sidrauski模型中,家庭另外有一个“热爱财富”的动机。在本文的第一部分中,这些特征为分析格塞尔的短期主张提供了微观基础。与某些说法相反,这表明格塞尔的猜想在需求决定的短期均衡中可能确实是有效的,以及为什么货币贬值克服了名义利率的下限为零。这些结果与印度最近的废钞事件进行了对比,基本上是正确的。因此,格塞尔的假设可以在一个合理的短期环境中得到验证,并且可能与当前的经济,特别是货币政策相关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
On ‘Rusting’ Money. Silvio Gesell's Schwundgeld Reconsidered. Part I: The Short Run
Silvio Gesell hypothesized that money depreciation is economically and socially beneficial, ideas that have often been contended. Here I analyze that in a Sidrauski model in which households additionally have a ‘love of wealth’-motive. In the first part of this work these features provide the microfoundations for analyzing Gesell’s claim for the short run. Contrary to some claims it is shown Gesell’s conjectures may indeed be valid in a demand-determined, short-run equilibrium and why money depreciation overcomes the zero lower bound on nominal interest rates. These results are checked against the recent demonetization episode in India and essentially found to be true. Hence, Gesell’s hypotheses can be verified for a plausible, short-run environment and may be relevant for current economic, especially, monetary policies.
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