{"title":"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","authors":"G. Rehme","doi":"10.2139/ssrn.3901471","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"78 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"On ‘Rusting’ Money. Silvio Gesell's Schwundgeld Reconsidered. Part I: The Short Run\",\"authors\":\"G. Rehme\",\"doi\":\"10.2139/ssrn.3901471\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":244949,\"journal\":{\"name\":\"Macroeconomics: Monetary & Fiscal Policies eJournal\",\"volume\":\"78 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-01-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Macroeconomics: Monetary & Fiscal Policies eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3901471\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Macroeconomics: Monetary & Fiscal Policies eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3901471","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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.