{"title":"两种需求:为什么对非消费货币的需求不同于对消费商品的需求","authors":"Dmitry V. Levando","doi":"10.2139/ssrn.3601683","DOIUrl":null,"url":null,"abstract":"The paper explicitly discusses the key differences between a demand for consumables and demand for (non-consumable) credit money. For example, in contrast to consumables, money cannot be demanded by only one agent; it is a stock variable; credit requires special arrangements to implement trust now to clear up a debt later; for a finite time period there is zero demand for nonconsumable money (Hahn paradox). These issues are important for developing micro-foundations of monetary macroeconomics, including those for a liquidity trap and credit crunches, not well investigated in existing literature. Contemporary economic theory already has some answers, initiated by works of Martin Shubik. These micro-foundations are vitally important for understanding a credit crisis and credit cycle as interactions between real and financial sectors of economic systems.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Two Demands: Why a Demand for Non-Consumable Money is Different From a Demand For Consumable Goods\",\"authors\":\"Dmitry V. Levando\",\"doi\":\"10.2139/ssrn.3601683\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The paper explicitly discusses the key differences between a demand for consumables and demand for (non-consumable) credit money. For example, in contrast to consumables, money cannot be demanded by only one agent; it is a stock variable; credit requires special arrangements to implement trust now to clear up a debt later; for a finite time period there is zero demand for nonconsumable money (Hahn paradox). These issues are important for developing micro-foundations of monetary macroeconomics, including those for a liquidity trap and credit crunches, not well investigated in existing literature. Contemporary economic theory already has some answers, initiated by works of Martin Shubik. These micro-foundations are vitally important for understanding a credit crisis and credit cycle as interactions between real and financial sectors of economic systems.\",\"PeriodicalId\":431230,\"journal\":{\"name\":\"ERN: Consumption\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-05-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Consumption\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3601683\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Consumption","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3601683","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Two Demands: Why a Demand for Non-Consumable Money is Different From a Demand For Consumable Goods
The paper explicitly discusses the key differences between a demand for consumables and demand for (non-consumable) credit money. For example, in contrast to consumables, money cannot be demanded by only one agent; it is a stock variable; credit requires special arrangements to implement trust now to clear up a debt later; for a finite time period there is zero demand for nonconsumable money (Hahn paradox). These issues are important for developing micro-foundations of monetary macroeconomics, including those for a liquidity trap and credit crunches, not well investigated in existing literature. Contemporary economic theory already has some answers, initiated by works of Martin Shubik. These micro-foundations are vitally important for understanding a credit crisis and credit cycle as interactions between real and financial sectors of economic systems.