[Home ] [Archive]   [ فارسی ]  
:: Main :: About :: Current Issue :: Archive :: Search :: Submit :: Contact ::
:: Volume 25, Number 82 (quartery journal of Economic Research and Policies 2017) ::
3 2017, 25(82): 331-366 Back to browse issues page
Generalized Method of Movement (GMM), Keynesian’s Monetary Stagnation, Utility of Money.
Abstract:   (41 Views)
The notion of Liquidity Preference has become generally used in the literature on Keynesian monetary economics. Highly liquid with If the speculative or the precautionary motive leads to people hold liquid in high level, It induces persistent or chronic stagnation. If marginal utility of Money is positive, it will be a measure for the monetary stagnation. In this paper, the stagnation of Iran’s economy is examined by using Endogenous Growth Model and dynamic optimization approach with relative risk aversion assumption. In the first step, we estimate real interest rate and elasticity of the consumption and elasticity of the money as variables that have main roles in the final model. In the second step, coefficients of the money and consumption in the utility function are estimated during 1975- 2013 with using Generalized Method of Movement (GMM). The results find the evidence that confirms the Keynesian monetary stagnation. However, change in the definition of money from Fiat Money and Credit to Electronic Money influence on the result.
 
Keywords: The notion of Liquidity Preference has become generally used in the literature on Keynesian monetary economics. Highly liquid with If the speculative or the precautionary motive leads to people hold liquid in high level, It induces persistent or chronic s
Full-Text [PDF 1098 kb]   (31 Downloads)    
Type of Study: Research | Subject: Special
Received: 2016/08/31 | Accepted: 2017/09/10 | Published: 2017/09/10
Add your comments about this article
Your username or email:

Write the security code in the box >



XML   Persian Abstract   Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Generalized Method of Movement (GMM), Keynesian’s Monetary Stagnation, Utility of Money. . 3. 2017; 25 (82) :331-366
URL: http://qjerp.ir/article-1-1550-en.html
Volume 25, Number 82 (quartery journal of Economic Research and Policies 2017) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
Persian site map - English site map - Created in 0.047 seconds with 788 queries by yektaweb 3461