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dc.contributor.authorParchure, Rajas
dc.date.accessioned2016-08-03T07:16:52Z
dc.date.available2016-08-03T07:16:52Z
dc.date.issued2016-02-05
dc.identifier.urihttp://hdl.handle.net/10973/39907
dc.descriptionSeminar delivered at GIPE on 21 October 2015en_US
dc.description.abstractThis paper explores the existence of monetary general equilibrium in the context of a classical model of general equilibrium theory. It begins by constructing the model of an ideal economy in which money is inessential This model is the counterpart of the Arrow-Hahn model that has no place for money. It then proceeds to articulate a more realistic model of a barter economy in which money plays an essential role in reducing transaction costs and materially improving the economic outcome. Techno-institutional arrangements of currency and credit moneys have been discussed and the conditions under which a unique positive general equilibrium exists have been obtained. General disequilibrium is shown to prevail if a part of the proceeds or income generated by currently produced outputs are devoted to accumulating money balances, i.e. saving exceeds investment. Fiscal solutions for restoring full employment general equilibrium have also been demonstrated.en_US
dc.language.isoen_USen_US
dc.publisherGokhale Institute of Politics and Economics (GIPE), Pune (India)en_US
dc.titleMoney and general disequilibrium, Part I: Static economyen_US
dc.typeArticleen_US


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