JER, 第 9 卷Hanyang Economic Research Institute in collaboration with Hanyang University College of Business and Economics, 2004 |
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第 1 到 3 筆結果,共 23 筆
第 76 頁
... Welfare Analysis In this section , we show that use of money raises equilibrium welfare by extending a market when liquidity is scarce . This result is standard in monetary search theoretic models . However , use of money reduces ...
... Welfare Analysis In this section , we show that use of money raises equilibrium welfare by extending a market when liquidity is scarce . This result is standard in monetary search theoretic models . However , use of money reduces ...
第 77 頁
... welfare functions are identical when M = 0 in equa- tions ( 13 ) - ( 15 ) . Thus , welfare maximizing degrees of specialization are equivalent given M = 0 , that is , YNM = YPM | M = 0 YMMM - 0 . Based on these results , we compare welfare ...
... welfare functions are identical when M = 0 in equa- tions ( 13 ) - ( 15 ) . Thus , welfare maximizing degrees of specialization are equivalent given M = 0 , that is , YNM = YPM | M = 0 YMMM - 0 . Based on these results , we compare welfare ...
第 80 頁
Welfare 0.66 0.62 0.58 0.54 0.50 0.00 Figure 2 : Steady State Social Selfare 0.20 0.40 0.60 0.80 1.00 Money Supply Welfare level in NME Welfare level in NME --Welfare level in PSME - Welfare level in PSME Welfare level in MSME · Welfare ...
Welfare 0.66 0.62 0.58 0.54 0.50 0.00 Figure 2 : Steady State Social Selfare 0.20 0.40 0.60 0.80 1.00 Money Supply Welfare level in NME Welfare level in NME --Welfare level in PSME - Welfare level in PSME Welfare level in MSME · Welfare ...
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