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The Monetary Multiplier

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  • Andras Brody

Abstract

After modelling the circulation of money as a Markov chain, a special multiplier is set up, explained and investigated. It describes, in mathematical terms, the enlivening course of new money, or the propagation of a monetary injection into a given economy, which David Hume inspected in his famous essay. Some explanation is given to why he considered it, justly, as a transitory phenomenon.

Suggested Citation

  • Andras Brody, 2000. "The Monetary Multiplier," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 215-219.
    • Handle: RePEc:taf:ecsysr:v:12:y:2000:i:2:p:215-219
    DOI: 10.1080/09535310050005707
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    References listed on IDEAS

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    1. Gyorgy Molnar & Andras Simonovits, 1998. "The Subdominant Eigenvalue of a Large Stochastic Matrix," Economic Systems Research, Taylor & Francis Journals, vol. 10(1), pages 79-82.
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    Cited by:

    1. Carolina E. S. Mattsson & Allison Luedtke & Frank W. Takes, 2022. "Inverse estimation of the transfer velocity of money," Papers 2209.01512, arXiv.org, revised Jul 2023.
    2. N. Vijayamohanan Pillai, 2004. "Causality and error correction in Markov chain: Inflation in India revisited," Centre for Development Studies, Trivendrum Working Papers 366, Centre for Development Studies, Trivendrum, India.

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