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Monetary Equilbrium

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Abstract

The first part of the paper surveys the discussion of monetary equilibrium by Wicksell, Lindahl, Myrdal, Ohlin and Palander. In the second part a number of analytical aspects of monetary equilibrium are discussed: The formulation of the first equilibrium condition in terms of prices instead of in terms of quantities; The interpretation of the second equilibrium condition as equality between saving and investments; What was the exact interpretation of the rate of interest as a monetary phenomenon; The economic interpretation of a gap between the natural and the loan rate of interest; and the use of equilibrium and disequilibrium analysis.

Suggested Citation

  • Siven, Claes-Henric, 2005. "Monetary Equilbrium," Research Papers in Economics 2005:7, Stockholm University, Department of Economics.
    • Handle: RePEc:hhs:sunrpe:2005_0007
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    Keywords

    Monetary equilibrium; Monetary theory; Wicksell; Myrdal;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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