Skip to main content Accessibility help
×
  1. Home
  2. Books
  3. Money and Value
  • Cited by 116
      • Jean-Michel Grandmont, Centre d'Etudes Prospectives d'Economie Mathématique Appliquées à la Planification
      Show more authors
      • You may already have access via personal or institutional login
    • Select format
    • Publisher:
      Cambridge University Press
      Publication date:
      05 January 2013
      25 November 1983
      ISBN:
      9781139052122
      9780521313643
      DOI:
      https://doi.org/10.1017/CCOL0521251419
      Dimensions:
      Weight & Pages:
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.35kg, 212 Pages
      • Subjects:
      Economics, Econometrics and Mathematical Methods, Economic Theory, Finance and Accountancy
      Series:
      Econometric Society Monographs (5)
    You may already have access via personal or institutional login
    • Selected: Digital
    Add to cart View cart Buy from Cambridge.org
    Subjects:
    Economics, Econometrics and Mathematical Methods, Economic Theory, Finance and Accountancy
    Series:
    Econometric Society Monographs (5)
    Information

    Book description

    This book addresses one of the major theoretical issues that underlies, implicitly or explicitly, some recurrent controversies in macroeconomics - namely, whether a competitive monetary economy has built-in mechanisms that are strong enough to remove excess demands and supplies on all markets, through an automatic adjustment of the price system. Jean-Michel Grandmont sheds light on this complex subject by using the analytical techniques of general equilibrium theory alongside the methods of monetary analysis. The book warns against the indiscriminate use of the rational expectations hypothesis when approaching this topic, and conversely stresses the common-sense observation that short-run learning processes are among the most important characteristics of economic agents. Grandmont argues that such processes are deserving of careful theoretical study, and the result is a clear and rigorous analysis of all the issues involved.

    Reviews

    ‘This is a beautifully written book. There is hardly a subject the author touches on that he does not enhance with the clarity and elegance of his exposition. Though it places much less emphasis on mathematical technique, the book stands comparison with the classic texts of Debreu (1959) and Hildenbrand (1974) … Grandmont’s pioneering work has allowed others to see more clearly what needs to be done and how to do it. For this he deserves the admiration and gratitude of all economists.’

    Source: Journal of Political Economy

    ‘… those familiar with [Grandmont’s] work will expect a rigorous and mathematically sophisticated treatment of the issues and they will not be disappointed. In addition, he takes pains to explain in a heuristic fashion - and quite successfully - the significance of the mathematical proofs which are relegated to the appendices. For this effort Grandmont should be praised because he has opened up an area of the literature which by its nature was previously restricted to a very narrow audience.’

    Source: Journal of Economic Literature

    ‘… this book is a very worthy venture, strongly recommended to monetary theorists of all persuasions. Moreover, the accessibility of exposition should make some of its important ideas available with benefit to undergraduate students in monetary economics.’

    Source: The Economic Journal

    Refine List

    Actions for selected content:

    Select all | Deselect all
    • View selected items
    • Export citations
    • Download PDF (zip)
    • Save to Kindle
    • Save to Dropbox
    • Save to Google Drive

    Save Search

    You can save your searches here and later view and run them again in "My saved searches".

    Please provide a title, maximum of 40 characters.
    Cancel
    ×

    Contents

    Contents

    Metrics

    Altmetric attention score

    Full text views

    Total number of HTML views: 0
    Total number of PDF views: 0 *
    Loading metrics...

    Book summary page views

    Total views: 0 *
    Loading metrics...

    * Views captured on Cambridge Core between #date#. This data will be updated every 24 hours.

    Usage data cannot currently be displayed.

    Accessibility standard: Unknown

    Why this information is here

    This section outlines the accessibility features of this content - including support for screen readers, full keyboard navigation and high-contrast display options. This may not be relevant for you.

    Accessibility Information

    Accessibility compliance for the PDF of this book is currently unknown and may be updated in the future.