By Raghbendra Jha
Textual content covers usual closed and open macroeconomic types, an evaluate of the post-Washington consensus version, IMF stabilization courses and their results on constructing economies, the issues of indebtedness, and monetary zone reforms in constructing international locations. for college students in improvement economics. Hardcover, softcover on hand.
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Sample text
Hence the labour market’s behaviour is entirely explained by the commodity market. We exclude the bond market by Walras’ law (which says that excess demand in any market in an n–1 market system is the sum of the excess supplies in the other market). Hence, we get the other relationship between r and y (the LM schedule) from the money market. The LM schedule Keynes had made a spirited departure from the classical tradition by assuming that monetary influences determine the rate of interest. In the classical tradition, r is determined by the equality of real saving and investment, and monetary influences primarily affected the price level.
Horizontal arrows in the diagram denote pressure on y. When there is excess demand for goods there is pressure for y to rise. Conversely, when there is excess supply in the goods market there is pressure for y to fall. The IS curve gives a relationship between r and y that must obtain to have equilibrium in the commodity market. It is clear that, by itself, the IS curve cannot determine equilibrium r and y. 1 equilibrium relation between r and y. To get this other relation let us dwell a little on the general equilibrium underpinnings of the Keynesian model.
People get salaries at discrete intervals of time, usually a month, whereas expenses have to be incurred more or less continuously. These expenses have to be paid for with cash. Hence people hold money for transactions purposes. We might reasonably expect that the higher a person’s income the higher would be expenses and the greater would be the transactions demand for cash. For the economy as a whole the higher the national income the greater would be the transactions demand for cash balances.
