Commonality In Liquidity by Chordia, Roll And Subrahmanyam

By Chordia, Roll And Subrahmanyam

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They vary according to their liquidity and risk93 (information is not considered). To pose the problem, if all the prices and incomes are known, then what amount of goods and services will individuals and firms desire? Individuals may desire goods and services up to what their income will allow at the known prices. Similarly, investors would demand investments within their income constraints for given prices. Prices include the prices of commodities and services, and the interest rate. ”94 He stated the firm’s problem as follows: “money needed to carry out transactions planned for the coming income period is not an asset,”95 [Italics original].

A “0” subscript is the value the variable takes when wages are fixed. 26 Franco Modigliani: A Mind That Never Rests We pick up Hicks’ review on the striking note which he has advanced that S ϭ I is a necessary condition. Hicks demonstrates this equality along the lines of simple demand and supply curves. First, Hicks lumps expectations or anticipations with the givens or part one of Keynes’ summary. Second, the givens will determine demand and supply. Third, demand and supply will determine prices.

They are called exogenous variables: fixed wages, W, and the money supply, M. Modigliani had the reader’s interest in mind when he embarked on his first model. He did not want to build a “Walrasian” system to link these variables because it would require too many equations and variables to determine prices and quantities for each commodity in the system. He chose a smaller number of relationships. His first three equations were therefore very compact: M, I, and S were made dependent on r and Y.

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