From demand for money to liquidity preference : a post-keynesian interpretation / Da demanda por moeda a preferencia pela liquidez : uma interpretação pos-keynesiana

AUTOR(ES)

Fabricio Pitombo Leite

DATA DE PUBLICAÇÃO

2008

RESUMO

The interpretation suggested in the present study emphasizes the broad character of liquidity preference theory, namely, as a theory of asset choice and pricing in general. To this end, the thesis starts with the explanation of the motives to demand money, as well as the connections between these motives and the uncertainty that permeates the economic environment. Looking for the peculiarity of liquidity preference theory, as distinct from an alternative theory of demand for money, the thesis discusses the determination of the interest rate as a result of these motives, highlighting the expression of money as an asset and the fact that monetary yields are earned by whoever is willing to part with money and hold securities, all this with the basket of assets restricted to these two. Lastly, the thesis abandons this dichotomic world of money and only one other asset, and, on the basis of the same defining fundamental principle, arrives at asset choice and pricing in general, with the result that liquidity preference theory assumes its most general form

ASSUNTO(S)

money liquidity (economics) demanda (teoria economica) liquidez (economia) moeda demand (economic theory)

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