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money. So if you think interest rates re unusually low and likely to rise, you might keep your wealth as money rather then buying bonds at the low current interest rate. Remember how we discussed equilibrium earlier (in section.3 ). The other fundamental basis of Keynes liquidity preference theory is the rejection of the loanable funds theory (Johnson, Robert, Thomas, 2001). In effect, the question is: Why hold any money balances at all?
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Caution: This looks like the kind of demand curve you're used to in micro. Just like V, it is a real variable so it is assumed to be constant. "Speculative" simply means speculating - gambling, if you like - that the value of an asset will change and the tables turned wordsworth essay you can profit. The longer you are prepared to tie your money up, the higher the return you can expect. It is hoped in this way to limit the level of overall demand in the economy and thus to remove or reduce inflationary pressure. In times of depression, the rate that money changes hands in an economy falls, as people are less willing to spend due to low incomes, especially during the Great Depression. They are prepared to buy shares in the hope of finding somebody to sell to or sell shares (which they may not even have) in the expectation of finding somebody from whom they can buy to balance their books. The famous classical dichotomy states that real variables in the economy are determined by real factors and monetary variables determined by monetary factors. The aim of the authorities when controlling the money supply is to limit the amount borrowed, and hence spent, by businesses and individuals during a inflationary period. For example, if a stock market crash seemed imminent, the speculative motive for demanding money would come into play; those expecting the market to crash would sell their stocks and hold the proceeds as money. The most obvious answer is that we hold some money because it's convenient to buy stuff with. The speculative and precautionary aspect of money changed how economists understood investment decisions.
In his theory of demand for money Fisher and other classical economists laid stress on the medium of exchange function of money, that is, money as a means of buying goods and services. All transactions involving purchase of goods, services, raw materials. The demand for money is affected by several factors, including the level of income, interest rates, and inflation as well as uncertainty about the future.
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