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Analogy between Gibbs free energy and excess demand for money. In thermal physics, Gibbs free energy is defined as follows:. 12288;　G ≡ U - τσ pV. Where U is the internal energy, τ is the temperature, σ is the entropy, p is pressure, V is volume. 12288;　dG = dU - τdσ - σdτ pdV Vdp. Now: "Consider a system in thermal contact with a heat reservoir R. At temperature τ and in mechanical contact with a pressure reservoir R. That maintains the pressure p, but cannot exchange heat." ( Kittel. Links to this post.

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himaginary's blog | himaginary.blogspot.com Reviews

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Analogy between Gibbs free energy and excess demand for money. In thermal physics, Gibbs free energy is defined as follows:. 12288;　G ≡ U - τσ pV. Where U is the internal energy, τ is the temperature, σ is the entropy, p is pressure, V is volume. 12288;　dG = dU - τdσ - σdτ pdV Vdp. Now: Consider a system in thermal contact with a heat reservoir R. At temperature τ and in mechanical contact with a pressure reservoir R. That maintains the pressure p, but cannot exchange heat. ( Kittel. Links to this post.

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himaginary's blog | himaginary.blogspot.com Reviews

https://himaginary.blogspot.com

Analogy between Gibbs free energy and excess demand for money. In thermal physics, Gibbs free energy is defined as follows:. 12288;　G ≡ U - τσ pV. Where U is the internal energy, τ is the temperature, σ is the entropy, p is pressure, V is volume. 12288;　dG = dU - τdσ - σdτ pdV Vdp. Now: "Consider a system in thermal contact with a heat reservoir R. At temperature τ and in mechanical contact with a pressure reservoir R. That maintains the pressure p, but cannot exchange heat." ( Kittel. Links to this post.

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himaginary.blogspot.com

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himaginary's blog: A hyperinflation model: circumventing Buiter's critique by holding nominal money growth constant

http://himaginary.blogspot.com/2010/04/hyperinflation-model-circumventing.html

A hyperinflation model: circumventing Buiter's critique by holding nominal money growth constant. In hyperinflation model, Cagan money demand function is commonly used (See David Romer, "Advanced Macroeconomics"). 12288;　m = C・exp(-bπ). Where m is real money stock, π is the rate of inflation, b and C are constant parameters. Rewriting this as an equation for inflation gives us. 12288;　π = (-1/b)・ln(m/C). So, government seigniorage d can be written as. 12288;　d = Δm πm. Differentiating this with m gives us.

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himaginary's blog: 4月 2009

http://himaginary.blogspot.com/2009_04_01_archive.html

What happened in Japan in 2003? Below is citation from Krugman's article 10 years ago. A rigorous model of monetary policy in the face of imperfect substitution is difficult to construct (if only because one must derive that imperfection somehow). But a shortcut may be useful. Consider, then, the case of foreign exchange intervention – purchasing foreign bonds in an effort to bid down the currency. And let us look back at Figure 5. Thinking about the liquidity trap. Did it really happen? Below is the gra...

3

himaginary's blog: Was recovery of Japanese economy in mid-00's led by export?

http://himaginary.blogspot.com/2009/05/was-recovery-of-japanese-economy-in-mid.html

Was recovery of Japanese economy in mid-00's led by export? No, it wasn't. And here is the reason. This graph shows that net export did contribute to nominal GDP growth in 2002-2003, but after that, the contribution was marginal. In 2004-2005, the contribution was even negative. But what is important is real GDP, and net export contributed to that growth, right? Um, not necessarily. Well, it's true that net export contribute to real GDP growth, as I showed in the last graph in my previous post. Put anoth...

4

himaginary's blog: 4月 2010

http://himaginary.blogspot.com/2010_04_01_archive.html

A hyperinflation model: circumventing Buiter's critique by holding nominal money growth constant. In hyperinflation model, Cagan money demand function is commonly used (See David Romer, "Advanced Macroeconomics"). 12288;　m = C・exp(-bπ). Where m is real money stock, π is the rate of inflation, b and C are constant parameters. Rewriting this as an equation for inflation gives us. 12288;　π = (-1/b)・ln(m/C). So, government seigniorage d can be written as. 12288;　d = Δm πm. Differentiating this with m gives us.

5

himaginary's blog: 5月 2009

http://himaginary.blogspot.com/2009_05_01_archive.html

Paul Krugman's elementary mistakes on economics. In my previous post. I showed that the story of export-led recovery of mid-00's Japan is a myth. However, there are still many economists who believe that myth. Paul Krugman may be the most famous one among them. For example, in his April 27 blog post. He showed the following graph. And he writes,. Here’s Japanese investment and current account balance (trade balance broadly defined), both as a share of GDP, over the period 1992-2007:. Private Investment i...

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interfluidity » Hangover theory and morality plays

http://www.interfluidity.com/v2/1004.html

Hangover theory and morality plays. Over the technocratic style in American economics was the excrescence of a long-standing complaint. The very first time I made that complaint was in a piece. Arguing that Paul Krugman’s dismissal of Austrian-ish “hangover theory” was overhasty. What goes around comes around. Karl Smith offers a new dismissal. Of “overconsumption theory”, which Matt Yglesias echoes. First, a technocratic issue. Here’s Smith. That last sentence is mistaken. That’s the “hangov...There is ...

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himaginary.blogspot.com

himaginary's blog

Analogy between Gibbs free energy and excess demand for money. In thermal physics, Gibbs free energy is defined as follows:. 12288;　G ≡ U - τσ pV. Where U is the internal energy, τ is the temperature, σ is the entropy, p is pressure, V is volume. 12288;　dG = dU - τdσ - σdτ pdV Vdp. Now: "Consider a system in thermal contact with a heat reservoir R. At temperature τ and in mechanical contact with a pressure reservoir R. That maintains the pressure p, but cannot exchange heat." ( Kittel. Links to this post.

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