Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 408 Weeks Ago, 4 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Jan 2018 My Price 7.00

Baume-Tobin model

The Baume-Tobin model. (Baume, 1952; Tobin, 1956.) Consider a consumer with a steady flow of real purchases of amount αY, 0 < α="" ≤="" 1,="" that="" are="" made="" with="" money.="" the="" consumer="" chooses="" how="" often="" to="" convert="" bonds,="" which="" pay="" a="" constant="" interest="" rate="" of="" i,="" into="" money,="" which="" pays="" no="" interest.="" if="" the="" consumer="" chooses="" an="" interval="" of="" τ,="" his="" or="" her="" money="" holdings="" decline="" linearly="" from="" αypτ="" after="" each="" conversion="" to="" zero="" at="" the="" moment="" of="" the="" next="" conversion="" (here="" p="" is="" the="" price="" level,="" which="" is="" assumed="" constant).="" each="" conversion="" has="" a="" fixed="" real="" cost="" of="" c.="" the="" consumer’s="" problem="" is="" to="" choose="" τ="" to="" minimize="" the="" average="" cost="" per="" unit="" time="" of="" conversions="" and="" foregone="">

(a) Find the optimal value of Ï„.

(b) What are the consumer’s average real money holdings? Are they decreasing in i and increasing in Y? What is the elasticity of average money holdings with respect to i ? With respect to Y?

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Jan 2018 09:01 PM My Price 7.00

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