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Home About the TEDC The TEDC at Work Commercial Areas Doing Business in Teaneck Real Estate Community Resources In the News Maps & Directions Terms / Conditions / Policies Contact Us The demand for money and liquidity preference.
Regarding the money supply Keynes nor in the least at odds with the position of the classical economists, looking at the money supply as given.
As for the demand for money, the position of Keynes, by contrast, is very different from the classical one.
We have already seen that, according to the classics, do not need money to individuals themselves, but only for the purchase of goods. Thus, the demand for money is limited in this case, the need for them to implement business transactions. For its part, Keynes argues that along with the demand, determined by the circulation of commodities and the need to have a reserve supply, which is mainly a function of income level, there is a demand for money for speculative purposes, which depends on the rate of interest. This second type of demand generated by the fact that money is a form of savings.
In other words, when the consumer decides what share of income intended to be consumed and what - for savings, it must simultaneously choose which of the three forms, it will keep your savings: in the form of liquid cash, securities (bills) or in the form of wealth. If we discard the third possibility as too primitive, then the problem reduces to the first two.
Cash and securities that is inherent trait common to them that they have a high degree of liquidity. But because the market price of securities is not constant, due to the possession of more risky than ownership of money. On the other hand, securities, compared with the money have the advantage their possession gives a right to receive interest.
Thus, if the interest rate is very high, people prefer money, securities, since the receipt of interest to a large extent compensates for the risk of price fluctuation. At the same time if the interest rate is very low, the preference for liquid funds.
General equilibrium in the goods market and money market.
     These two markets are closely linked, and changes in one of them, except that we will discuss later, the need to cause shifts in the position to another.
For example, suppose that in a situation of equilibrium in both markets because of this or any other reason are improving the prospects of investment, while all other conditions remain unchanged. Because of improved prospects for investment and saving rates of interest on the previously achieved level of entrepreneurs increase the amount of investment. Increased investment in turn causes an increase in national income through multiplier process.
But if income increases and the amount of money in circulation remains the same, and also disrupted the equilibrium in the money market. Indeed, in this case, more money is involved in the transaction and as a result of the interest rate must rise to restore balance between supply and demand.
But the mutual influence of the two markets is obviously not limited to, because the growth rate of interest in the goods market gives rise to a decrease of investment, which in turn causes a reduction in income, etc.
When the interaction between the two markets is exhausted, the balance in the economic system leads to the establishment of a higher level as the interest rate and national income. This means that the improved prospects for investment is ultimately increase revenue and interest rate.