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Wicksell, secular stagnation and the negative natural rate of interest
Boianovsky, Mauro - 2016
Knut Wicksell's concept of the natural (or neutral) rate of interest, introduced between the end of the 19th and beginning of the 20th centuries, has played an important role in modern monetary macroeconomics, especially after the development of inflation targeting policy in the 1990s. More...
Persistent link: https://www.econbiz.de/10011613807
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Comparative Views on L. Walras and A. Cournot on The Regulation of Paper Money: Rules VS. Discretion at The End of The XIXth Century.
Alvarez, Andrés - UN - RCE - CID - 2010
This paper presents Léon Walras and Augustin Cournot views on monetary regulation. Important differences can be found in their views about the convenience of the issuing of paper money and fiat money in general. Whereas Walras is against bank notes, even if coming from a central bank, Cournot...
Persistent link: https://www.econbiz.de/10008522039
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Wicksell, Secular Stagnation and the Negative Natural Rate of Interest
Boianovsky, Mauro - 2017
Knut Wicksell's concept of the natural (or neutral) rate of interest, introduced between the end of the 19th and beginning of the 20th centuries, has played an important role in modern monetary macroeconomics, especially after the development of inflation targeting policy in the 1990s. More...
Persistent link: https://www.econbiz.de/10012968402
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Wicksell, secular stagnation and the negative natural rate of interest
Boianovsky, Mauro - 2016 - Third draft (October 2016)
Knut Wicksell's concept of the natural (or neutral) rate of interest, introduced between the end of the 19th and beginning of the 20th centuries, has played an important role in modern monetary macroeconomics, especially after the development of inflation targeting policy in the 1990s. More...
Persistent link: https://www.econbiz.de/10011609479
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Fred Manville Taylor and the Origins of the Term "Say's Law"
Numa, Guy; Béraud, Alain - 2021
The term “Say’s Law” was introduced in the twentieth century by an American economist, Fred Manville Taylor. To this date, no research has thoroughly investigated how the term came to be and what it really meant in Taylor’s writings. This paper aims to examine how Taylor defined and used...
Persistent link: https://www.econbiz.de/10013235166
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How to Compute Equilibrium Prices in 1891
Brainard, William C.; Scarf, Herbert E. - Cowles Foundation for Research in Economics, Yale University - 2000
Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium …, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society …'s endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and report …
Persistent link: https://www.econbiz.de/10005087363
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Excess money growth and inflation dynamics
Roffia, Barbara; Zaghini, Andrea - Banca d'Italia - 2008
The paper analyzes the short-run impact of periods of strong monetary growth on inflation dynamics for 15 industrialized economies. We find that when robust money growth is accompanied by large increases in stock and house prices and loose credit conditions, the probability of recording an...
Persistent link: https://www.econbiz.de/10005770764
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Is Inflation Always and Everywhere a Monetary Phenomenon?
De Grauwe, Paul; Polan, Magdalena - 2001
Using a sample of about 160 countries over the last thirty years we test for the quantity theory relationship between money and inflation. When analysing the full sample of countries we find a strong positive relation between the long-run inflation and money growth rate. The relation is not,...
Persistent link: https://www.econbiz.de/10014123208
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Reconstructing the Quantity Theory (II)
Kakarot-Handtke, Egmont - 2015
Part I and II of the present paper reconstruct the quantity theory from structural axiomatic foundations. This yields a coherent view of the interrelations of quantity of money, transaction money, saving–dissaving, liquidity–illiquidity, rates of interest, leverage, allocation of labor,...
Persistent link: https://www.econbiz.de/10013037757
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Reconstructing the Quantity Theory (I)
Kakarot-Handtke, Egmont - 2015
The quantity theory is disjunct to the hard core of general equilibrium theory. It does not relate to the formal foundations of standard economics and, vice versa, from the behavioral axioms of standard economics a rationale for using money cannot be derived. The present paper leaves the...
Persistent link: https://www.econbiz.de/10013037777