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Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution
Buiter, Willem H. - London School of Economics (LSE) - 2003
keeps the nominal interest rate on base money (including currency) at or below the nominal interest rate on non …
Persistent link: https://www.econbiz.de/10010745321
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James Tobin : an appreciation of his contribution to economics
Buiter, Willem H. - London School of Economics (LSE) - 2003
Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...
Persistent link: https://www.econbiz.de/10011071326
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Martingale conditions for optimal saving: discrete time
Foldes, Lucien - London School of Economics (LSE) - 1978
Necessary and sufficient conditions are derived for optimal saving in a stochastic neo-classical one-good world with discrete time. The usual technique of dynamic programming is replaced by classical variational and concavity arguments, modified to take account of conditions of measurability...
Persistent link: https://www.econbiz.de/10010928732
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Equilibrium asset pricing with systemic risk
Danielsson, Jon; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2006
We provide an equilibrium multi-asset pricing model with micro-founded systemic risk and heterogeneous investors. Systemic risk arises due to excessive leverage and risk taking induced by free-riding externalities. Global risk-sensitive financial regulations are introduced with a view of...
Persistent link: https://www.econbiz.de/10010746199
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Equilibrium asset pricing with systemic risk
Danielsson, Jon; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2008
We provide an equilibrium multi-asset pricing model with micro- founded systemic risk and heterogeneous investors. Systemic risk arises due to excessive leverage and risk taking induced by free-riding externalities. Global risk-sensitive financial regulations are introduced with a view of...
Persistent link: https://www.econbiz.de/10011126632
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Investment choice and inflation uncertainty
Fischer, Gregory - London School of Economics (LSE) - 2013
aggregates. The data show that periods of increased inflation uncertainty are associated with substantial reductions in total …
Persistent link: https://www.econbiz.de/10010884740
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Inflation, inequality and social conflict
Crowe, Christopher - London School of Economics (LSE) - 2004
This paper presents a political economy model of inflation as a result of social conflict. Agents are heterogeneous in … terms of income. Agents’ income levels determine their ability to hedge against the effects of inflation. The interaction of … model makes a number of predictions concerning which environments are conducive to the emergence of inflation. Inflation …
Persistent link: https://www.econbiz.de/10010745045
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Nominal wage rigidity and the rate of inflation
Nickell, Stephen; Quintini, Glenda - London School of Economics (LSE) - 2001
inflation is low. Despite the substantial numbers of individuals whose nominal wages fall from one year to the next, we find … that if long-run inflation is one percent higher, the number of individuals with negative real pay growth increases by …
Persistent link: https://www.econbiz.de/10010746590
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Do financial crises erode potential output? evidence from OECD inflation responses
Bijapur, Mohan - London School of Economics (LSE) - 2012
This paper presents evidence from a panel investigation of OECD countries that inflationary pressures tend to be stronger during recovery from financial crises compared to recovery from non-crisis economic downturns, indicating impairment in productive potential.
Persistent link: https://www.econbiz.de/10011126125
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Are credit crunches supply or demand shocks?
Bijapur, Mohan - London School of Economics (LSE) - 2013
inflation to rise in the short term. Our results also suggest that the effects on aggregate supply have grown stronger in recent …
Persistent link: https://www.econbiz.de/10011126591