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Post Keynesian Dynamic Stochastic General Equilibrium Theory

Farmer, Roger E. A. - 2017

disparate traditions. I make the case for unity between Post-Keynesian and General Equilibrium Theory under the banner of Post …-Keynesian Dynamic Stochastic General Equilibrium Theory …

Persistent link: https://www.econbiz.de/10012964394

The Need for International Policy Coordination : What'S Old, What'S New, What'S Yet to Come?

Canzoneri, Matthew B.; Cumby, Robert; Diba, Behzad - 2021

Fifty years ago, the Chicago School argued that flexible exchange rates would insulate employment from foreign economic disturbances: there is no need for policy coordination; flexible exchange rates suffice. Twenty five years later, the Bretton Woods system was gone, and the first generation of...

Persistent link: https://www.econbiz.de/10013311185

The Theory of Credit and Macro-Economic Stability

Stiglitz, Joseph E. - 2016

In the aftermath of the Great Recession, there is a growing consensus, even among central bank officials, concerning the limitations of monetary policy. This paper provides an explanation for the ineffectiveness of monetary policy, and in doing so provides a new framework for thinking about...

Persistent link: https://www.econbiz.de/10012978853

Endogenous Credit Cycles

Gu, Chao - 2011

(crunches, freezes, crises) in theory, and as recently observed in actual economies …

Persistent link: https://www.econbiz.de/10013119597

Money, Imperfect Information and Economic Fluctuations

Greenwald, Bruce C. N.; Stiglitz, Joseph E. - 2021

developments in the micro-economic theory of imperfect information. These micro-economic models which lead to credit-rationing on …

Persistent link: https://www.econbiz.de/10013222067

The Roles of Money and Credit in Macroeconomic Analysis

Friedman, Benjamin M. - 2021

This paper considers the implications, for macroeconomic modeling and for monetary policy, of the interrelationships among money, credit and nonfinancial economic activity. Data for the United States since World War II show that the volume of outstanding credit is as closely related to economic...

Persistent link: https://www.econbiz.de/10013233882

Towards a Reformulation of Monetary Theory : Competitive Banking

Stiglitz, Joseph E.; Greenwald, Bruce C. N. - 2021

This paper, after providing a critique of standard monetary theory based on the transactions demand for money, examines … the effect of monetary policy (changes in reserve requires and open market operations) in a model with competitive, risk … averse banks. The effects of changes in bank net worth and bank's risk perceptions are also analyzed. In deep recessions …

Persistent link: https://www.econbiz.de/10013235607

Loan Commitments and Optimal Monetary Policy

Woodford, Michael - 2021

With loan commitments negotiated in advance, the use of tight money to restrain nominal spending has asymmetric effects upon different categories of borrowers. This can reduce efficiency, even though aggregate demand is stabilized. This is illustrated in the context of an equilibrium model of...

Persistent link: https://www.econbiz.de/10013310554

Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty

Blanchard, Olivier - 2009

Can governments roll their debt over forever in dynamically efficient economies, and thus avoid the need to raise taxes? While the answer is a clear no under certainty, it depends, under uncertainty, on whether public debt provides intergenerational insurance. When it does not, rollover is not...

Persistent link: https://www.econbiz.de/10012767839

The True Cost of Social Security

Blocker, Alexander W. - 2008

countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example …, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example …

Persistent link: https://www.econbiz.de/10012769639