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The Need for International Policy Coordination : What's Old, What's New, What's Yet to Come?
Canzoneri, Matthew B. - 2002
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/10012469950
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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/10012455572
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Money, Imperfect Information and Economic Fluctuations
Greenwald, Bruce - 1987
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/10012476882
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The Allocation of Credit and Financial Collapse
Mankiw, N. Gregory - 1986
government intervention, and (2) small changes in the exogenous risk-free interest rate can cause large (discontinuous) changes …
Persistent link: https://www.econbiz.de/10012477291
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Money in a Theory of Banking
Diamond, Douglas W. - 2003
We explore the connection between money, banks, and aggregate credit. We start with a simple real' model without money, where banks make loans repayable in goods and depositors hold claims on the bank payable on demand in goods. Aggregate production may be delayed in the economy. If so, we show...
Persistent link: https://www.econbiz.de/10012468624
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Loan Commitments and Optimal Monetary Policy
Woodford, Michael - 1996
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/10012473182
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Towards a Reformulation of Monetary Theory : Competitive Banking
Stiglitz, Joseph E. - 1992
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/10012474856
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Money, Credit, and Business Fluctuations
Stiglitz, Joseph E. - 1989
This paper provides a critique of standard theories of money, in particular those based on money as a medium of exchange. Money is important because of the relationship between money and credit. The process of judging credit worthiness, in which banks play a central role, involves the collection...
Persistent link: https://www.econbiz.de/10012476234
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Banks as Social Accountants and Screening Devices for the Allocation of Credit
Stiglitz, Joseph E. - 1988
virtually absent. The paper provides a critique of the transactions based approach to monetary theory, and sketches a general … equilibrium formulation of the theory. The paper traces out some of the policy implications of the theory. We show that certain …
Persistent link: https://www.econbiz.de/10012476351
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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/10012455843