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One Hundred Years of Exchange Rate Economics at The University of Chicago : 1892-1992
Edwards, Sebastian - National Bureau of Economic Research - 2023
In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university's first hundred years, 1892-1992. Many people associate Chicago's views with Milton Friedman's advocacy for flexible exchange rates. But, of course, there was...
Persistent link: https://www.econbiz.de/10014447249
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The Roles of Money and Credit in Macroeconomic Analysis
Friedman, Benjamin M. - 1981
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/10012478280
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A Framework for Monetary and Banking Analysis
Fischer, Stanley - 1982
The paper sets out and analyzes a simple model of money, banking, and price level determination. The model is first used to illustrate recent developments in the theory and analysis of banking, particularly the distinction between the portfolio management services provided by banks and their...
Persistent link: https://www.econbiz.de/10012478171
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Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework
Canzoneri, Matthew - 2008
Woodford (2003) describes a popular class of neo-Wicksellian models in which monetary policy is characterized by an interest-rate rule, and the money market and financial institutions are typically not even modeled. Critics contend that these models are incomplete and unsuitable for...
Persistent link: https://www.econbiz.de/10012464403
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Towards a Reformulation of Monetary Theory : Competitive Banking
Stiglitz, Joseph E. - 1992
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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The Evolving Importance of Banks and Securities Markets
Demirguc-Kunt, Asli - 2012
the size of the economy, (2) the association between an increase in economic output and an increase in bank development …
Persistent link: https://www.econbiz.de/10012460656
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The Transmission of Shocks in Endogenous Financial Networks : A Structural Approach
Heipertz, Jonas - 2019
The paper uses bank- and instrument-level data on asset holdings and liabilities to identify and estimate a general … equilibrium model of trade in financial instruments. Bilateral ties are formed as each bank selects the size and the … lead to less amplification of partial equilibrium shocks, (ii) the influence of a bank's equity is independent of the size …
Persistent link: https://www.econbiz.de/10012479997
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David Laidler on Monetarism
Bordo, Michael - 2006
impact on monetary economics of Laidler's work on the demand for money and the quantity theory of money; the transmission …
Persistent link: https://www.econbiz.de/10012466068
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Recent Developments in Monetary Policy Analysis : The Roles of Theory and Evidence
McCallum, Bennett T. - 1999
Both academic thinking about monetary economics and the practice of monetary policy have changed dramatically since … empirical evidence-or by a combination of the two. Monetary economics, like macroeconomics more generally, passed through the … analysis of monetary policy by both academic and central bank economists has been increasingly conducted in small quantitative …
Persistent link: https://www.econbiz.de/10012471709
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Optimal Monetary Growth
Abel, Andrew B. - 1987
In the absence of monetary superneutrality, inflation affects capital accumulation and the demand for real balances. This paper derives the combination of monetary and lump-sum fiscal policy which maximizes the sum of discounted utilities of representative consumers in present and future...
Persistent link: https://www.econbiz.de/10012476933