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Unconventional monetary policy or automatic stabilizers? : a financial post-Keynesian comparison

Nair, Nitin - 2023

employment. Theory decides the nature and kind of policy, and the underlying mechanics that result in expansion. Keynes (1964 … backwardation that stimulate economic activity. We conclude, like Keynes, that fiscal policy is the reliable path to economic …

Persistent link: https://www.econbiz.de/10014320884

Twenty years of the German euro are more than enough

Bibow, Jörg - 2018

This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances had remained unchecked prior to the crisis. As those...

Persistent link: https://www.econbiz.de/10011894027

The repeal of the glass-steagall act and the Federal Reserve's extraordinary intervention during the global financial crisis

Nersisyan, Yeva - 2015

Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers and dealers, money market mutual funds, the commercial...

Persistent link: https://www.econbiz.de/10010467778

Economic policy in India : for economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010385761

The Euro's savior? : assessing the ECB's crisis management performance and potential for crisis resolution

Bibow, Jörg - 2015

This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually...

Persistent link: https://www.econbiz.de/10011349470

Arresting financial crises : the fed versus the classicals

Humphrey, Thomas MacGillivray - 2013

Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises: Lend freely (to temporarily illiquid but solvent borrowers only) against the security of...

Persistent link: https://www.econbiz.de/10009703682

The General Theory as "depression economics"? : financial instability and crises in Keynes's monetary thought

Bibow, Jörg - 2020

This paper revisits Keynes's writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus … on financial instability. The analysis reveals Keynes's astute concerns about the stability/fragility of the banking … system, especially under deflationary conditions. Keynes's writings during the Great Depression uncover insights into how the …

Persistent link: https://www.econbiz.de/10012291986

Challenges for the EU as Germany approaches recession

Zestos, George K.; Cooke, Rachel N. - 2020

This paper analyzes recent macroeconomic developments in the eurozone, particularly in Germany. Several economic indicators are sending signals of a looming German recession. Geopolitical tensions caused by trade disputes between the United States and China, plus the risk of a disorderly Brexit,...

Persistent link: https://www.econbiz.de/10012165421

Unconventional monetary policies and central bank profits : seigniorage as fiscal revenue in the aftermath of the global financial crisis

Bibow, Jörg - 2018

This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008-9, focusing on a select group of central banks - namely the Bank of England, the United States Federal Reserve System, the Bank of...

Persistent link: https://www.econbiz.de/10011910944

The euro crisis and the job guarantee : a proposal for Ireland

Wray, L. Randall - 2012

Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these...

Persistent link: https://www.econbiz.de/10009490197