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Is there room for bulls, bears, and states in the circuit?

Wray, L. Randall - 2011

This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

Persistent link: https://www.econbiz.de/10009523597

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

What are the relative macroeconomic merits and environmental impacts of direct job creation and basic income guarantees?

Tcherneva, Pavlina R. (contributor) - 2007

There is a body of literature that favors universal and unconditional public assurance policies over those that are targeted and means-tested. Two such proposalsthe basic income proposal and job guaranteesare discussed here. The paper evaluates the impact of each program on macroeconomic...

Persistent link: https://www.econbiz.de/10003727243

Can robbery and other theft help explain the textbook currency-demand puzzle? : Two dreadful models of money demand with an endogenous probability of crime

Hannsgen, Greg (contributor) - 2008

: (1) the probabilities of being robbed or pick-pocketed, or having a purse snatched, depend on the amount of cash held …; and (2) there are costs of being robbed other than loss of cash, such as injury, medical bills, lost time at work, and … easily interpreted first-order condition for money demand involving various marginal costs and benefits of holding cash. The …

Persistent link: https://www.econbiz.de/10003727279

A contribution to the theory of financial fragility and crisis

Bhaduri, Amit - 2010

The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...

Persistent link: https://www.econbiz.de/10003974885

Lessons from the subprime meltdown

Wray, L. Randall (contributor) - 2007

This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This...

Persistent link: https://www.econbiz.de/10003727248

Changes in the US financial system and the subprime crisis

Kregel, Jan A. (contributor) - 2008

This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The...

Persistent link: https://www.econbiz.de/10003727282

Insuring against private capital flows : is it worth the premium? ; What are the alternatives?

Bibow, Jörg (contributor) - 2008

Following an analysis of the forces behind the global capital flows paradoxʺ observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...

Persistent link: https://www.econbiz.de/10003807715

Macroeconomic imbalances in the United States and their impact on the international financial system

Perelstein, Julia S. (contributor) - 2009

The argument put forward in this paper is twofold: first, that the financial crisis of 2007/08 was made global by the U.S. current account deficit. This is because the outflow of dollars from the United States was invested in U.S. capital markets, causing inflation in asset markets and leading...

Persistent link: https://www.econbiz.de/10003807721

Innocent frauds meet Goodhart’s Law in monetary policy

Bezemer, Dirk Johan; Gardiner, Geoffrey - 2010

This paper discusses recent UK monetary policies as instances of John Kenneth Galbraith’s “innocent fraud,” including the idea that money is a thing rather than a relationship, the fallacy of composition (i.e., that what is possible for one bank is possible for all banks), and the belief...

Persistent link: https://www.econbiz.de/10008664033

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