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Stiglitz brings together this edited collection that presents a series of studies on contemporary macroeconomic issues and contains a set of key lessons for macroeconomic theory and policies from the recent global financial crisis
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That of the multiplier is a largely debated issue. Several studies propose estimates for it. This paper answers the … question of how inequality affects the value of the multiplier. The proposed formulation is analytically derived from the … Lorenz curve of income by means of Zanardi asymmetry index. Since the relationship between inequality and multiplier is found …
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Modern technology provides the basis of an efficient low-cost electronic payments as an alternative to the current system where fiat money is the medium of exchange. This paper explores possible macro-economic implication, showing how such a financial system might enhance government's ability to...
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