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A century of macroeconomic and monetary thought at the National Bank of Belgium
Maes, Ivo - 2010
"A century of macroeconomic and monetary thought at the National Bank of Belgium" traces the history of economic research at the National Bank of Belgium, from the early decades of the 20th century to its present functioning in the Eurosystem. The study also goes into the major economic policy...
Persistent link: https://www.econbiz.de/10011506708
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Is Now the Time for Modern Monetary Theory or Permanent Monetary Finance?
Schlotmann, Olaf - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 1, pp. 17-36
also plays a key role in Modern Monetary Theory (MMT), the concept of helicopter money and the idea of permanent monetary …, that the theory is almost always contradicted by the actual workings of the modern credit economy. In fact, MMT seems to be …
Persistent link: https://www.econbiz.de/10014522624
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Money and exchange: Folktales and reality
Fayazmanesh, Sasan - 2006
Whether a theoretical system is realistic or not has been a concern in economics, particularly in monetary theory, over … the past century. Following John R. Hicks' proposal that a realistic monetary theory could be constructed along an … basic theories of monetary analysis. Concentrating primarily on certain fundamental building blocks it covers: the theory …
Persistent link: https://www.econbiz.de/10012648074
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On the micro-foundations of money: The Capitol Hill Baby-Sitting Co-op
Hens, Thorsten; Schenk-Hoppe, Klaus Reiner; Vogt, Bodo - 2003
This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a...
Persistent link: https://www.econbiz.de/10010295388
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On the Relevance of Open Market Operations
Schabert, Andreas - 2004
This paper reexamines the role of open market operations for short-run effects of monetary policy. Money demand is induced by a cash constraint, while the central bank supplies money exclusively in exchange for securities, discounted with a short-run nominal interest rate. We consider a legal...
Persistent link: https://www.econbiz.de/10010295390
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Endogenous systemic liquidity risk
Cao, Jin; Illing, Gerhard - 2008
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...
Persistent link: https://www.econbiz.de/10010298406
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Solving the paradox of monetary profits
Keen, Steve - 2010
, using insights from what is known as Circuit Theory. In this paper the author shows how monetary profits are generated, and …
Persistent link: https://www.econbiz.de/10010299739
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Effects of inflation expectations on macroeconomic dynamics: Extrapolative versus regressive expectations
Lines, Marji; Westerhoff, Frank - 2009
In this paper we integrate heterogeneous inflation expectations into a simple monetary model. Guided by empirical evidence we assume that boundedly rational agents, selecting between extrapolative and regressive forecasting rules to predict the future inflation rate, prefer rules that have...
Persistent link: https://www.econbiz.de/10010300843
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The Konstanz Seminar on Monetary Theory and Policy at Thirty
Fratianni, Michele; von Hagen, Jürgen - 2001
Founded by the late Karl Brunner in 1970, the Konstanz Seminar celebrated its thirtieth anniversary in 1999. Brunner started the Seminar with two objectives, to close the gap in the quality of research and teaching of economics between the United States and Europe, Germany and Switzerland in...
Persistent link: https://www.econbiz.de/10010301182
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Solving the paradox of monetary profits
Keen, Steve - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-31, pp. 1-32
, using insights from what is known as 'Circuit Theory'. In this paper the author shows how monetary profits are generated …
Persistent link: https://www.econbiz.de/10010302702