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Reassessing the thesis of the monetary history
Laidler, David E. W. - 2013
The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last...
Persistent link: https://www.econbiz.de/10010191681
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CBDC and Business Cycle Dynamics in a New Monetarist New Keynesian Model
Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014354929
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Procyclical finance : the money view
Li, Ye - 2017
Financial intermediaries issue the majority of liquid securities, and nonfinancial firms have become net savers, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold their debt for unhedgeable investment needs -- but also...
Persistent link: https://www.econbiz.de/10011968932
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CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014314330
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Three revolutions in macroeconomics : their nature and influence
Laidler, David E. W. - 2013
It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into … which Keynesianism had pushed it, RE-NC modelling was responsible for that theory's most recent disappearance. This happened … despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism …
Persistent link: https://www.econbiz.de/10009765542
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Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach
Calomiris, Charles W. - 2011
In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has...
Persistent link: https://www.econbiz.de/10013131703
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The Fisher Relation in the Great Depression and the Great Recession
Laidler, David E. W. - 2013
; expectations ; depression ; recession ; Keynesian economics ; monetarism ; monetary policy …
Persistent link: https://www.econbiz.de/10009713217
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Heterogeneous consumers, segmented asset markets, and the effects of monetary policy
Enders, Zeno - 2010
This paper examines the implications of segmented assets markets for the real and nominal effects of monetary policy. I develop a model, in which varieties of consumption bundles are purchased sequentially. Newly injected money thus disseminates slowly through the economy via second-round...
Persistent link: https://www.econbiz.de/10003954132
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The role of shadow banking in the monetary transmission mechanism and the business cycle
Mazelisy, Falk - 2015
This paper investigates the heterogeneous impact of monetary policy shocks on financial intermediaries. I distinguish between banks and shadow banks based on their funding constraints. Because credit creation by banks responds to economy-wide productivity endogenously, bank reaction to shocks...
Persistent link: https://www.econbiz.de/10011309622
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Financial structure, cycle, and instability
Ninomiya, Kenshiro - In: Journal of economic structures : JES; the official … 11 (2022), pp. 1-23
The subprime loan mortgage crisis has revived scholarly interest in Minsky's financial instability hypothesis. The related mathematical models present two types of Minskian financial structures. We construct macrodynamic models that consider both structures and discuss financial instability and...
Persistent link: https://www.econbiz.de/10013459612