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The paradox of monetary profits: an obstacle to understanding financial and economic Crisis?
Bruun, Charlotte; Heyn-Johnsen, Carsten - 2009
Marx and Keynes tried to solve the problem by addressing current transaction flows, which is also the approach taken by … Marx. Capitalists as a whole can at most get from workers, what they already paid out in wages. Marx did not solve this … problem, and neither did Keynes, who had to face the problem in “The General Theory”. A consequential logical conclusion to …
Persistent link: https://www.econbiz.de/10010299493
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Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system
Hein, Eckhard - 2016
The increasing dominance of finance starting in the late 1970s/early 1980s in the US and the UK, and somewhat later in other countries, was associated with two fundamental and structural processes generating the contradictions of this phase of development and finally the financial and economic...
Persistent link: https://www.econbiz.de/10011431645
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Business-Cycle Macroeconomics in an Asset Pricing Financial Economy
Tse, Wai Man - 2020
The paper introduces a portfolio-based Keynesian dynamic stochastic general disequilibrium model. It is an endogenous phase-switching macroeconomic model of risky investment where the rational expectation is applied in the financial market with three financial instruments of stocks, credits, and...
Persistent link: https://www.econbiz.de/10012839941
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A steady-state model of a non-walrasian economy with three imperfect markets
Wasmer, Etienne - 2011
Unemployment may depend on equilibrium in other markets than the labor markets. This paper adresses this old idea by introducing search frictions on several markets: in a model of credit and labor market imperfections as in Wasmer and Weil (2004), I further introduce search on the goods market....
Persistent link: https://www.econbiz.de/10009308020
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The macroeconomic pass-through effects of monetary policy through sign restrictions approach : in the case of Albania
Shijaku, Gerti - 2015
This paper examines the transmission mechanism of monetary policy in Albania during 2002 M01 - 2014 M12. The main question addresses the macroeconomic pass-through effects of a monetary policy shock, with regards to a conventional interest rate and possible different balance sheet policy...
Persistent link: https://www.econbiz.de/10011285419
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Financial system fragility models
Iancu, Aurel - 2011
This paper analyses two types of models: 1. Those based on assumptions of monetary and financial market equilibrium disturbance in line with mainstream thinking that there is self-regulating market, the units would have rational expectations, and the crisis would be a temporary phenomenon caused...
Persistent link: https://www.econbiz.de/10010529077
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A Steady-State Model of a Non-Walrasian Economy with Three Imperfect Markets
Wasmer, Etienne - 2011
Unemployment may depend on equilibrium in other markets than the labor markets. This paper adresses this old idea by introducing search frictions on several markets: in a model of credit and labor market imperfections as in Wasmer and Weil (2004), I further introduce search on the goods market....
Persistent link: https://www.econbiz.de/10013123608
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Macro-Financial Trends in a Model with Concentrated Ownership of Capital
Gaudio, Francesco Saverio - 2021
This paper investigates the macroeconomic and asset pricing consequences of the upward trend in financial market participation observed in the U.S. since the late 1980s. In a limited participation two-agent Real Business Cycle model where stockholders feature external habit preferences, higher...
Persistent link: https://www.econbiz.de/10013211891
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Financial Efficiency and the Lucas Puzzle
Goren, Amir - 2021
I present a model that provides a theoretical solution to the Lucas Puzzle using Financial Efficiency, which is a time-varying component of TFP. The model predicts that a financially underdeveloped economy is to benefit from financial integration through FDI capital inflow only if it experiences...
Persistent link: https://www.econbiz.de/10013243308
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The Evolution of Debt and Equity Markets in Economic Development
Boyd, John H.; Smith, Bruce D. - 2008
As noted by Gurley and Shaw, there is a typical pattern of economic development in which the evolution of the financial system is an essential aspect of the growth process. We focus on one component of this evolution: the increasing importance of equity markets as an economy grows. We develop a...
Persistent link: https://www.econbiz.de/10014209296