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Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...
Persistent link: https://www.econbiz.de/10010412398
The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical nature of this interaction, however, has not been fully explored. To this end, we integrate the Diamond (1997) model of banking and financial markets with the Lagos and Wright...
Persistent link: https://www.econbiz.de/10011790432
The aim of this paper is to provide a Post-Keynesian view to economic theory as an alternative to traditional theory. Keynesian economics consists of an approach to economics derived mainly from the work of Keynes. It is grounded on the fields of observations of stylized facts of the economy and...
Persistent link: https://www.econbiz.de/10012210643
Romer (2000) provides an alternative model to the AS/AD and IS/LM models that abandons the LM schedule by having the short-term interest rate set by the central bank. His framework acknowledges the critical role of the central bank in determining short-term interest rates, which moves mainstream...
Persistent link: https://www.econbiz.de/10003772306
Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics”, an approach to monetary policy that seeks to...
Persistent link: https://www.econbiz.de/10012825201
Handlungsspielraum für Geldpolitik künftig stark eingeschränkt ist. …
Persistent link: https://www.econbiz.de/10011692142
Handlungsspielraum für Geldpolitik künftig stark eingeschränkt ist. …
Persistent link: https://www.econbiz.de/10005047003
The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical nature of this interaction, however, has not been fully explored. To this end, we integrate the Diamond (1997) model of banking and financial markets with the Lagos and Wright...
Persistent link: https://www.econbiz.de/10012949843
In November 1987, Hyman Minsky visited Bogotá, Colombia, after being invited by a group of professors who at that time were interested in post-Keynesian economics. There, Minsky delivered some lectures, and Lauchlin Currie attended two of those lectures at the National University of Colombia....
Persistent link: https://www.econbiz.de/10011925602
Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility (MLF). Meanwhile, Congress enacted extensive fiscal...
Persistent link: https://www.econbiz.de/10012614282