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Verlagsinfo: Wolfgang Stützel (1925-1987) war einer der anregendsten und prägendsten Gelehrten der letzten 50 Jahre. Stützels weitgefächerte theoretische Arbeiten sowie seine rechts- und wirtschaftspolitischen Vorschläge markierten anfänglich Außenseiterpositionen. Sie setzten sich jedoch...
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This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the...
Persistent link: https://www.econbiz.de/10013124860
This chapter reviews the evolution of the theory of monetary policy design since the 1980s, highlighting the emerging … independent institution (modern economics). Second, central bankers were assumed to be delegated bureaucrats (advanced political … economy). Third, a link with psychology was established (behavioural economics) …
Persistent link: https://www.econbiz.de/10012895394
that—in contrast to current conventional wisdom in policy-oriented research in monetary economics—the role of money in …
Persistent link: https://www.econbiz.de/10012871153
We study analytically and numerically Minsky instability as a combination of top-down, bottom-up and peer-to-peer positive feedback loops. The peer-to-peer interactions are represented by the links of a network formed by the connections between firms; contagion leading to avalanches and...
Persistent link: https://www.econbiz.de/10013059638
that--in contrast to current conventional wisdom in policy-oriented research in monetary economics--the role of money in …
Persistent link: https://www.econbiz.de/10012479753
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This paper discusses the role played by NY Fed economist Robert Roosa and Paul Samuelson in the emergence of the literature on credit rationing at the beginning of the 1950s. I argue that, contrary to the story one can find in the technical surveys, an intermediate step between Roosa and the...
Persistent link: https://www.econbiz.de/10011609898