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two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit … Cycle Theory, and how the same observations on the nature of credit constituted the kernel of the Chicago Plan (though Mises …’ views on the nature of credit led him to different conculsions than it led the authors of the Chicago Plan), and how this …
Persistent link: https://www.econbiz.de/10010226596
This essay examines in detail the properties of a well functioning monetary system - defined as money plus the mechanisms to execute payments - in both the short and long run, drawing on both theory and the lessons from history. It stresses the importance of trust and of the institutions needed...
Persistent link: https://www.econbiz.de/10012893451
This paper points out a simple but important “money” issue in New Keynesian models. Once central bank-controlled bonds are included as part of the household budget constraint, New Keynesian models can no longer be considered in money-less framework, if we think of economic logic of the...
Persistent link: https://www.econbiz.de/10012978563
comparing Wicksell's theory of price level determination in a pure credit economy, the "cumulative process", to the neo … stability with a reformed financial system that maintains credit stability. The paper uses empirical evidence from Sweden and …
Persistent link: https://www.econbiz.de/10013270300
We extend the study of banking equilibrium in Berentsen, Camera and Waller (2007) by introducing an explicit production function for banks. Banks employ labor resources, hired on a competitive market, to run their operations. In equilibrium this generates a spread between interest rates on loans...
Persistent link: https://www.econbiz.de/10012979034
The current global financial crisis has seen both substantial credit impairment and pronounced market illiquidity …, undermining bank balance sheets and creating a global credit contraction. One consequence has been a dramatic shift in monetary … analysing the imapct of both central bank operations on commercial bank balance sheets, credit and the money supply. This is an …
Persistent link: https://www.econbiz.de/10013156813
-Keynesian analysis of credit institutions will help us determine new solutions for economic policy aiming at full employment. Following … rather a practical reflection on the optimal economic policies resting on an in-depth understanding of money and credit …
Persistent link: https://www.econbiz.de/10012709217
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...
Persistent link: https://www.econbiz.de/10003923247
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/10012909092
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