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Inequality-constrained monetary policy in a financialized economy

Fierro, Luca Eduardo; Giri, Federico; Russo, Alberto - 2023

We study how income inequality affects monetary policy through the inequality-household debt channel. We design a … rate and decreasing bankruptcies during the household's debt boom phase. When inequality meets financial liberalization, a … that inequality may constrain the central bank, even when it is not explicitly targeted. …

Persistent link: https://www.econbiz.de/10013548811

Society must transform the international financial system in order to stabilise the ecosystem

Pettifor, Ann - In: Economic policies for sustainability and resilience, (pp. 179-222). 2022

To stabilise the ecosystem at national, global levels, society must first transform the international financial system. The overt intent of financial globalisation is to wrench power over the domestic economy away from democratic governments and transfer this power to markets that now manage...

Persistent link: https://www.econbiz.de/10012799022

Liquidity traps and large-scale financial crises

Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...

Persistent link: https://www.econbiz.de/10011863616

Liquidating bankers' acceptances : international crisis, doctrinal conflict and American exceptionalism in the Federal Reserve 1913-1932

Adam, Marc Christopher - 2020

This paper seeks to explain the collapse of the market for bankers' acceptances between 1931 and 1932 by tracing the doctrinal foundations of Federal Reserve policy and regulations back to the Federal Reserve Act of 1913. I argue that a determinant of the collapse of the market was Carter Glass'...

Persistent link: https://www.econbiz.de/10012167430

The London Monetary and Economic Conference of 1933 and the end of the Great Depression

Edwards, Sebastian - In: Open economies review 28 (2017) 3, pp. 431-459

Persistent link: https://www.econbiz.de/10012126520

Previous financial crises leading to stagnation : selected case studies

Dodig, Nina; Herr, Hansjörg - 2014

This paper analyses several severe financial crises observed in the history of capitalism which led to a longer period of stagnation or low growth. Comparative case studies of the Great Depression, the Latin American debt crisis of the 1980s and the Japanese crisis of the 1990s and 2000s are...

Persistent link: https://www.econbiz.de/10010242870

Is monetary financing inflationary? : a case study of the Canadian economy, 1935 - 75

Ryan-Collins, Josh - 2015

Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost...

Persistent link: https://www.econbiz.de/10011389179

Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75

Ryan-Collins, Josh - 2015

Persistent link: https://www.econbiz.de/10013013224

Distributional effects of monetary policy in Norway

Mimir, Yasin; Mæhlum, Mathis; Torstensen, Kjersti Næss - 2021

inequality in disposable income and wealth. The key channel for disposable income is the savings redistribution channel, whereby … fluctuations in output and inflation, also tends to stabilize income and wealth inequality. …

Persistent link: https://www.econbiz.de/10012661609

Distributional effects of macroeconomic policy choices in emerging market economies

Prasad, Eswar S. - 2013

Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since financial markets are incomplete, imperfect, and economic agents' access to them is often...

Persistent link: https://www.econbiz.de/10010222156

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