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Toward a unified framework of credit creation
Becke, Susanne von der; Sornette, Didier - 2014
contraction in credit and to liquidity spirals. Subsequent measures by policymakers can be interpreted as attempts to avoid …
Persistent link: https://www.econbiz.de/10010337985
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The Value of Liquidity
Basso, Leonardo Cruz - 2008
liquidity. Liquidity will be understood as cash, that is, we are leaving aside assets of lesser degree of liquidity than cash …. The article begins with the Keynesian view about the value of liquidity followed by an exploration of the value of … message of all models is clear. Liquidity always has a positive value, being differentiated in the measurement of it by the …
Persistent link: https://www.econbiz.de/10014220997
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Theory and Empirics of an Affine Term Structure Model Applied to European Data
Jakas, Vicente - 2011
The basic asset pricing equation is adapted to include the effects of unemployment, consumers' expectations, the price level and money supply on money market rates and government bond yields. Expected consumption growth is modelled using European unemployment figures and Eurostat Consumer...
Persistent link: https://www.econbiz.de/10013133488
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Lucas, Keynes, and the crisis
Laidler, David - 2009
This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications...
Persistent link: https://www.econbiz.de/10003868819
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Inflation and unemployment in competitive search equilibrium
Dong, Mei - 2010
Using a monetary search model, Rocheteau, Rupert and Wright (2007) show that the relationship between inflation and unemployment can be positive or negative depending on the primitives of the model. The key features are indivisible labor, nonseparable preferences and bargaining. Their results...
Persistent link: https://www.econbiz.de/10003981339
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The monetary economy and the economic crisis
Laidler, David E. W. - 2010
The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the "invisible hand", was a...
Persistent link: https://www.econbiz.de/10008655700
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Macroeconomic dynamics in a model of goods, labor and credit market frictions
Petrosky-Nadeau, Nicolas; Wasmer, Etienne - 2011
Building a model with three imperfect markets - goods, labor and credit - representing a product's life-cycle, we find that goods market frictions drastically change the qualitative and quantitative dynamics of labor market variables. The calibrated model leads to a significant reduction in the...
Persistent link: https://www.econbiz.de/10009307979
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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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Directed technical change and capital deepening : a reconsideration of Kaldor's technical progress function
Schlicht, Ekkehart - 2015
This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker (1966, 1966b). The...
Persistent link: https://www.econbiz.de/10011281275
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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