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Interest Rates and Prices in an Inventory Model of Money with Credit
Dotsey, Michael - 2013
Using a segmented market model that includes state-dependent asset market decisions along with access to credit, we analyze the impact that transactions credit has on interest rates and prices. We find that the availability of credit substantially changes the dynamics in the model, allowing...
Persistent link: https://www.econbiz.de/10013088173
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Monetary Policy and the Interest Rate : Reflections on Allan Meltzer's Contributions to Monetary Economics
Hendrickson, Joshua R. - 2020
The monetary framework developed by Karl Brunner and Allan Meltzer emphasized the interaction between the supply and demand for money and the supply and demand for credit. In a general equilibrium setting, the money market and the credit market jointly determine the short term interest rate and...
Persistent link: https://www.econbiz.de/10012853154
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The Interest Rate in a Monetary Economy
Kehrwald, Bernie - 2020
Major central banks have pointed out that basic economic models describe the monetary system inaccurately. In this context, the current paper presents a model of interest rate determination based on a sound description of the monetary system. Its novelty is providing an alternative credit supply...
Persistent link: https://www.econbiz.de/10012856124
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Endogenous money and the natural rate of interest : the reemergence of liquidity preference and animal spirits in the post-Keynesian theory of capital markets
Pilkington, Philip - 2014
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
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A note concerning government bond yields
Akram, Tanweer - 2020
This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations …, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes …
Persistent link: https://www.econbiz.de/10012317613
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The monetary economy and the economic crisis
Laidler, David - 2010
analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from … trading at false prices, a phenomenon ruled out by assumption in dynamic general equilibrium models. Not only Keynes …
Persistent link: https://www.econbiz.de/10010291902
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The monetary economy and the economic crisis
Laidler, David E. W. - 2010
analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from … trading at "false" prices, a phenomenon ruled out by assumption in dynamic general equilibrium models. Not only Keynes …
Persistent link: https://www.econbiz.de/10008655700
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Reading Keynes in Buenos Aires : Prebisch and the dynamics of capitalism
Pérez Caldentey, Esteban; Vernengo, Matías - 2013
Keynes had a profound influence on Prebisch in terms of the diagnosis about the main failures of market economies and … the need to pursue pro-active and anti-cyclical policies. However, Prebisch was critical of some aspects of Keynes …, themes that were peripheral to Keynes' central message. Prebisch's Keynesian influence and his rejection of some aspects of …
Persistent link: https://www.econbiz.de/10009765700
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Wicksell, Secular Stagnation and the Negative Natural Rate of Interest
Boianovsky, Mauro - 2017
Knut Wicksell's concept of the natural (or neutral) rate of interest, introduced between the end of the 19th and beginning of the 20th centuries, has played an important role in modern monetary macroeconomics, especially after the development of inflation targeting policy in the 1990s. More...
Persistent link: https://www.econbiz.de/10012968402
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Wicksell, secular stagnation and the negative natural rate of interest
Boianovsky, Mauro - 2016 - Third draft (October 2016)
Knut Wicksell's concept of the natural (or neutral) rate of interest, introduced between the end of the 19th and beginning of the 20th centuries, has played an important role in modern monetary macroeconomics, especially after the development of inflation targeting policy in the 1990s. More...
Persistent link: https://www.econbiz.de/10011609479