average multiplier is below 0.5, it reaches 1.2 during recessions and that, while credit volume diminishes during periods of …

This paper explores the implications on trade and wage inequality of introducing financial capital or credit in the … standard Ricardian model of production, where a given amount of start-up credit is used to employ sector specific skilled and … Jones (1971) in a new Ricardian model (NRM) with credit and two types of labour. With an entirely different mechanism from …

money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts … analyze. This finding questions the widespread notion that, since WWII, credit has become disconnected from broad money, and … suggests that, except for their greater productivity at creating broad money and credit out of base money, today's commercial …