It has become almost a stylized fact that after financial crises, economic activity recovers without a rebound in credit. We investigate the relationship between credit and economic activity over the business cycle. In a simple model we show that a rebound in the flow of credit has closer...

ECONOMISTS USUALLY TREAT THE KNOWLEDGE AND INFORMATION possessed by agents in a dichotomous and one dimensional way: either agents know something or they don't. That they may surmise rather than know, feel uncertain and be reluctant to resolve this uncertainty by using certainty equivalents and...

Eine von Facebook angeführte Unternehmensgruppe plant die Einführung der neuen Kryptowährung Libra. Die Initiative wurde stark kritisiert. Aber der Einsatz der Blockchain-Technologie für Geldtransfers kann nicht auf Dauer verhindert werden. Vielmehr könnte die Initiative der Digitalisierung...

Explore the inevitable collapse of the fiat monetary system Paper Money Collapse: The Folly of Elastic Money, Second Edition challenges the mainstream consensus on money and monetary policy. While it is today generally believed that the transition from 'hard' and inflexible commodity money (such...