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This paper presents a general equilibrium, monetary model of bank runs to study monetary injections during financial crises. When the probability of runs is positive, depositors increase money demand and reduce deposits; at the economy-wide level, the velocity of money drops and deflation...
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explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …
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explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …
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which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production … view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date. -- Money ; Public … Monopoly ; Monetary Theory of Production ; Keynes ; Marx ; Veblen ; Knapp ; Chartalism …
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