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Net Worth, Exchange Rates, and Monetary Policy : The Effects of a Devaluation in a Financially Fragile Environment

Delli Gatti, Domenico - 2010

In this paper we propose an Open Economy Financial Accelerator model along the lines of Greenwald-Stiglitz (1993) close in spirit but different in many respects from the one proposed by Greenwald (1998.) The first goal of the paper is to provide a taxonomy of the effects of a devaluation in this...

Persistent link: https://www.econbiz.de/10012759952

Methodological Issues and the New Keynesian Economics

Stiglitz, Joseph E. - 2022

theories. The paper summarizes the basic questions with which macro-economic theory should be concerned. Focusing on the labor …

Persistent link: https://www.econbiz.de/10013324142

Towards a Dynamic Disequilibrium Theory with Randomness

Guzman, Martin; Stiglitz, Joseph E. - 2022

present a dynamic disequilibrium theory with randomness that is based on the premise that a better way to understand deep … coherent theory of how it is attained, the incompleteness of markets and the non-stationarity of the stochastic processes … describing the economy. We analyze the policy implications of this alternative theory, which typically differ markedly from those …

Persistent link: https://www.econbiz.de/10013309631

Keynesian, New Keynesian, and New Classical Economics

Greenwald, Bruce C. N.; Stiglitz, Joseph E. - 2021

Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads …

Persistent link: https://www.econbiz.de/10013226085

The Pandemic Economic Crisis, Precautionary Behavior, and Mobility Constraints : An Application of the Dynamic Disequilibrium Model with Randomness

Stiglitz, Joseph E. - 2021

This paper analyzes the economic impact of the pandemic, providing insights into the consequences of alternative policies. Our framework focuses on three key features: (a) Covid-19 is a sectoral shock of unknown depth and duration affecting some sectors and technologies more than others; (b)...

Persistent link: https://www.econbiz.de/10013221955

On the Relevance or Irrelevance of Public Financial Policy : Indexation,Price Rigidities and Optimal Monetary Policy

Stiglitz, Joseph E. - 2010

This paper is concerned with delineating conditions under which public financial policies have no real and/or price effects. In the absence of intergenerational distribution effects, public financial policy is irrelevant:an increase in government debt (whether indexed or not), an exchange of...

Persistent link: https://www.econbiz.de/10014119064

The Taxation of Exhaustible Resources

Dasgupta, Partha; Heal, Geoffrey M.; Stiglitz, Joseph E. - 2021

This paper analyzes the effect of taxation on the intertemporal allocation of an exhaustible resource. A general framework within which a large variety of taxes can be analyzed is developed and then applied to a number of specific taxes. It is shown that there exists a pattern of taxation which...

Persistent link: https://www.econbiz.de/10013240662

Real Exchange Rate Policies for Economic Development

Guzman, Martin - 2017

This paper analyzes the role of real exchange rate (RER) policies in promoting economic development. Markets provide a suboptimal amount of investment in sectors characterized by learning spillovers. We show that a stable and competitive RER policy may correct for this externality and other...

Persistent link: https://www.econbiz.de/10012946498

Money, Credit, and Business Fluctuations

Stiglitz, Joseph E. - 2010

This paper provides a critique of standard theories of money, in particular those based on money as a medium of exchange. Money is important because of the relationship between money and credit. The process of judging credit worthiness, in which banks play a central role, involves the collection...

Persistent link: https://www.econbiz.de/10012762760

Towards a Reformulation of Monetary Theory : Competitive Banking

Stiglitz, Joseph E.; Greenwald, Bruce C. N. - 2021

This paper, after providing a critique of standard monetary theory based on the transactions demand for money, examines …

Persistent link: https://www.econbiz.de/10013235607