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Modern money

Wray, L. Randall - 1998

Persistent link: https://www.econbiz.de/10000993920

Lessons from the Asian crisis : a central banker's perspective

Meyer, Laurence H. - 1999

Persistent link: https://www.econbiz.de/10001398597

Monetary policy in an era of capital market inflation

Toporowski, Jan - 1999

Persistent link: https://www.econbiz.de/10001406737

Maximizing price stability in a monetary economy

Mosler, Warren; Silipo, Damiano Bruno - 2016

In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated with regard to both short- and long-term stability and volatility. We introduce an additional tool for...

Persistent link: https://www.econbiz.de/10011453043

The macroeconomics of a financial Dutch disease

Botta, Alberto - 2015

We describe the medium-run macroeconomic effects and long-run development consequences of a financial Dutch disease that may take place in a small developing country with abundant natural resources. The first move is in financial markets. An initial surge in foreign direct investment targeting...

Persistent link: https://www.econbiz.de/10011389217

An empirical stock-flow consistent macroeconomic model for Denmark

Randrup Byrialsen, Mikael; Raza, Hamid - 2020

This paper emphasizes the need for understanding the interdependencies between the real and financial sides of the economy in macroeconomic models. While the real side of the economy is generally well explained in macroeconomic models, the financial side and its interaction with the real economy...

Persistent link: https://www.econbiz.de/10012149846

Do the innovations in a monetary VAR have finite variances?

Hannsgen, Greg (contributor) - 2008

Since Christopher Sims’s Macroeconomics and Realityʺ (1980), macroeconomists have used structural VARs, or vector autoregressions, for policy analysis. Constructing the impulseresponse functions and variance decompositions that are central to this literature requires factoring the...

Persistent link: https://www.econbiz.de/10003773516

Infinite-variance, alpha-stable shocks in monetary SVAR

Hannsgen, Greg - 2010 - Rev.

The process of constructing impulse-response functions (IRFs) and forecast-error variance decompositions (FEVDs) for a structural vector autoregression (SVAR) usually involves a factorization of an estimate of the error-term variance-covariance matrix V. Examining residuals from a monetary VAR,...

Persistent link: https://www.econbiz.de/10003974914

Is there room for bulls, bears, and states in the circuit?

Wray, L. Randall - 2011

John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and … capital asset prices, and thus investment theory, hanging. This paper extends Kregel's analysis to an examination of the role … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …

Persistent link: https://www.econbiz.de/10009523597

The dismal state of macroeconomics and the opportunity for a new beginning

Wray, L. Randall - 2011

) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …

Persistent link: https://www.econbiz.de/10008906589