Showing 1 - 8 of 8
This Paper studies kinship-band networks as capital market institutions. It explores two of the channels through which membership in a community where individuals are genealogically linked, such as a kin group, can affect their access to informal credit. The first is that incentives to default...
Persistent link: https://www.econbiz.de/10005504436
The paper first reviews the budget identities of the fiscal and monetary authorities and the solvency constraint or present value budget constraint of the consolidated public sector, for both closed and open economies. It then discusses the new conventional wisdom concerning the fiscal roots of...
Persistent link: https://www.econbiz.de/10005666524
Monetary theory and policy are part of intertemporal public finance. This Paper reviews some interesting recent developments. The two ghosts are the venerable liquidity trap and the Pigou effect or real balance effect. The eccentricities are negative nominal interest rates and the helicopter...
Persistent link: https://www.econbiz.de/10005123549
This paper presents a simple macroeconomic model where government spending affects aggregate demand directly and indirectly, through an expectational channel. Prices are fully flexible and the model is static, so intertemporal issues play no role. There are three important elements in the model:...
Persistent link: https://www.econbiz.de/10011083612
different response of business confidence and private investment. We obtain these results by studying the effects of the …
Persistent link: https://www.econbiz.de/10011084635
"confidence" and show that it helps account for many salient features of the data; it drives a significant fraction of the …
Persistent link: https://www.econbiz.de/10011186619
The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many countries, especially in Europe, since 2010 and (ii) that this round of fiscal consolidation was much more costly than past ones. The contribution of this paper is a clarification of...
Persistent link: https://www.econbiz.de/10011145403
the most suffered the biggest loss in confidence in institutions, particularly in trust in government and the financial … sector. Finally, analysis of several repeated cross-sections of confidence within U.S. states yields similar qualitative …
Persistent link: https://www.econbiz.de/10008925712