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Seven replies to the critiques of Modern Money Theory
Tymoigne, Éric - 2021
Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political...
Persistent link: https://www.econbiz.de/10012795769
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Macroeconomic policy in DSGE and agent-based models redux : new developments and challenges ahead
Fagiolo, Giorgio; Roventini, Andrea - 2016
The Great Recession seems to be a natural experiment for economic analysis, in that it has shown the inadequacy of the predominant theoretical framework - the New Neoclassical Synthesis (NNS) - grounded on the DSGE model. In this paper, we present a critical discussion of the theoretical,...
Persistent link: https://www.econbiz.de/10011457386
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Procyclical finance : the money view
Li, Ye - 2017
Financial intermediaries issue the majority of liquid securities, and nonfinancial firms have become net savers, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold their debt for unhedgeable investment needs -- but also...
Persistent link: https://www.econbiz.de/10011968932
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Monetary policy after the crisis : a joint publication with the National Bank of Poland
Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.);  … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011
conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions … questions: First, what have we learnt from the crisis for the conduct of monetary policy? Second, what have we learnt from the … crisis for the coordination of monetary, fiscal and macroprudential policies. And third, how did the Monetary Transmission …
Persistent link: https://www.econbiz.de/10011710723
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For whom the bill tolls : redistributive consequences of a monetary-fiscal stimulus
Brzoza-Brzezina, Michał; Jabłońska, Julia; Kolasa, Marcin - 2024
During the COVID-19 pandemic, governments in the euro area sharply increased spending while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus redistributes welfare between various age cohorts. Our assessment involves...
Persistent link: https://www.econbiz.de/10015178624
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Economic policy in India : for economic stimulus, or for austerity and volatility?
Sen, Sunanda; DasGupta, Zico - 2014
measures have also loomed over the global recession. This paper highlights the theoretical fallacies of monetarism and analyzes … the consequences of such policy measures in India, particularly during the period of the global recession. Not only did … volatility and macroeconomic instability in the midst of the global recession. …
Persistent link: https://www.econbiz.de/10010385761
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Is monetary financing inflationary? : a case study of the Canadian economy, 1935 - 75
Ryan-Collins, Josh - 2015
Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost...
Persistent link: https://www.econbiz.de/10011389179
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Factors of global inflation in 2021-2022
Goryunov, Eugene L.; Drobyshevsky, Sergey M.; Kudrin, … - In: Russian journal of economics 9 (2023) 3, pp. 219-244
The paper examines the factors of global inflation acceleration in 2021-2022. We consider primarily the developed … supply, which encountered persistent constraints associated with interruptions in global supply chains. Significant support …The paper examines the factors of global inflation acceleration in 2021–2022. We consider primarily the developed …
Persistent link: https://www.econbiz.de/10015394329
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A monetary-fiscal theory of sudden inflations
Bassetto, Marco; Miller, David S. - 2022
This paper posits an information channel as the explanation for sudden inflations. Consumers saving via nominal government bonds face a choice whether to acquire costly information about future government surpluses. They trade off the cost of acquiring information about the surpluses that back...
Persistent link: https://www.econbiz.de/10013472118
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Economic Policy in India : For Economic Stimulus, or for Austerity and Volatility?
Sen, Sunanda - 2015
measures have also loomed over the global recession. This paper highlights the theoretical fallacies of monetarism and analyzes … the consequences of such policy measures in India, particularly during the period of the global recession. Not only did … volatility and macroeconomic instability in the midst of the global recession …
Persistent link: https://www.econbiz.de/10013033002