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Parejo Moruno, Francisco Manuel - One of the best experts on this subject based on the ideXlab platform.

  • El dinero en la historia del pensamiento económico: la teoría monetaria postkeynesiana y su confrontación con la ortodoxia
    Ediciones Complutense, 2016
    Co-Authors: Cruz Hidalgo Esteban, Parejo Moruno, Francisco Manuel
    Abstract:

    Disputes over certain aspects of money, as its neutrality and the endogenous or exogenous nature of the money supply, have been ongoing between the various schools of thought and authors, its origin probably being at the time of development of scholastic thought. In this paper we intend, firstly, to make a chronological and historical overview about money, with the objective of highlighting the Monetary developments of the orthodox macroeconomics, as well as the alternative approaches against this dominant thought. Finally, we try to value the post-Keynesian Monetary developments, which are integrated into what is called “Monetary Economy of Production”, confronting them with the so-called New Neoclassical Synthesis.Las disputas en torno a determinados aspectos del dinero, como su neutralidad y el carácter endógeno o exógeno de la oferta monetaria, han sido permanentes entre las distintas escuelas de pensamiento y autores, estando su origen, probablemente, en la época de desarrollo del pensamiento escolástico. En este artículo pretendemos, en primer lugar, realizar un recorrido cronológico e histórico sobre el tratamiento científico económico del dinero, para, en segundo lugar, poner sobre la mesa la macroeconomía ortodoxa a la que han dado lugar las interpretaciones al respecto, así como los enfoques alternativos frente a este pensamiento dominante. Finalmente, intentamos poner en valor los desarrollos monetarios post-keynesianos, integrados en lo que denominan “Economía Monetaria de Producción”, confrontándolos con la llamada Nueva Síntesis Neoclásica

John Moore - One of the best experts on this subject based on the ideXlab platform.

  • liquidity business cycles and Monetary policy
    Journal of Political Economy, 2019
    Co-Authors: Nobuhiro Kiyotaki, John Moore
    Abstract:

    This paper presents a model of Monetary Economy with dier- ences in liquidity across assets. Our purpose is to study how aggre- gate production and asset prices ‡uctuate with shocks to productivity and liquidity. In so doing, we examine what role government policy might have through open market operations that change the mix of assets held by the private sector. We also show that certain apparent anomalies of asset markets are in fact normal features of a Monetary Economy in which the circulation of money is essential for a better allocation of resources.

  • liquidity business cycles and Monetary policy
    National Bureau of Economic Research, 2012
    Co-Authors: Nobuhiro Kiyotaki, John Moore
    Abstract:

    The paper presents a model of a Monetary Economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. There is a spectrum of returns on assets, reflecting their differences in liquidity. The model is used, first, to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity; second, to examine what role government policy might have through open market operations that change the mix of assets held by the private sector. With its emphasis on liquidity rather than sticky prices, the model harks back to an earlier interpretation of Keynes (1936), following Tobin (1969).

Cruz Hidalgo Esteban - One of the best experts on this subject based on the ideXlab platform.

  • El dinero en la historia del pensamiento económico: la teoría monetaria postkeynesiana y su confrontación con la ortodoxia
    Ediciones Complutense, 2016
    Co-Authors: Cruz Hidalgo Esteban, Parejo Moruno, Francisco Manuel
    Abstract:

    Disputes over certain aspects of money, as its neutrality and the endogenous or exogenous nature of the money supply, have been ongoing between the various schools of thought and authors, its origin probably being at the time of development of scholastic thought. In this paper we intend, firstly, to make a chronological and historical overview about money, with the objective of highlighting the Monetary developments of the orthodox macroeconomics, as well as the alternative approaches against this dominant thought. Finally, we try to value the post-Keynesian Monetary developments, which are integrated into what is called “Monetary Economy of Production”, confronting them with the so-called New Neoclassical Synthesis.Las disputas en torno a determinados aspectos del dinero, como su neutralidad y el carácter endógeno o exógeno de la oferta monetaria, han sido permanentes entre las distintas escuelas de pensamiento y autores, estando su origen, probablemente, en la época de desarrollo del pensamiento escolástico. En este artículo pretendemos, en primer lugar, realizar un recorrido cronológico e histórico sobre el tratamiento científico económico del dinero, para, en segundo lugar, poner sobre la mesa la macroeconomía ortodoxa a la que han dado lugar las interpretaciones al respecto, así como los enfoques alternativos frente a este pensamiento dominante. Finalmente, intentamos poner en valor los desarrollos monetarios post-keynesianos, integrados en lo que denominan “Economía Monetaria de Producción”, confrontándolos con la llamada Nueva Síntesis Neoclásica

Stanislav Rabinovich - One of the best experts on this subject based on the ideXlab platform.

  • self confirming price dispersion in Monetary economies
    Research Papers in Economics, 2018
    Co-Authors: Garth Baughman, Stanislav Rabinovich
    Abstract:

    In a Monetary Economy, we show that price dispersion arises as an equilibrium outcome without the need for costly simultaneous search or any heterogeneity in preferences, production costs, or search technologies. A distribution of money holdings among buyers makes sellers indifferent across a set of posted prices, leading to a non-degenerate price distribution. This price distribution, in turn, makes buyers indifferent across a range of money balances, rationalizing the non-degenerate distribution of money holdings. We completely characterize the distribution of posted prices and money holdings in any equilibrium. Equilibria with price dispersion admit higher maximum prices than observed in any single-price equilibrium. Also, price dispersion reduces welfare by creating mismatch between posted prices and money balances. Inflation exacerbates this welfare loss by shifting the distribution towards higher prices.

  • self confirming price dispersion in Monetary economies
    Journal of Economic Theory, 2018
    Co-Authors: Garth Baughman, Stanislav Rabinovich
    Abstract:

    Abstract In a Monetary Economy, we show that price dispersion arises as an equilibrium outcome without the need for costly simultaneous search or any heterogeneity in preferences, production costs, or search technologies. A distribution of money holdings among buyers makes sellers indifferent across a set of posted prices, leading to a non-degenerate price distribution. This price distribution, in turn, makes buyers indifferent across a range of money balances, rationalizing the non-degenerate distribution of money holdings. We completely characterize the distribution of posted prices and money holdings in any equilibrium. Equilibria with price dispersion admit higher maximum prices than observed in any single-price equilibrium and feature an increasing density of prices, in contrast to existing theories. Price dispersion reduces welfare by creating mismatch between posted prices and money balances. Inflation exacerbates this welfare loss by shifting the distribution towards higher prices.

Giancarlo Corsetti - One of the best experts on this subject based on the ideXlab platform.

  • the mystery of the printing press self fulfilling debt crises and Monetary sovereignty
    2013
    Co-Authors: Giancarlo Corsetti, Luca Dedola
    Abstract:

    Does Monetary sovereignty reduce the likelihood of default conditional on weak fundamentals and/or shield government debt markets from self-fulfilling speculative runs? Building on Calvo (1988), we specify a stochastic Monetary Economy where discretionary policymakers can default on debt holders through surprise inflation or by imposing discrete haircuts, at the cost of both output and budgetary losses. We show that the resort to the printing press to inflate away nominal debt per se rules out neither fundamental outright default nor confidence crisis. What matters is the ability of the central bank to swap government debt for Monetary liabilities (e.g. cash and reserves), whose demand is not undermined by fears of default. The scope for successful central bank interventions in the debt market is however not unconstrained. We characterize conditions that must be met for alternative intervention strategies to be credible, i.e. feasible and welfare improving.

  • the mystery of the printing press self fulfilling debt crises and Monetary sovereignty
    2013
    Co-Authors: Giancarlo Corsetti, Luca Dedola
    Abstract:

    Building on Calvo (1988), we develop a stochastic Monetary Economy in which government default may be driven by either self-fulfilling expectations or weak fundamentals, and explore conditions under which central banks can rule out the former. We analyze Monetary backstops resting on the ability of the central bank to swap government debt for its Monetary liabilities, whose demand is not undermined by fears of default. To be effective, announced interventions must be credible, i.e., feasible and welfare improving. Absent fundamental default risk, a Monetary backstop is always effective in preventing self-fulfilling crises. In the presence of fundamental default risk and institutional constraints on the balance sheet of the central bank, a credible Monetary backstop is likely to fall short of covering government's financial needs in full. It is thus effective to the extent that it increases the level of debt below which the equilibrium is unique.