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Monetary Theory: Overview and Liquidity Extensions

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter points out some deficiencies of the mainstream model utilized by many central banks. It also reviews the Fiscal Theory of the Price level. Extending the barebones version of the central ... More


Liquidity Crunch/Trap: Some Unconventional Output/Employment/Growth Implications<sup>1</sup>

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter shows that a sudden and sufficiently large contraction of bonds' liquidity could generate a fall in output, liquidity trap and price deflation, suggesting that there is no contradiction ... More


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