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Constrained Credit

Stefan Homburg

in A Study in Monetary Macroeconomics

Published in print:
2017
Published Online:
August 2017
ISBN:
9780198807537
eISBN:
9780191845451
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807537.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 4 considers economies with borrowing constraints. This assumption is motivated by the observation that monetary expansions after the Great Recession did not entail inflation in the expected ... More


The U.S. Saving Deficiency, Current-Account Deficits, and Deindustrialization: Hard versus Soft Landings

Ronald I. McKinnon

in The Unloved Dollar Standard: From Bretton Woods to the Rise of China

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199937004
eISBN:
9780199980703
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199937004.003.0006
Subject:
Economics and Finance, Financial Economics

Because of the dollar's unique status as “international money,” the United States has borrowed seemingly without restraint from the rest of the world—mainly Germany and Japan in the 1980s, and then ... More


The Buffer Stock Model

Tullio Jappelli and Luigi Pistaferri

in The Economics of Consumption: Theory and Evidence

Published in print:
2017
Published Online:
October 2017
ISBN:
9780199383146
eISBN:
9780199383160
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199383146.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

We analyze models that combine precautionary saving and liquidity constraints to provide a unified, more realistic treatment of intertemporal decisions. We start off with a simple three-period model ... More


Net Worth

Stefan Homburg

in A Study in Monetary Macroeconomics

Published in print:
2017
Published Online:
August 2017
ISBN:
9780198807537
eISBN:
9780191845451
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807537.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 5 focuses on producers’ net worth. It joins a large strand rooted in the financial literature, which points out that under asymmetric information, producers need own equity to obtain credit. ... More


A Study in Monetary Macroeconomics

Stefan Homburg

Published in print:
2017
Published Online:
August 2017
ISBN:
9780198807537
eISBN:
9780191845451
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807537.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

The Great Recession of 2008/09 and its aftermath present a major challenge to macroeconomics. Many researchers think that prevailing models fail to grasp essential aspects of recent developments, ... More


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