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The Liquidity Approach to Financial Crises1

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/9780262035415.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter focuses sharply on liquid assets, and is the heart of the book. It distinguishes between intrinsic and extrinsic liquidity, centering on the latter. Extrinsic liquidity may break down on ... More


Leveraging, De-leveraging, and the Liquidity Trap

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0012
Subject:
Economics and Finance, International

The chapter presents a credit-friction New Keynesian model with heterogeneous agents, where patient agents lend and impatient agents borrow subject to a collateral constraint. If, for some reason, ... More


Liquidity Crunch/Trap: Some Unconventional Output/Employment/Growth Implications1

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


Monetary Policy with Very Low Inflation in the Pacific Rim

Takatoshi Ito and Andrew K. Rose (eds)

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.001.0001
Subject:
Economics and Finance, South and East Asia

Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced ... More


Keynes and Capitalism: The Case of Japan

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling

in Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Published in print:
2013
Published Online:
May 2013
ISBN:
9780198092117
eISBN:
9780199082506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198092117.003.0005
Subject:
Economics and Finance, History of Economic Thought

This chapter applies Keynes’s principle of effective demand to re-interpret the analysis of Japan’s lost decade(s) by Krugman, McKinnon, and Koo. The analyses by Krugman, McKinnon, and Koo are shown ... More


The 1990s and Early 2000s

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0002
Subject:
Economics and Finance, International

The chapter surveys major financial crises that took place in the 1990s and early 2000s: (a) the credit implosion leading to a severe banking crisis in Japan and a long lasting liquidity trap; (b) ... More


Money Growth and Interest Rates

Seok-Kyun Hur (ed.)

in Monetary Policy with Very Low Inflation in the Pacific Rim

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.003.0004
Subject:
Economics and Finance, South and East Asia

This chapter addresses the instruments and strategies for monetary policy. It concentrates on an uncommon target for the monetary authorities, namely the term structure of interest rates. The zero ... More


From Asset Price Bubbles to Liquidity Traps

A.G. Malliaris

in The Global Financial Crisis and Its Aftermath: Hidden Factors in the Meltdown

Published in print:
2016
Published Online:
January 2017
ISBN:
9780199386222
eISBN:
9780199386253
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199386222.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter argues that it is useful to divide the cyclical behavior of modern mixed capitalist economies into four phases: expansion, upper turning period, recession, and lower turning period. This ... More


Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999–2004

Mitsuru Iwamura, Takeshi Kudo, and Tsutomu Watanabe (eds)

in Monetary Policy with Very Low Inflation in the Pacific Rim

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.003.0007
Subject:
Economics and Finance, South and East Asia

This chapter employs both theoretical and empirical tools to examine Japanese macroeconomic stabilization over the past five years. The role of fiscal policy in a liquidity trap is reviewed. It is ... More


Keynesian and Other Models of Safety Net Stimulus

Casey B. Mulligan

in The Redistribution Recession: How Labor Market Distortions Contracted the Economy

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199942213
eISBN:
9780199980772
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199942213.003.0007
Subject:
Economics and Finance, Public and Welfare

This chapter presents a couple of “Keynesian” theories of the impact of redistribution, which claim that marginal tax rates have no effect on work hours during a recession, and that work hours are ... More


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


Rehabilitating the Dollar Standard and the Role of China: The G-2

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/9780199937004.003.0013
Subject:
Economics and Finance, Financial Economics

Although vital, the dollar standard's rehabilitation does not require international monetary reform. Rather, it is largely conceptual, and can be phased in through collaboration within just the G-2. ... 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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