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Recursos bibliográficos en papel y digitales -
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» Resultado: 4 registros
| Registro 1 de 4 | |
| Autor: | Palacio-Vera, Alfonso - |
| Título: | Some Reflections on the Theory of the "Liquidity Trap |
| Fuente: | Documentos de Trabajo UCM-FCEE, n.2. Universidad Complutense de Madrid. Facultad de Ciencias Económicas y Empresariales |
| Páginas: | 43 p. |
| Año: | 2009 |
| Resumen: | We provide a formal definition of the "liquidity trap" (LT) according to which, a LT arises if a combination of high precautionary saving, low investment and stringent conditions for access to bank credit stemming from a high degree of liquidity preference make the sum of the "neutral" interest rate and the expected inflation rate fall short of the term/risk premium on long-term interest rates. We then compare the "New Consensus" (NC) in macroeconomics as expounded in Woodford (2003) and the Post-Keynesian (PK) approach regarding the causes of a LT. We argue that in the NC approach a LT is a phenomenon caused by unusually large transitory shocks that depress the "neutral" interest rate temporarily. By contrast, we argue that in the PK approach an economy may also exhibit a "structural" or long-lasting LT even in the absence of large adverse shocks. Finally, we discuss a number of theoretical issues recently raised in the rapidly growing literature on the LT. |
| Palabras clave: | LIQUIDEZ | TASA DE INTERES | CREDITO | RACIONAMIENTO DEL CREDITO | NEUTRAL INTEREST RATE | LIQUIDITY TRAP | LIQUIDITY PREFERENCE | CREDIT RATIONING | |
| Solicitar por: | HEMEROTECA D + datos de Fuente |
| Registro 2 de 4 | |
| Autor: | Palacio-Vera, Alfonso - |
| Título: | Money Wage Rigidity, Monopoly Power and Hysteresis |
| Fuente: | Documentos de Trabajo UCM-FCEE, n.2. Universidad Complutense de Madrid. Facultad de Ciencias Económicas y Empresariales |
| Páginas: | 38 p. |
| Año: | 2008 |
| Palabras clave: | MONOPOLIO | INFLACION | MODELOS | |
| Solicitar por: | HEMEROTECA D + datos de Fuente |
| Registro 3 de 4 | |
| Autor: | Palacio-Vera, Alfonso - |
| Título: | The "New consensus"and the Post-Keynesian approach to the analysis of liquidity traps |
| Fuente: | Documentos de Trabajo UCM-FCEE, n.3. Universidad Complutense de Madrid. Facultad de Ciencias Económicas y Empresariales |
| Páginas: | 38 p. |
| Año: | 2008 |
| Resumen: | We compare the "New Consensus" (NC) in macroeconomics as expounded in Woodford (2003) and the Post-Keynesian (PK) approach regarding the causes of a "liquidity trap" (LT). We argue that in the NC a LT is a phenomenon caused by unusually large transitory shocks that depress the "neutral" interest rate temporarily. We show that this is the case because it is assumed that the "neutral" or "natural" interest rate converges in the long run to a gravitation center whose (positive) lower bound is determined by the rate of time preference of the representative household. By contrast, in the PK approach, the economy may also exhibit a "structural" or long-lasting LT even in the absence of large adverse shocks. This may be the case if a combination of high precautionary saving, low investment spending and stringent conditions for access to bank credit stemming from a high degree of uncertainty and liquidity preference makes the sum of the steady-growth "neutral" interest rate and the inflation rate fall short of the term/risk premium on long-term interest rates. |
| Palabras clave: | TASA DE INTERES NEUTRAL | MACROECONOMIA | LIQUIDEZ | |
| Solicitar por: | HEMEROTECA D + datos de Fuente |
| Registro 4 de 4 | |
| Autor: | Palacio-Vera, Alfonso - |
| Título: | Liquidity and Growth Traps : a Framework for the Analysis of Macroeconomic Policy in the "Age" of Central Banks |
| Fuente: | Documentos de Trabajo UCM-FCEE, n.2. Universidad Complutense de Madrid. Facultad de Ciencias Económicas y Empresariales |
| Páginas: | 57 p. |
| Año: | ene. 2005 |
| Resumen: | Conventional explanations of how a growing potential output generates an equi-proportional increase in aggregate demand in the long run usually rely on the real balance effect. Yet this mechanism has a negligible size and an uncertain sign. We present a theoretical framework for the analysis of the power of conventional monetary policy to take the economy down its potential output path. We develop a simple model that predicts the behavior of the ’neutral’ interest rate and the ’pseudo-warranted’ interest rate in the wake of different types of shocks. We identify several different scenarios according to whether the behavior of the ’neutral’ real interest rate enhances or weakens the power of conventional monetary policy. Likewise, we identify several regimes depending on whether a rise in the target rate of inflation in steady growth yields faster or slower output growth when the ’natural’ rate is not (fully) exogenous. In addition, we provide a formal definition of the concept of the ’growth trap’ which complements the notion of the ’liquidity trap’. Finally, we propose a taxonomy of monetary policy regimes. |
| Palabras clave: | BANCOS | TASA DE INTERES | POLITICA MONETARIA | INFLACION | LIQUIDEZ | BANCOS CENTRALES | |
| Solicitar por: | HEMEROTECA D + datos de Fuente |
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