Suchergebnisse

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We study a model with heterogeneous producers that face collateral and cash in advance constraints. These two frictions give rise to a non-trivial financial market in a monetary economy. A tightening of the collateral constraint results in a credit-crunch generated recession. The model can suitable be used to study the effects on the main macroeconomic variables - and on welfare of each individual - of alternative monetary - and fiscal - policies following the credit crunch. The model reproduces several features of the recent financial crisis, like the persistent negative real interest rates, the prolonged period at the zero bound for the nominal interest rate, the collapse in investment and low inflation, in spite of the very large increases of liquidity adopted by the government. The policy implications are in sharp contrast with the prevalent view in most Central Banks, based on the New Keynesian explanation of the liquidity trap.

Intro -- Contents -- Foreword -- Acknowledgments -- Detecting Fiscal-Monetary Causes of Inflation -- A Framework for Studying the Monetary and Fiscal History of Latin America -- Argentina -- The History of Argentina -- Discussion of the History of Argentina 1 -- Discussion of the History of Argentina 2 -- Bolivia -- The History of Bolivia -- Discussion of the History of Bolivia -- Brazil -- The History of Brazil -- Discussion of the History of Brazil 1 -- Discussion of the History of Brazil 2 -- Chile -- The History of Chile -- Discussion of the History of Chile -- Colombia -- The History of Colombia -- Discussion of the History of Colombia -- Ecuador -- The History of Ecuador -- Discussion of the History of Ecuador -- Mexico -- The History of Mexico -- Discussion of the History of Mexico -- Paraguay -- The History of Paraguay -- Discussion of the History of Paraguay 1 -- Discussion of the History of Paraguay 2 -- Peru -- The History of Peru -- Discussion of the History of Peru 1 -- Discussion of the History of Peru 2 -- Uruguay -- The History of Uruguay -- Discussion of the History of Uruguay 1 -- Discussion of the History of Uruguay 2 -- Venezuela -- The History of Venezuela -- Discussion of the History of Venezuela 1 -- Discussion of the History of Venezuela 2 -- Lessons from the Monetary and Fiscal History of Latin America -- Contributors.