The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment

Future generations will likely remember the turn of the 21st century as the time when mainstream macroeconomics was about to completely remove money and finance from its models and perished in the attempt. Before the subprime crisis macroeconomic/monetary theory reached a level of pristine perfectio...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autor principal:	Calvo, Guillermo
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	LIQUIDEZ (ECONOMÍA) MERCADO LABORAL DESEMPLEO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3824
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai-20.500.12580-3824
record_format	dspace
spelling	oai-20.500.12580-38242021-04-24T11:10:05Z The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment Calvo, Guillermo LIQUIDEZ (ECONOMÍA) MERCADO LABORAL DESEMPLEO Future generations will likely remember the turn of the 21st century as the time when mainstream macroeconomics was about to completely remove money and finance from its models and perished in the attempt. Before the subprime crisis macroeconomic/monetary theory reached a level of pristine perfection according to which central banks could be masters of the (macro) universe by expertly tweaking a policy interest rate (usually a very short-run interest rate) and/or (some) exchange rate. The hard work was not placed on the shoulders of experienced sleuths that would scour every corner of the financial system in search of structural defects. Rather the job fell on the shoulders of bright-eyed PhDs whose main task was to develop computer algorithms that would reveal the deep secrets of models in which money and finance were largely emasculated. Money disappeared from the picture as a policy instrument because it was assumed to be an endogenous variable. 2019-11-01T00:06:58Z 2019-11-01T00:06:58Z 2015 Artículo 978-956-7421-48-0 https://hdl.handle.net/20.500.12580/3824 eng Series on Central Banking Analysis and Economic Policies no. 21 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 79-108 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	LIQUIDEZ (ECONOMÍA) MERCADO LABORAL DESEMPLEO
spellingShingle	LIQUIDEZ (ECONOMÍA) MERCADO LABORAL DESEMPLEO Calvo, Guillermo The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
description	Future generations will likely remember the turn of the 21st century as the time when mainstream macroeconomics was about to completely remove money and finance from its models and perished in the attempt. Before the subprime crisis macroeconomic/monetary theory reached a level of pristine perfection according to which central banks could be masters of the (macro) universe by expertly tweaking a policy interest rate (usually a very short-run interest rate) and/or (some) exchange rate. The hard work was not placed on the shoulders of experienced sleuths that would scour every corner of the financial system in search of structural defects. Rather the job fell on the shoulders of bright-eyed PhDs whose main task was to develop computer algorithms that would reveal the deep secrets of models in which money and finance were largely emasculated. Money disappeared from the picture as a policy instrument because it was assumed to be an endogenous variable.
format	Artículo
author	Calvo, Guillermo
author_facet	Calvo, Guillermo
author_sort	Calvo, Guillermo
title	The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
title_short	The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
title_full	The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
title_fullStr	The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
title_full_unstemmed	The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
title_sort	liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3824
work_keys_str_mv	AT calvoguillermo theliquidityapproachtobubblescrisesjoblessrecoveriesandinvoluntaryunemployment AT calvoguillermo liquidityapproachtobubblescrisesjoblessrecoveriesandinvoluntaryunemployment
_version_	1718346559012208640

The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment

Ejemplares similares