The liquidity approach to bubbles crises jobless recoveries and involuntary unemployment

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dc.contributor.authorCalvo, Guillermo
dc.date.accessioned2019-11-01T00:06:58Z
dc.date.available2019-11-01T00:06:58Z
dc.date.issued2015
dc.descriptionFuture 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.
dc.file.nameBCCh-sbc-v21-p079_108
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 79-108
dc.identifier.isbn978-956-7421-48-0
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3824
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking Analysis and Economic Policies no. 21
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectLIQUIDEZ (ECONOMÍA)es_ES
dc.subjectMERCADO LABORALes_ES
dc.subjectDESEMPLEOes_ES
dc.titleThe liquidity approach to bubbles crises jobless recoveries and involuntary unemployment
dc.type.docArtículo

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