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Towards a New Paradigm in Monetary Economics (Raffaele Mattioli Lectures) - Softcover

Book 1 of 2: Raffaele Mattioli Lectures

Stiglitz, Joseph; Greenwald, Bruce

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9780521008051: Towards a New Paradigm in Monetary Economics (Raffaele Mattioli Lectures)

Synopsis

Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom.

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About the Authors

Professor of Economics, Stanford University and Senior Research Fellow of Brookings Institution. Formerly Senior Vice President and Chief Economist at World Bank.

Professor of Finance, Columbia Business School.

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