By Joseph E. Stiglitz
Joseph Stiglitz examines the idea in the back of the industrial downturns that experience plagued our international lately. This interesting three-part lecture recognizes the failure of monetary versions to effectively are expecting the 2008 challenge and explores substitute versions which, if followed, may probably restoration a reliable and filthy rich economic climate.
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Extra info for Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014
With imperfections in financial markets, the amount that firms are willing to produce, the amounts that they are willing to spend on investment, and the amount of labor they are willing to hire will be limited. We focused on how these variables were interrelated and would be affected by various shocks and policies. Guzman and I in our joint work have taken another approach: there is a large non-tradeable sector, and resources cannot move perfectly between the tradeable and non-tradeable sector.
The shock can be a price level shock (contractionary monetary policy leads to overall lower prices, meaning that the real value of what the firm owes has increased); a demand shock to a particular category of goods (individuals shift away, at least temporarily, from buying large cars); or a supply shock (the price of oil increases). Greenwald and Stiglitz then describe the response to the worsening of the balance sheet. There are both demand and supply side effects. Firms will not wish to produce as much, employ as many workers, or engage in as much investment.
If the bank gives me a piece of paper which others accept, I can buy goods with it, increasing aggregate demand. The bank can create these pieces of paper almost at will. ) But this is markedly different from the seed economy discussed earlier: the bank then could only lend out seeds if someone else had deposited the seeds – in effect, had lent the seeds to the bank.
Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014 by Joseph E. Stiglitz