Towards a new paradigm in monetary economics

By Joseph E. Stiglitz, B. Greenwald. 2003

448 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/815635ad59d88574f24b3b92014de85a06fe8718

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Citations in the corpus

The financial accelerator in an evolving credit network (2010, background): “The interest rate hike leads to more bankruptcies and eventually to a bankruptcy chain: ‘‘the high rate of bankruptcy is a cause of the high interest rate as much as a consequence of it’’ (Stiglitz and Greenwald, 2003, p. 145).”
Macroeconomic Fluctuations, Inequality, and Human Development (2012, background): “That is, even if the T-bill rate falls, the spread between T-bill rates and lending rates increases (Greenwald and Stiglitz 2003a ).”
Credit Chains and Bankruptcy Propagation in Production Networks (2007, background): “: +41446328464; fax: +41446321880. dress: sbattiston@ethz.ch (S. Battiston). p://www.sg.ethz.ch/people/sbattiston (S. Battiston).”
Liaisons dangereuses: Increasing connectivity, risk sharing, and systemic risk (2012, background): “On the one hand, the failure of one bank adversely affects other banks—financial contagion (Diamond and Dybvig, 1983; Allen and Gale, 2001; Stiglitz and Greenwald, 2003).”
Is There a Cost Channel of Monetary Policy Transmission? An Investigation into the Pricing Behavior of 2,000 Firms (2004, background): “…of monetary transmission to supply-side effects of monetary policy, arguing that, due to the latter, tighter monetary policy may be inflationary (Stiglitz and Greenwald 2003, p. 155).4 The existence of a cost channel can alter the optimal course of monetary policy in the face of various shocks,…”
Business fluctuations and bankruptcy avalanches in an evolving network economy (2009, methodology): “The interest rate hike leads to more bankruptcies and eventually to a bankruptcy chain: “the high rate of bankruptcy is a cause of the high interest rate as much as a consequence of it” (Stiglitz and Greenwald, 2003, p. 145).”
Where Modern Macroeconomics Went Wrong (2017, unknown): “Greenwald and Stiglitz (2003) model banks as firms, which take others’ capital, in combination with their own, obtaining and processing information, making decisions about which loans to make.”
Leveraged Network-Based Financial Accelerator (2013, background): “Indeed, bankruptcies deteriorate banks’ ﬁnancial condition leading to higher interest rates to all borrowers (Stiglitz and Greenwald, 2003, p.145), thus increasing the weakness of the whole non-ﬁnancial sector and the number of bankruptcies, in another vicious circle that can make banks go bankrupt…”
Trusting the Bankers: A New Look at the Credit Channel of Monetary Policy (2015, unknown): “thus affecting credit demand and supply and, in turn, aggregate output and prices (Bernanke and Blinder, 1988; Bernanke and Gertler, 1989; Kiyotaki and Moore, 1997, 2008; Bernanke, Gertler, Gilchrist, 1999; Adrian and Shin, 2009; Stiglitz and Greenwald, 2003; and Stiglitz and Weiss, 1981).”
Bank Risk-Taking, Securitization, Supervision and Low Interest Rates: Evidence from the Euro Area and the U.S. Lending Standards (2010, unknown): “…in banking (due to bail-outs and liquidity assistance), low interest rates may induce banks to soften their lending standards by improving banks’ liquidity (Allen and Gale, 2007; Diamond and Rajan, 2009a; Acharya and Naqvi, 2010) and net worth (Adrian and Shin, 2010; Stiglitz and Greenwald, 2003).”
Trade Credit, Bank Lending and Monetary Policy Transmission (2003, result): “Our approach to modelling trade credit is in accord with the informal model in Stiglitz and Greenwald (2003).(7) Sellers can observe the realized returns of their customers’ projects without incurring any cost.”