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| Tekijä: | Sargent, T.J. |
| Otsikko: | Where to draw lines: stability versus efficiency |
| Lehti: | Economica
2011 : APR, VOL. 78:310 p. 197-214 |
| Asiasana: | government central banks models regulations macroeconomics theories |
| Kieli: | eng |
| Tiivistelmä: | This article is about wise and timely things which macroeconomic theory has to say about where to draw lines btw. (1) markets for money and credit, and (2) monetary and fiscal policies. What kinds of assets should financial intermediaries be permitted to hold? What kinds of liabilities should they be allowed to issue? Should a government or a central bank offer explicit deposit insurance or implicit deposit insurance by acting as a lender of last resort? The article reviews how tensions involving stability versus efficiency, and regulation vs. laissez-faire, have for centuries run through macroeconomic analysis of these questions. |
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