IDEAS home Printed from https://ideas.repec.org/a/bla/scotjp/v42y1995i4p443-64.html
   My bibliography  Save this article

Fallibility, Precautionary Behaviour and the New Keynesian Monetary Theory

Author

Listed:
  • Messori, Marcello
  • Tamborini, Roberto

Abstract

In spite of a richness of New Keynesian models that provide the microfoundations to money non-neutrality, a systematic New Keynesian monetary theory is not ripe. In this paper the authors wish to propose a unifying theoretical monetary framework for these models, based on sequential time, uncertainty and incomplete markets. In this framework, we generalize the New Keynesian principle of fallibility and propose a model of precautionary behavior as a general attitude towards fallibility. By means of a model of precautionary portfolio choice applied to non-bank and bank agents, we extend the New Keynesian approach to the determinants of the demand for money and to the analysis of the supply side of the capital markets. Copyright 1995 by Scottish Economic Society.

Suggested Citation

  • Messori, Marcello & Tamborini, Roberto, 1995. "Fallibility, Precautionary Behaviour and the New Keynesian Monetary Theory," Scottish Journal of Political Economy, Scottish Economic Society, vol. 42(4), pages 443-464, November.
    • Handle: RePEc:bla:scotjp:v:42:y:1995:i:4:p:443-64
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alberto ZAZZARO, 2002. "How Heterodox is the Heterodoxy of the Monetary Circuit Theory? The Nature of Money and the Microeconomy of the Circuit," Working Papers 163, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    2. Messori, Marcello, 2014. "A Schumpeterian analysis of the credit market," Structural Change and Economic Dynamics, Elsevier, vol. 28(C), pages 43-59.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:scotjp:v:42:y:1995:i:4:p:443-64. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/sesssea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.