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Money and Default

In: Keynes for the Twenty-First Century

Author

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  • C. A. E. Goodhart

Abstract

If everyone always paid their debts in full and at the due date, there would be little or no need for commercial banks. Everyone would then have the highest possible credit rating, would need no monitoring, and could borrow, or lend, at the default-free rate of interest. Although many formal macroeconomic models (implicitly) employ an assumption of a default-free system in their so-called transversality assumption, it is not, alas, a characteristic of the real world.

Suggested Citation

  • C. A. E. Goodhart, 2008. "Money and Default," Palgrave Macmillan Books, in: Mathew Forstater & L. Randall Wray (ed.), Keynes for the Twenty-First Century, chapter 0, pages 213-223, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61113-9_14
    DOI: 10.1057/9780230611139_14
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    Cited by:

    1. T. Gerasimos S. & V. Erotokritos & Т. Герасимос С. & В. Эротокритос, 2017. "Предварительный поведенческий подход в таргетированию реальных доходов // A Tentative Behavioral Approach to Real Income Targeting," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 5(1), pages 17-31.
    2. L. Randall Wray, 2012. "Keynes after 75 Years: Rethinking Money as a Public Monopoly," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 15, Edward Elgar Publishing.
    3. L. Randall Wray, 2010. "Money," Economics Working Paper Archive wp_647, Levy Economics Institute.
    4. Soldatos, Gerasimos T. & Varelas, Erotokritos, 2017. "Firms’ rational expectations, workers’ psychology, and monetary policy in a behavioral real business cycle model," Economic Analysis and Policy, Elsevier, vol. 53(C), pages 129-139.

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