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Joseph A. Schumpeter: Ein Pionier der Makrofinanz

Author

Listed:
  • Gerald Braunberger

    (Frankfurter Allgemeine Zeitung)

Abstract

Since the outbreak of the Great Financial Crisis in 2007, „Macrofinance“ has evolved as an exciting field for economists. The idea of marrying macroeconomics and financial economics has a long tradition, however, which should not remain buried in almost forgotten books. A couple of seemingly new ideas can be traced back to the work of the eminent economist Joseph A. Schumpeter. His dynamic model of the business cycle is built upon a close interaction between entrepreneurs and banks. Fire-sales of assets, liquidity spirals and feedback loops can turn a mild recession into a devastating depression. Schumpeter’s analysis of the role of monetary policy bears a striking resemblance to contemporary discussions.

Suggested Citation

  • Gerald Braunberger, 2016. "Joseph A. Schumpeter: Ein Pionier der Makrofinanz," Schumpeter Discussion Papers SDP16007, Universitätsbibliothek Wuppertal, University Library.
    • Handle: RePEc:bwu:schdps:sdp16007
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    References listed on IDEAS

    as
    1. Claudio Borio & Enisse Kharroubi & Christian Upper & Fabrizio Zampolli, 2016. "Labour reallocation and productivity dynamics: financial causes, real consequences," BIS Working Papers 534, Bank for International Settlements.
    2. Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(2), pages 149-159, November.
    3. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
    4. Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
    5. Issing, Otmar, 2016. "Central banks: From overburdening to decline?," SAFE White Paper Series 42, Leibniz Institute for Financial Research SAFE.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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