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Money, Imperfect Information and Economic Fluctuations

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Author Info
Bruce Greenwald
Joseph E. Stiglitz

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Abstract

This paper summarizes the macro-economic and, in particular, monetary and financial market implications of recent developments in the micro-economic theory of imperfect information. These micro-economic models which lead to credit-rationing on the one hand and limitations in the availability of equity type financing on the other can account for a wide range of observed business cycle and monetary phenomena. These include (a) unemployment, (b) the existence of Keynesian-type multiples, (c) the observed lack of production smoothing in response to cyclical fluctuations in demand, (d) the impact of monetary policy on business activity despite the absence of significant changes in real interest rates, and (e) price rigidities which arise from rational firm decisions (not as an a priori assumption).

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2188.

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Date of creation: Mar 1987
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Handle: RePEc:nbr:nberwo:2188

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June. [Downloadable!] (restricted)
  2. Alan S. Blinder & Joseph E. Stiglitz, 1983. "Money, Credit Constraints, and Economic Activity," NBER Working Papers 1084, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Joseph E. Stiglitz, 1983. "On the Relevance or Irrelevance of Public Financial Policy," NBER Working Papers 1057, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Bruce C. Greenwald & Joseph E. Stiglitz & Andrew Weiss, 1985. "Informational Imperfections in the Capital Market and Macro-Economic Fluctuations," NBER Working Papers 1335, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Joseph E. Stiglitz, 1972. "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs," Bell Journal of Economics, The RAND Corporation, vol. 3(2), pages 458-482, Autumn. [Downloadable!] (restricted)
  6. Barry Nalebuff & Andres Rodriguez & Joseph E. Stiglitz, 1993. "Equilibrium Unemployment as a Worker Screening Device," NBER Working Papers 4357, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David M. Cutler & Lawrence H. Summers, 1989. "The Costs of Conflict Resolution and Financial Distress: Evidence from the Texaco-Pennzoil Litigation," NBER Working Papers 2418, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Bruce C. Greenwald & Joseph E. Stiglitz, 1988. "Keynesian, New Keynesian, and New Classical Economics," NBER Working Papers 2160, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Islam, Roumeen, 2003. "do more transparent government govern better?," Policy Research Working Paper Series 3077, The World Bank. [Downloadable!]
  4. Roberto Tamborini, 1997. "A macroeconomic model of bankruptcy," CEEL Working Papers 9702, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
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