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Teoria macroeconomica, tasso di interesse e intermediazione finanziaria

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  • Giorgio PIZZUTTO

Abstract

Current macroeconomics takes the level of production as given by labour market equilibrium and production function. The interest rate aims to adjust the demand to this given supply in every period, where interest rate results from the interaction between marginal productivity of capital and the supply of savings. Generally financial intermediaries were not admitted in the core models. After the financial crisis , the new models recognized that financial intermediation is important and that the transformation of savings into investment can be impaired by financial frictions; but the role of interest rate was left unchanged. In this paper we review current macroeconomic models and the leading role of interest rate in the intertemporal output market. And finally we suggest that financial intermediation is not simply a reply of the Fisher model, but it results from the interaction between monetary policy, money markets and collateral rules. Liquidity, not savings is the key to nderstand his failures.

Suggested Citation

  • Giorgio PIZZUTTO, 2012. "Teoria macroeconomica, tasso di interesse e intermediazione finanziaria," Departmental Working Papers 2012-09, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    • Handle: RePEc:mil:wpdepa:2012-09
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    References listed on IDEAS

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    1. Adrian, Tobias & Song Shin, Hyun, 2010. "Financial Intermediaries and Monetary Economics," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 12, pages 601-650, Elsevier.
    2. Bester, Helmut, 1987. "The role of collateral in credit markets with imperfect information," European Economic Review, Elsevier, vol. 31(4), pages 887-899, June.
    3. Gertler, Mark & Karadi, Peter, 2011. "A model of unconventional monetary policy," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 17-34, January.
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    Keywords

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    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G1 - Financial Economics - - General Financial Markets

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