Contemporary Issues in Macroeconomics: Lessons from The by Joseph E. Stiglitz, Martin Guzman

By Joseph E. Stiglitz, Martin Guzman

Stiglitz and Guzman compile this edited assortment that provides a chain of reports on modern macroeconomic concerns and encompasses a set of key classes for macroeconomic thought and regulations from the new international monetary crisis.

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9, no. 4, pp. 591–645. Yeldan, A. Erinc. (2009) The Economics of Growth and Distribution, Ankara: Efil Press. Yeldan, A. Erinc, Güne¸s Kolsuz and Burcu Unuvar (2014) “Turkish Monetary Policy Under Turbulent Times”. Review of Middle East Economics and Finance, vol. 10, no. 3, pp. 247–61. 5 Is Financial Stability Possible in the Current International System? James M. Boughton1 Centre for International Governance Innovation (CIGI) If the world economy is going to serve global welfare, then the international financial system has to become more stable.

Agents want to smooth out consumption over time. Given their expectations of future wealth (which include the positive pseudo-wealth component), they want to consume more than the constant endowment they receive. Then it will be optimal to borrow. If no sunspot is realized, agent B will win the bet and agent A will lose. The distribution of wealth changes in favor of agent B. Pseudo-wealth is destroyed, but new pseudo-wealth is created, as it is possible to bet over the occurrence of the sunspot in the next period.

But if the planner decided to use other beliefs, different than the ones from the individuals but consistent, under a utilitarian welfare function it would be optimal to prohibit the bet, to prevent what clearly appears to be (from an ex post perspective, and even from an ex ante perspective using a consistent of set of beliefs) the misallocations of consumption of goods and leisure and the destruction of real wealth that negative wealth shocks (as the destruction of pseudo-wealth) entail. Contrary to the standard wisdom, we have also seen that the natural adjustments that follow the destruction of pseudo-wealth may exacerbate the economic downturn, moving the economy to an equilibrium with lower aggregate labor income than would be obtained under conditions of non-fully flexible wages.

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