Monetary Policy with Firms’ Bank Dependence and Default Risk

Giuliana Passamani and Roberto Tamborini

Chapter 2 in Advances in Monetary Policy and Macroeconomics, 2007, pp 7-27 from Palgrave Macmillan

Abstract: Abstract Among Keynes’s undeveloped, or underground, ideas that are being resurrected in a new guise are those of the ‘monetary theory of production’ (1933) and firms’ ‘finance motive’ in the demand for money (1937). With variable acknowledgement and faithfulness, these ideas are detectable in the modern macroeconomics of imperfect capital markets.

Keywords: Monetary Policy; Default Risk; Vector Error Correction Model; Lending Rate; Bankruptcy Cost (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-80076-2_2

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DOI: 10.1057/9780230800762_2

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