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Joseph A. Schumpeter: Ein Pionier der Makrofinanz

Gerald Braunberger
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Gerald Braunberger: Frankfurter Allgemeine Zeitung

No SDP16007, Schumpeter Discussion Papers from Universitätsbibliothek Wuppertal, University Library

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.

JEL-codes: B10 B13 B20 B22 E30 E44 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent, nep-his, nep-hpe and nep-mac
Date: 2016-12
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