David Beckworth
Quotes From
“Transaction Asset Shortages” (2018)
- Changes in the degree of resalability are the important source of changes in [the money] multiplier.#
- What separates the “resalability” of financial liabilities is the degree of commitment… Financial liabilities with a multilateral commitment are capable of circulating as media of exchange.#
- All financial intermediaries essentially serve the same function in turning illiquid assets into liabilities.#
Posts About
Summer Fashion and Inflation: A Practical Case for Targeting NGDP
Most central banks around the world have a price stability mandate, and since the international monetary system regained its footing on a fiat basis after the inflations of the 1970s, that is mostly understood to mean a low inflation target. Over the past couple decades though, a growing number of . . .