ECONOMICS AS IF BANKS MATTERED: A CONTRIBUTION BASED ON THE INDUCTIVE METHODOLOGY

摘要

Alan Greenspan confessed in 2008 to recognizing a 'flaw' in mainstream approaches to how financial markets work (Congress, 2010). Donald Kohn (2009), as Vice-Chairman of the Federal Reserve, admitted:It is fair to say . . . that the core macroeconomic modelling framework used at the Federal Reserve and other central banks around the world has included, at best, only a limited role for . . . credit provision, and financial intermediation. . . . asset price movements and the feedback among those movements, credit supply, and economic activity were not well captured by the models used at most central banks.