Schumpeter’s insights for monetary macroeconomics and the theory of financial crises

IF 2.8 4区管理学 Q2 BUSINESS

Industrial and Corporate Change Pub Date : 2023-02-07 DOI:10.1093/icc/dtad006

P. Bofinger, Lisa Geißendörfer, Thomas Haas, Fabian Mayer

引用次数: 2

Abstract

The purpose of this paper is to show that Schumpeter can offer important insights for macroeconomic theory today. This applies especially to his distinction between a “real analysis” and a “monetary analysis,” as he calls it, and its implications for monetary macroeconomics, especially the theories of financial crises at the national and the global levels. The main problem of the “real analysis” is the identity of the financial sphere with the real sphere. The consequence of this narrow view is the inability to understand the dynamics of a monetary economy, which is the main cause for financial crises. The flaws of the real analysis manifest themselves also at the global level. The Feldstein–Horioka puzzle and the Lucas paradox are obvious “anomalies” of this paradigm. Models based on the real analysis are unable to explain the extent and even direction of international capital flows. Thus, the economics profession was unable to see the risks that were accumulating in the international financial system before the outbreak of the Great Financial Crisis.

查看原文本刊更多论文

熊彼特对货币宏观经济学和金融危机理论的见解

本文的目的是表明熊彼特能够为今天的宏观经济理论提供重要的见解。这尤其适用于他所说的“真实分析”和“货币分析”之间的区别，以及它对货币宏观经济学的影响，尤其是国家和全球层面的金融危机理论。“真实分析”的主要问题是金融领域与真实领域的一致性。这种狭隘观点的后果是无法理解货币经济的动态，而货币经济是金融危机的主要原因。真实分析的缺陷也在全球层面上显现出来。Feldstein–Horioka难题和Lucas悖论是这种范式的明显“反常现象”。基于真实分析的模型无法解释国际资本流动的程度甚至方向。因此，经济学界无法看到大金融危机爆发前国际金融体系中积累的风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.