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Towards a New Paradigm in Monetary Economics
  • Joseph Stiglitz, Columbia University
  • Bruce Greenwald
Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom.
Publication Date
May, 2003
Cambridge University Press
Citation Information
Joseph Stiglitz and Bruce Greenwald. Towards a New Paradigm in Monetary Economics. (2003)
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