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- W2123425810 abstract "The sharp fall in economic activity in the world is the result of an interaction between stock and flow deflation spirals. These deflationary spirals have the same origin, i.e. a collective movement of fear and risk aversion (animal spirits). These lead economic agents (savers, firms and banks) to take actions that create negative externalities making these actions self-defeating. Individuals (savers, firms, banks) are unable to internalize these externalities because collective action is costly. We use a simple IS-LM model to analyze the interactions between these different deflationary spirals. We find that it is the interaction between the flow and stock spirals that create an unstable economy. The banking crisis is at the center of this vicious downward spiral. In order to solve the coordination failure implicit in the deflationary spirals, the government must take action. We describe the nature of the collective action by the government. Key is the resolution of the banking crisis, without which the economy cannot be stabilized. Modern macroeconomic models based on the paradigm of the rational (representative) agent who understands the complexities of the world, has become a misleading tool of analysis. The problems relating to coordination failures and movements of collective fears that are at the core of the present macroeconomic reality play no role in these models. It will not be surprising that these macroeconomic models have not informed us correctly about the nature of the economic crisis." @default.
- W2123425810 created "2016-06-24" @default.
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- W2123425810 date "2009-01-01" @default.
- W2123425810 modified "2023-09-23" @default.
- W2123425810 title "KEYNES' SAVINGS PARADOX, FISHER'S DEBT DEFLATION AND THE BANKING CRISIS" @default.
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