FINANCIAL CONTROL AND THE EMPLOYER OF LAST RESORT

STRENGTHENING FINANCIAL INFRASTRUCTURE Deposit Insurance and Lending of Last Resort

Copyright reserved. Subject to the exceptions provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyrightholder(s); the same applies to whole or partial adaptions. The publisher retains the sole right to collect from third parties fees payable in respect of copying an...

Lender of Last Resort :

It has become commonplace in the current crisis to refer to the Federal Reserve as the economy’s lender of last resort (LLR). Typical is the observation of Glenn Hubbard, Hal Scott, and John Thornton (2009) that “Over many decades and especially in this financial crisis, the Fed has used its balance sheet to be a classical lender of last resort.” With all due respect to these authors and numero...

Segmented Labor Markets, Distributive Cycles and an Employer of Last Resort

The paper builds on the baseline Goodwin (1967) model which describes the reserve army mechanism of capitalist economies. We add to this model segmented labor markets as described in Marx’s Capital, Vol.I. The model exhibits a unique steady state solution which depends on the speeds with which workers are pushed into or out of the labor market segments. We investigate the stability properties o...

Macroeconomic Stability, Affordability and Manageability of Employer of Last Resort Programmes

an index, reviewing, endorsing or planning coursework/other institutional needs. You may store and print the file and share it with others helping you with the specified purpose, but under no circumstances may the file be distributed or otherwise made accessible to any other third parties without the express prior permission of Palgrave Macmillan. Please contact [email protected] if you have ...

In Defense of Employer of Last Resort: a response to Malcolm Sawyer