IDEAS home Printed from https://ideas.repec.org/p/mil/wpdepa/2012-009.html
   My bibliography  Save this paper

Teoria macroeconomica, tasso di interesse e intermediazione finanziaria

Author

Listed:
  • Giorgio PIZZUTTO

Abstract

Current macroeconomics takes the level of production as given by labour market equilibrium and production function. The interest rate aims to adjust the demand to this given supply in every period, where interest rate results from the interaction between marginal productivity of capital and the supply of savings. Generally financial intermediaries were not admitted in the core models. After the financial crisis , the new models recognized that financial intermediation is important and that the transformation of savings into investment can be impaired by financial frictions; but the role of interest rate was left unchanged. In this paper we review current macroeconomic models and the leading role of interest rate in the intertemporal output market. And finally we suggest that financial intermediation is not simply a reply of the Fisher model, but it results from the interaction between monetary policy, money markets and collateral rules. Liquidity, not savings is the key to nderstand his failures.

Suggested Citation

  • Giorgio PIZZUTTO, 2012. "Teoria macroeconomica, tasso di interesse e intermediazione finanziaria," Departmental Working Papers 2012-009, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    • Handle: RePEc:mil:wpdepa:2012-009
    as

    Download full text from publisher

    File URL: http://wp.demm.unimi.it/tl_files/wp/2012/DEMM-2012_009wp.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Financial intermediation; savings; investment; collateral;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G1 - Financial Economics - - General Financial Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mil:wpdepa:2012-009. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: DEMM Working Papers (email available below). General contact details of provider: https://edirc.repec.org/data/damilit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.