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A Study in Monetary Macroeconomics - Oxford Scholarship Online
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A Study in Monetary Macroeconomics

Stefan Homburg


The Great Recession of 2008/09 and its aftermath present a major challenge to macroeconomics. Many researchers think that prevailing models fail to grasp essential aspects of recent developments, including unprecedented monetary policies and interest rates at the zero lower bound. Approaches that focus on steady states, rational expectations, and individuals planning over infinite horizons are not suitable for analyzing such abnormal situations. This text does not criticize the traditional approach but aims at improvement. The study’s distinctive feature is a rich institutional structure that ... More

Keywords: monetary policy, liquidity trap, quantitative easing, adaptive expectations, borrowing constraint, commercial banks, real estate, fiscal policy, sticky

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780198807537
Published to Oxford Scholarship Online: August 2017 DOI:10.1093/oso/9780198807537.001.0001


Affiliations are at time of print publication.

Stefan Homburg, author
Professor and Director, Institute of Public Finance, Leibniz University, Hannover