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Université de Fribourg

The meaning of monetary stability

Pesenti, Amos

(Working Papers SES ; 475)

The conventional approach to monetary stability is not so much different from that related to price stability. As such, it simply supposes that the aggregation of prices in the marketplace is necessary and sufficient for determining the presence of inflation (or deflation) in the economy. However, investigating monetary stability according to this microeconomic approach leads to confusion since...

Université de Fribourg

The origin of inflation in a domestic bank-based payment system

Pesenti, Amos

(Working Papers SES ; 457)

This paper shows how a disorderly-working bank-based payment system negatively affects monetary stability. This occurs when firms invest their profits in production with the aim of forming and accumulating (fixed) capital, while at the same time banks carry out the payment of workers’ wages and enter the corresponding payment order in the architecture for domestic payments. In fact, if the...

2 results 1