When banks make loans, they create money

from Lars Syll Everything we know is not just wrong – it’s backwards. When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain […]

via How money is created — Real-World Economics Review Blog

Anúncios

Análise de sentimento do COPOM com R (parte 1: usando a base de dados)

Inspirado no artigo “Quando as palavras contam a história”, do Terraço Econômico, resolvi elaborar minha própria implementação do método, contribuindo para a comunidade. Vou mostrar então como eu fiz em alguns posts dessa série:

  1. Usando a base de dados
  2. Replicando a base de dados
  3. Analisando o sentimento

Resolvi começar pelo final, divulgando a base de dados já pronta, para que os colegas possam já começar a criar suas próprias análise, nuvem de termos, contagem de palavras, etc.

Continuar lendo

Pacote SFC

Para a galera do R e dos modelos stock-flow.

This package allows to simulate Post-Keynesian Stock-Flow Consistent Models, following the approach of Godley, W. and M. Lavoie, 2007: Monetary Economics An Integrated Approach to Credit, Money, Income, Production and Wealth. Palgrave MacMillan, New York. The package uses the Gauss-Seidel algorithm to solve linear systems of equations, following the approach found in Kinsella, Stephen and O’Shea, Terence, Solution and Simulation of Large Stock Flow Consistent Monetary Production Models Via the Gauss Seidel Algorithm (December 21, 2010).

Available at SSRN: http://ssrn.com/abstract=1729205 or http://dx.doi.org/10.2139/ssrn.1729205

Normalização monetária nos EUA

Artigo muito legal do FED explorando através de modelos os impactos fiscais de algumas “velocidades” alternativas de redução da carteira do Banco Central. Destaque para a descrição do funcionamento do sistema com balanço consolidado do setor público.

The paper surveys the recent literature on the fiscal implications of central bank balance sheets, with a special focus on political economy issues. It then presents the results of simulations that describe the effects of different scenarios for the Federal Reserve’s longer-run balance sheet on its earnings remittances to the U.S. Treasury and, more broadly, on the government’s overall fiscal position. We find that reducing longer-run reserve balances from $2.3 trillion (roughly the current amount) to $1 trillion reduces the likelihood of posting a quarterly net loss in the future from 30 percent to under 5 percent. Further reducing longer-run reserve balances from $1 trillion to pre-crisis levels has little effect on the likelihood of net losses.

De: https://www.federalreserve.gov/econres/notes/feds-notes/fiscal-implications-of-the-federal-reserve-balance-sheet-normalization-20180109.htm

Curso de introdução à programação voltada aos dados

Assunto muito importante para os novos economistas e para os antigos que não querem ficar pra trás. Esse curso cobre o básico, de forma simples, focado na linguagem R, Markdown, uso de GitHub e no tratamento e visualização de dados.

Welcome to INFO-201, Technical Foundations of Informatics. This is a course at the University of Washington’s Information School, and these materials were co-developed by Michael Freeman and Joel Ross. The purpose of this course is to teach students the necessary technical skills to begin writing code to work with data. While these resources are built for students currently enrolled in the course, they have been structured to be an online resource for anyone hoping to learn to work with information using programmatic approaches.

Fonte: Technical Foundations of Informatics

Impossibilidade da escolha racional do consumidor

DOS ARQUIVOS DOS RASCUNHOS: (5 anos atrás)

Sempre me interessei pela escolha do ponto de vista do consumidor, que acho menos estudada tradicionalmente que a da empresa, e esse artigo que li na época segue um pouco essa linha misturando Simon, teoria evolucionária e Tversky.

ABSTRACT

In this paper we show that a rational consumer choice along the lines traditionally suggested might lead to paradoxical results if one considers multidimensional goods, which incorporate a series of incommensurable aspects. Thereby, we explore the similarity between the resulting paradox and Kenneth Arrow’s well known Impossibility Theorem. Based on these considerations we suggest a solution for the former problem along the lines of Herbert Simon and Amos Tversky, which might—if driven to its extreme—even provide a unique and arguably rational solution for consumer choice among multidimensional goods. Eventually, we argue that the resulting framework poses a potentially useful starting point for further developing an evolutionary theory of consumer choice.

via Journal of Evolutionary Economics, Online First™ – SpringerLink.