English, Article, Journal or magazine article edition: La crisi americana: appunti di viaggio Massimo FLORIO

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Bookmark: http://trove.nla.gov.au/version/58898
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • La crisi americana: appunti di viaggio
Author
  • Massimo FLORIO
Physical Description
  • preprint
Notes
  • This paper comments an invited opinion on the American crisis in the New York Times by Professor Casey Mulligan, University of Chicago. Accord-ing to Mulligan, the crisis is no more than a financial fluctuation, banks should not be bailed out, other financial actors can finance business in-vestments, the delay of investment and consumption is non a big problem, public intervention is unhelpful. This paper argues instead that the current crisis is not mainly of a financial nature, but it originates form a sustained shock that affected income distribution. The share of labour declined, while the share of capital increased. To sustain the returns to capital it was neces-sary to force lending to consumers. In the short term both monetary and fis-cal policy are needed, but in the mid-to-long run it is necessary to go back to a more balanced income distribution.
  • RePEc:mil:wpdepa:2009-10
Language
  • English
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