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Adam Smith, Esq.: An inquiry into the economics of law firms....
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April 14, 2009
Interest Rates or Collateral?
Every once in awhile, a genuinely novel idea comes up in economics, and you would think that given the generally impenetrable, contradictory, and confused commentary emanating from far and wide about our current situation, now might be a propitious time for a truly new idea to arise. Parenthetically, I do not wish to single out any particular source or category of publications as blameworthy for disappointing commentary. It seems universal, from the ed and op-ed pages of our most distinguished papers to (most) magazine backgrounders, and even to the relatively few snippets of academic economic commentary that have emerged. All seem equally at a loss for a coherent explanation of what's happening.
In other words, we need some new ideas, or at least one.
I actually have a nominee.
I credit the reliable David Warsh of Economic Principals for first bringing this to my attention . The essential concept is simple: Every debtor/creditor transaction involves the negotiation of two critical terms, but economic literature has focused on only one: The interest rate.
That is to say, as far as macroeconomics is concerned, the Fed's key job in terms of maintaining relative equilibrium is to focus on interest rates. But the other key variable we've ignored is that of collateral. Or, stated differently, leverage. How much collateral is the debtor putting up? How much leverage are they relying upon?
For this insight, in turn, Warsh credits John Geanakoplos , a professor of economics at Yale since"
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