Biography:

In the past Richard A. Werner has collaborated on articles with Josh Ryan-Collins. One of their most recent publications is A half-century diversion of monetary policy? An empirical horse-race to identify the UK variable most likely to deliver the desired nominal GDP growth rate. Which was published in journal Journal of International Financial Markets, Institutions and Money.

More information about Richard A. Werner research including statistics on their citations can be found on their Copernicus Academic profile page.

Richard A. Werner's Articles: (2)

A half-century diversion of monetary policy? An empirical horse-race to identify the UK variable most likely to deliver the desired nominal GDP growth rate

Highlights•Post-crisis monetary policy has struggled to stimulate nominal demand.•We model UK nominal GDP growth over 50 years with past monetary policy targets.•The ‘general-to-specific’ methodology is used to find the best explanatory variables.•Bank credit for GDP-transactions explains nominal GDP best.•Interest rates and money aggregates do not influence nominal GDP significantly.

A lost century in economics: Three theories of banking and the conclusive evidence☆

Highlights•The three theories of how banks function and whether they create money are reviewed•A new empirical test of the three theories is presented•The test allows to control for all transactions, delivering clear-cut results.•The fractional reserve and financial intermediation theories of banking are rejected•Capital adequacy based bank regulation is ineffective, credit guidance preferable•This is shown with the case study of Barclays Bank creating its own capital•Questions are raised concerning the lack of progress in economics in the past century•Policy implications: borrowing from abroad is unnecessary for growth

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