NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Theory of Credit and Macro-economic Stability

Joseph E. Stiglitz

NBER Working Paper No. 22837
Issued in November 2016

---- Acknowledgments ----

The author is indebted to the Institute for New Economic Thinking for financial support, and to Martin Guzman and Andrew Kosenko, for comments and suggestions. This paper represents a summary of my research in this area and hence the disproportionate number of references to my earlier work. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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