Paul Samuelson, Robert V. Roosa, and the Economics of Credit Rationing

The Center for the History of Political Economy Working Paper Series No. 2016-33

35 Pages Posted: 20 Nov 2016 Last revised: 20 Mar 2017

See all articles by Juan Acosta

Juan Acosta

LEM, University of Lille I; University of Lille I, Faculty of Economic and Social Sciences, Department of Economics and Management

Date Written: November 15, 2016

Abstract

This paper discusses the role played by NY Fed economist Robert Roosa and Paul Samuelson in the emergence of the literature on credit rationing at the beginning of the 1950s. I argue that, contrary to the story one can find in the technical surveys, an intermediate step between Roosa and the models typical of the literature on credit rationing post-1960 took place and was of significant importance in reframing a practitioner's argument into something that could be more easily tackled by economists. Samuelson played a key role in this process and brought out the importance of credit rationing as a phenomenon that should be explained as the outcome of rational agents’ behavior.

Keywords: Samuelson, Roosa, credit rationing, banks, monetary policy

JEL Classification: B22, B26, E43, E50, G20

Suggested Citation

Acosta, Juan and Acosta, Juan, Paul Samuelson, Robert V. Roosa, and the Economics of Credit Rationing (November 15, 2016). The Center for the History of Political Economy Working Paper Series No. 2016-33 , Available at SSRN: https://ssrn.com/abstract=2870684 or http://dx.doi.org/10.2139/ssrn.2870684

Juan Acosta (Contact Author)

University of Lille I, Faculty of Economic and Social Sciences, Department of Economics and Management ( email )

Villeneuve D'Ascq Cedex, 59655
France

LEM, University of Lille I ( email )

Cité Scientifique
SH1 Bat
Villeneuve D'Ascq, Nord 27705
France

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
121
Abstract Views
968
Rank
429,797
PlumX Metrics