Brontekst bekijken van Residual Barter Networks and Macro-Economic Stability: Switzerland’s Wirtschaftsring

{{Publikatie
|Is van soort=Artikel
|Heeft auteur=James Stodder
|Heeft trefwoorden=geld,WIR,macro-economie,stabiliteit,Zwitzerland,Wirtschaftsring,bankieren
|Heeft aantal paginas=31
|Online=http://lietaer.com/images/Stodder_WIR_paper2009.pdf
|Is geschreven in taal=Engels
|Is gepubliceerd in jaar=27-12-2007
}}
Abstract: The experience of the Swiss [[Wirtschaftsring]] (“[[Economic Circle]]”), founded in the early 20th century, suggests that the “residual” spending power it provides during recessions is highly countercyclical, with important implications for monetary theory and policy.

A money-in-the-production-function (MIPF) specification implies that the quantity of WIRbarter credits should grow with GDP in the long-run, as do ordinary Swiss Franks. Unlike transactions in Swiss Franks, however, the transactions in [[WIR]] are negatively correlated with GDP in the short-run. Individuals are cash-short in a recession, and economize by greater use of [[WIR]]-credits. This countercyclical pattern is confirmed in the empirical estimates.