Kim, Minseong - Volkswirtschaftliche Fakultät, … - 2014
In this paper, several flaws of the basic no-capital/labor-only New Keynesian model are discussed. Some flaws were left … when n=1 would ordinary results of the basic New Keynesian model hold. To save the theory, we consider the case where … Keynesian model, which itself is the limit case model of several New Keynesian models. Then we show some problems with applying …