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"'Keynes' Chapter 3 on 'The Principle of Effective Demand'", schreibt Patinkin (1979a, S. 155), "is at one and the same time the most important and the most obscure chapter in the General Theory: most important, because it contains the major innovation of the book…". Und obskur ist es in der...
Persistent link: https://www.econbiz.de/10012585480
Traditional monetary theory has largely ignored the role ofbank equity. Bank-centered accounts of how monetarypolicy affects the real economy usually focus on the role ofreserves and reserve requirements in determining the volumeof demand deposits and, in the case of the bank lendingchannel,...
Persistent link: https://www.econbiz.de/10005869391
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Computersimulation, welche im Gebiet der Geldtheorie anzusiedeln ist. Agentenbasierte Computersimulationen sind innovative Werkzeuge, die … Transmissionsmechanismus knüpft an die Arbeiten Knut Wicksells im Bereich der Geldtheorie an. Darüber hinaus beinhaltet das Modell viele … und Variablen umfasst. Da es bis heute keine vergleichbare Arbeit auf dem Gebiet der Geldtheorie gibt, musste sich das …
Persistent link: https://www.econbiz.de/10009433699
The nature of money continues to perplex us. Over time anthropologists, economists, historians and sociologists have provided various answers to the question "what is money?" Ultimately these answers reflect different and often contradictory approaches to the dynamics of economic systems and...
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[...]The first intellectual development challenging the use ofan activist monetary policy to stimulate output and reduceunemployment is the finding, most forcefully articulatedby Milton Friedman, that the effects of monetary policyhave long and variable lags.1 The uncertainty of the timingand...
Persistent link: https://www.econbiz.de/10005870226
[...]In the case studies that follow, we will see that thedesign choices for an inflation-targeting regime fall intofour basic categories: definition and measurement of thetarget, transparency, flexibility, and timing.[...]
Persistent link: https://www.econbiz.de/10005870227
Many features of the German monetary targetingregime are also key elements of inflationtargeting in the other countries examined inthis study. Indeed, as pointed out in Bernanke and Mishkin(1997), Germany might best be thought of as a “hybrid”inflation targeter, in that it has more in common...
Persistent link: https://www.econbiz.de/10005870228