The authors develop a simple agent-based and stock flow consistent model of a monetary economy. Their model is well suited to explain money creation along the lines of mainstream theory. Additionally it uncovers a potential instability that follows from a maturity mismatch of assets and...

Der Beitrag analysiert die kurz-, mittel- und langfristigen Wirkungen antizipierter angebotsorientierter Politikmaßnahmen im Rahmen eines dynamischen Modells für eine Währungsunion, das durch perfekte Voraussicht, Sattelpunktstabilität und importierte Vorleistungen gekennzeichnet ist. Es...

This paper analyzes the dynamic effects of oil price increases in a small two-country monetary union with asymmetric wage adjustment equations. Common oil price shocks lead during the adjustment process to temporary divergences in output and inflation and also to reversals in the relative...

The paper analyzes the dynamic effects of anticipated symmetric demand and supply side policies within the framework of a macroeconomic model of a small monetary union, which is characterized by asymmetric wage adjustment equations of Phillips' curve type. It is shown that an anticipated...