money), excess demand or interest gap as an engine of inflation, the natural and the normal rate of interest, the … relationship between the real and the monetary parts of the economy and price expectations are discussed in the paper. …

roles. First, it provides a boundedly rational model of how rational expectations can be achieved. Secondly, learning acts … as a selection device in models with multiple REE (rational expectations equilibria). Third, the learning dynamics … discussed. Applications include the Muth cobweb model, the Cagan model of inflation, asset pricing with risk neutrality, the …

by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …

Separately, news and sunspot shocks have been shown empirically to be determinants of changes in expectations. This … expectations solutions is derived analytically. The analytical characterization allows an explicit comparison of news about future …

money, real output, and inflation. The key properties to be explained are that monetary shocks have persistent, but not … permanent, effects on real output, and that the correlation between current output and inflation is positive for leads of … inflation and negative for lags of inflation. The paper begins with a short empirical guide to price- and wage-setting behavior …

contemporary debates.<b>Contents:</b> <ul> <li>Money, Debt and Credit in the Enterprise Economy</li> <li>The Recurring Debates in … Monetary Economics</li> <li>Variations on the Theme of the Quantity Theory of Money</li> <li>Wicksellian and Neo …>An Alternative Monetary Model of Economic Growth, the Business Cycle, Inflation and Income Distribution</li> <li>Capitalism in One …