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Turkey has experienced high and persistent inflation for more than twenty years. This chapter attempts firstly to survey the extremely broad literature on theories of inflation, in order to be able to classify, understand and discuss the dynamics of inflation more carefully. In this chapter, it...
Persistent link: https://www.econbiz.de/10005126353
This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...
Persistent link: https://www.econbiz.de/10005412611
Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to the widely held interpretation of the ECB as an...
Persistent link: https://www.econbiz.de/10005412615
Woodford’s (2003) model of a cashless economy is the basis for his book Interest and Prices. Since Woodford assumes complete markets, this paper explicitly includes state-contingent securities with either temporary money or a cash-in-advance constraint to analyze Woodford’s logic. This...
Persistent link: https://www.econbiz.de/10005561359
, this missing parameter hypothesizes that Frisch's 'rocking-horse theory' of the business cycle is an inaccurate description …
Persistent link: https://www.econbiz.de/10005076708
This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony....
Persistent link: https://www.econbiz.de/10005076781
economic theory, because he used the term 'rules' not in the meaning of a formal brilliantly designed notion. He definitely … made a distinction between non-rigidly-fixed-rules and discretion. I give an explanation why his economic theory is not …
Persistent link: https://www.econbiz.de/10005076842
Uno de los temas que se trabaja en macroeconomía esta relacionado con el efecto que tiene las variables nominales, en particular el dinero, sobre las reales. En este artículo se presenta una revisión teórica del punto de vista que tiene cada una de las escuelas en macroeconomía con respecto...
Persistent link: https://www.econbiz.de/10005125009
The multiplier theory is still an important analytical tool in many macroeconomic textbooks. For example, a number of … textbook authors use the theory to explain the process of growth in goods market by expanding the multiplier process into a …¡¯s deduction of the "monetary transmission mechanism", and then analyze the main problems and discuss the multiplier theory …
Persistent link: https://www.econbiz.de/10005125655
This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory … and after, with a view of assessing the theory’s ongoing relevance and applicability to issues of both monetary theory and … policy. Contrary to the neoclassical “special case” interpretation, Keynes considered his liquidity preference theory of …
Persistent link: https://www.econbiz.de/10005126066