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Do Flexible Durable Goods Prices Undermine Sticky Price Models?
Barsky, Robert; House, Christopher; Kimball, Miles - EconWPA - 2003
The “neoclassical synthesis” sticky price model exhibits strange behavior when augmented with markets for durable goods with flexible prices. While in the data the output of durable goods responds strongly and positively to a loosening of monetary policy, in dynamic general equilibrium...
Persistent link: https://www.econbiz.de/10005076698
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Economia sintetica
Vildosola, Luis - EconWPA - 1998
Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.
Persistent link: https://www.econbiz.de/10005125628
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Money-Output Granger Causality Revisited: An Empirical Analysis of EU Countries
Hayo, Bernd - EconWPA - 1998
In this paper, the evidence collected in the large literature on testing for Granger-causality from money to output is revisited. Using a broad data base of 14 EU-countries plus Canada, the US and Japan, and quarterly data from the mid 60s to the mid 90s, a number of hypotheses from this...
Persistent link: https://www.econbiz.de/10005126173
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CIRCULAR VARIABLE WORK IN PROCESS
Vildosola, Luis - EconWPA - 2002
This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...
Persistent link: https://www.econbiz.de/10005126234
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The Demand for Stored Value Payment Instruments
Ingo, Pippow; Detlef, Schoder - EconWPA - 2002
from the perspective of practice and monetary theory, because their potential to substitute for cash is still largely …
Persistent link: https://www.econbiz.de/10005134968
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Systems Theory of Macroeconomics, Introduction to
Perison, A.G. - EconWPA - 2001
rapid expansion of the U.S. economy. The Systems Theory of Macroeconomics (STM) indicates an erroneous construction in Say … constitutes the Special Theory. General Theory attempts to quantify and unify the effects of fiscal, monetary and social policies … through corrections made to the Quantity Theory, thus modeling the short and long term effects of these policies in tandem or …
Persistent link: https://www.econbiz.de/10005412616
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EMU enlargement and convergence of price levels: Lessons from the German reunification
Maier, Philipp; Cavelaars, Paul - EconWPA - 2003
We analyse the possible impact of EMU enlargement on inflation rates in the accession countries. Using a simple theoretical model we show that the optimal path price adjustments should be asymmetric, i.e. occuring mostly in the candidate countries. Using data from the German reunification we...
Persistent link: https://www.econbiz.de/10005412769
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Monetary Policy with Incomplete Markets
Gourdel; Triki - EconWPA - 2005
We consider an extension of a general equilibrium model with incomplete markets that considers cash-in-advance constraints. The total amount of money is supplied by an authority, which produces at no cost and lends money to agents at short term nominal rates of interest, meeting the demand....
Persistent link: https://www.econbiz.de/10005413123
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MONEY AND OUTPUT INTERRACTION IN NIGERIA
NWAOBI, DR.GODWIN CHUKWUDUM - EconWPA - 2004
THIS PAPER DERIVES AND ESTIMATES A BARRO-TYPE REDUCED-FORM EQUATION FOR DOMESTIC REAL OUTPUT FROM A SIMPLE STRUCTURAL MODEL OF AN OPEN DEVELOPING ECONOMY IN WHICH MARKETS CLEAR CONTINUOUSLY AND EXPECTATIONS ARE RATIONAL. THE FORM IN WHICH OPEN ECONOMY VARIABLES APPEARED WAS EXPLICITLY DERIVED...
Persistent link: https://www.econbiz.de/10005561194
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Uncertainty, Indeterminacy and Shannon's Derivation of Entropy: Implications for Policy Administration - A Systems Theoretical Approach
Author: A.G. Perison - EconWPA - 2001
Most prices and interest rates display fluctuating levels that embody extractable energy and equivalent amounts of money. Such fluctuations are also associated with varying degrees of uncertainty. Shannon's derivations of spectral entropy and information content offer computational techniques...
Persistent link: https://www.econbiz.de/10005561278