Similar Search Results

Effective demand and short-term adjustments in the General Theory

Allain, Olivier - HAL - 2006

Keynes' principle of effective demand constitutes a pillar for Post Keynesians theories. But Keynes' presentation remains difficult to interpret, mainly because the aggregate demand function is based on entrepreneurs' expectations. The problem is then to demonstrate how these entrepreneurs...

Persistent link: https://www.econbiz.de/10010750536

Nominal Uniqueness and Money Non-neutrality in the Limit-Price Exchange Process

Giraud, Gaël; Tsomocos, Dimitrios P. - HAL - 2010

We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations … game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …

Persistent link: https://www.econbiz.de/10010603678

Bad money and distributive conflict

Asensio, Angel - HAL - 2009

terms of a trade-off between inflation and higher unemployment. Some general policy principles are suggested to relieve the … money has been (endogenously) delivered which did not lead to a proportionate increase of real wealth, thereby creating an … artificial purchasing power into the economic system. According to Keynes and Post Keynesians 'true inflation' develops when the …

Persistent link: https://www.econbiz.de/10008793906

Is the New Economy a Useful Concept ?

Paulré, Bernard - HAL - 2000

The present paper examines the meaning and usefulness of the concept of a New Economy. This construct, which first began to appear in the media in the mid-1990s, is utilised today with a variety of definitions and intentions. Having identified three possible denotations or orientations relating...

Persistent link: https://www.econbiz.de/10008793473

Woodford and Wicksell: a Cashless Economy or a Moneyless Economy Framework ?

Barbaroux, Nicolas - HAL - 2007

policymakers has lied in the relevancy of money within the monetary policy analysis. Since the publication of King and Goodfriend … 1997's article that gave birth to a new current -the New Neoclassical Synthesis- money seems to be de-emphasized1. A new … the "implied path of the money supply or the determinants of money demand" (Woodford, 2003, p.237) in the determination of …

Persistent link: https://www.econbiz.de/10008793222

The role of money and monetary policy in crisis periods: the Euro area case

Benchimol, Jonathan; Fourçans, André - HAL - 2012

In this paper, we test two models of the Eurozone, with a special emphasis on the role of money and monetary policy … during crises. The role of separability between money and consumption is investigated further and we analyse the Euro area … economy during three different crises: 1992, 2001 and 2007. We find that money has a rather significant role to play in …

Persistent link: https://www.econbiz.de/10009651555

Equilibrium of incomplete markets with money and intermediate banking system

Florenzano, Monique; Kanellopoulou, Stella; Vailakis, … - HAL - 2006

This paper studies a simple stochastic two-period general equilibrium exchange model with money, an incomplete market … implicit in the model, public debt and creation of money both implemented at the first period. The equilibrium existence is … established under a Gains to trade hypothesis and the assumption that banks have a non zero endowment of money at each date …

Persistent link: https://www.econbiz.de/10010750471