increased government purchases crowd out private consumption? 2) do increased government purchases reduce unemployment? Farmer … also reduce unemployment …

This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer's (2009) model in … which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

"This paper presents a theory of the monetary transmission mechanism in an old-Keynesian model with multiple … equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and …

This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of … a permanent reduction in wealth and consumption and a permanent increase in the unemployment rate. My work suggests that …

This paper uses a model with a continuum of equilibrium steady state unemployment rates to explore the effectiveness of …. I use the model to explain the current financial crisis as a shift to a high unemployment equilibrium, induced by the …

simulate moments of an artificial economy with and without sticky wages and we document the dependence of unemployment and … unemployment and vacancies. Following suggestions by Robert Hall and Robert Shimer, this paper shows that a relatively standard … DSGE model with sticky wages can account for these facts. Using a second-order approximation to the policy function we …