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The General Theory of Employment, Interest, and Money after 75 Years : The Importance of Being in the Right Place at the Right Time
Luzzetti, Matthew N. - 2011
This paper studies why the General Theory had so much impact on the economics profession through the 1960s, why that … impact began to wane in the 1970s, and why many economic policymakers cling to many of the tenets of the General Theory. We … qualitatively to patterns discussed in the General Theory, that econometric developments in the area of simultaneous equations made …
Persistent link: https://www.econbiz.de/10013131957
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Does Fiscal Policy Matter? Blinder and Solow Revisited
Farmer, Roger E. A. - 2010
This paper uses the old-Keynesian representative agent model developed in Farmer (2010b) to answer two questions: 1) do increased government purchases crowd out private consumption? 2) do increased government purchases reduce unemployment? Farmer compared permanent tax financed expenditure paths...
Persistent link: https://www.econbiz.de/10013134828
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E. A. - 2010
This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer's (2009) model in …
Persistent link: https://www.econbiz.de/10013136024
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An Exploration of Optimal Stabilization Policy
Mankiw, N. Gregory - 2011
This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the...
Persistent link: https://www.econbiz.de/10013124860
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Reply to "Generalizing the Taylor Principle : A Comment"
Davig, Troy - 2013
Farmer, Waggoner, and Zha (2009) show that a new Keynesian model with a regime-switching monetary policy rule can support multiple solutions that depend only on the fundamental shocks in the model. Their note appears to find solutions in regions of the parameter space where there should be no...
Persistent link: https://www.econbiz.de/10013095978
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Testing for Keynesian Labor Demand
Bils, Mark - 2012
According to the textbook Keynesian model, short-run demand for labor is sensitive to the demand for goods. In this view, sellers deviate from setting the marginal product of labor proportional to the real wage, instead enduring or choosing lower price markups when demand for goods is high. We...
Persistent link: https://www.econbiz.de/10013105004
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Keynes and the Dollar in 1933
Edwards, Sebastian - 2017
. I analyze Keynes writings on the international monetary system in an effort to understand what he meant in his letter. I … compare Keynes's “The means to prosperity” with James P. Warburg's plan for a “modified international standard.” …
Persistent link: https://www.econbiz.de/10012963186
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Supply and Demand in Disaggregated Keynesian Economies with an Application to the Covid-19 Crisis
Baqaee, David - 2020
We study supply and demand shocks in a general disaggregated model with multiple sectors, multiple factors, input-output linkages, downward nominal wage rigidities, credit-constraints, and a zero lower bound. We use the model to understand how the Covid-19 crisis, an omnibus of supply and demand...
Persistent link: https://www.econbiz.de/10012833754
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Understanding the New-Keynesian Model When Monetary Policy Switches Regimes
Farmer, Roger E. A. - 2007
This paper studies a New-Keynesian model in which monetary policy may switch between regimes. We derive sufficient conditions for indeterminacy that are easy to implement and we show that the necessary and sufficient condition for determinacy, provided by Davig and Leeper, is necessary but not...
Persistent link: https://www.econbiz.de/10012777388
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The Intertemporal Keynesian Cross
Auclert, Adrien - 2018
We demonstrate the importance of intertemporal marginal propensities to consume (iMPCs) in disciplining general equilibrium models with heterogeneous agents and nominal rigidities. In a benchmark case, the dynamic response of output to a change in the path of government spending or taxes is...
Persistent link: https://www.econbiz.de/10012911456