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Finance and Growth : Theory and Evidence
Levine, Ross - 2004
is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease …
Persistent link: https://www.econbiz.de/10012785451
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Monetary Non-Neutrality in a Multi-Sector Menu Cost Model
Nakamura, Emi - 2009
Empirical evidence suggests that as much as 1/3 of the U.S. business cycle is due to nominal shocks. We calibrate a multi-sector menu cost model using new evidence on the cross-sectional distribution of the frequency and size of price changes in the U.S. economy. We augment the model to...
Persistent link: https://www.econbiz.de/10012766432
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High Frequency Identification of Monetary Non-Neutrality : The Information Effect
Nakamura, Emi - 2013
We present estimates of monetary non-neutrality based on evidence from high-frequency responses of real interest rates, expected inflation, and expected output growth. Our identifying assumption is that unexpected changes in interest rates in a 30-minute window surrounding scheduled Federal...
Persistent link: https://www.econbiz.de/10013078585
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The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level
Buiter, Willem H. - 2021
's fiscal theory of the price level, according to which for certain fiscal rules the (initial) price level is independent of the …
Persistent link: https://www.econbiz.de/10013310216
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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