construct an alternative business-cycle model capturing these two features by adding two assumptions to a money …

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 develops a model of unemployment fluctuations. The model keeps the architecture of the general-disequilibrium … affects unemployment: with a higher aggregate demand, firms find more customers; this reduces the idle time of their employees … disequilibrium approach. On the product and labor markets, both price and tightness adjust to equalize supply and demand. Since there …

one of the most important ideas to emerge from Keynes' (1936) General Theory; that high involuntary unemployment can …

research project on Money and Business Cycles started in the 1950s. The project resulted in three more books and many important … articles. A Monetary History was designed to provide historical evidence for the modern quantity theory of money. The principal … lessons of the modern quantity theory of the long-run neutrality of money, the transitory effects of monetary policy on real …

. A model of efficient barter and local inside money is developed to show how chronic specie scarcity in colonial America …