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Aggregate Demand and Supply
Farmer, Roger E. A. - 2007
This paper is part of a broader project that provides a microfoundation to the General Theory of J.M. Keynes. I call … this project 'old Keynesian economics' to distinguish it from new-Keynesian economics, a theory that is based on the idea … definitions of aggregate demand and supply found in the General Theory through the lens of a search theory of the labor market. I …
Persistent link: https://www.econbiz.de/10012465244
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An Aggregate Demand - Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990
West, Kenneth D. - 1991
An aggregate demand - aggregate supply framework is used to analyze the effects of Japanese monetary policy, 1973:1-1990:8. It is found that money supply shocks contribute relatively little to output variability over the sample as a whole. Nor do these shocks seem to be particularly marked...
Persistent link: https://www.econbiz.de/10012475174
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The Anatomy of Sentiment-Driven Fluctuations
Acharya, Sushant - 2017
We characterize the entire set of linear equilibria of beauty contest games under general information structures. In particular, we focus on equilibria in which sentiments, that is self-fulfilling changes in beliefs that are orthogonal to fundamentals and exogenous noise, can drive aggregate...
Persistent link: https://www.econbiz.de/10012455545
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Uncertainty and Sentiment-Driven Equilibria
Benhabib, Jess - 2013
We construct a model to capture the Keynesian idea that production and employment decisions are based on expectations of aggregate demand driven by sentiments, and that realized demand follows from the production and employment decisions of firms. We cast the Keynesian idea into a simple model...
Persistent link: https://www.econbiz.de/10012459783
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A Note on Temporary Supply Shocks with Aggregate Demand Inertia
Caballero, Ricardo J.; Simsek, Alp - National Bureau of Economic Research - 2022
We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and expansionary policy is constrained. In this environment, it is optimal to run the economy hot until supply recovers. Positive output gaps in the low-supply phase lessen the negative output...
Persistent link: https://www.econbiz.de/10013172115
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Welfare and Output with Income Effects and Demand Instability
Baqaee, David; Burstein, Ariel T. - National Bureau of Economic Research - 2021
We provide a non-parametric characterization of how welfare responds to changes in budget and production possibility sets when preferences are non-homothetic or subject to shocks, in both partial and general equilibrium. We generalize Hulten's theorem, which is the basis for constructing...
Persistent link: https://www.econbiz.de/10012533303
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Wedges, Wages, and Productivity under the Affordable Care Act
Mulligan, Casey B. - 2013
Our paper documents the large labor market wedges created by taxes, subsidies, and regulations included in the Affordable Care Act. The law changes terms of trade in both goods and factor markets for firms offering health insurance coverage. We use a multi-sector (intra-national) trade model to...
Persistent link: https://www.econbiz.de/10012458892
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The Arrival of Fast Internet and Employment in Africa
Hjort, Jonas - 2017
To show how fast Internet affects employment in Africa, we exploit the gradual arrival of submarine Internet cables on the coast and maps of the terrestrial cable network. Robust difference-in-differences estimates from three datasets covering 12 countries show large positive effects on...
Persistent link: https://www.econbiz.de/10012455100
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The Cost Channel of Monetary Transmission
Barth, Marvin J, III. - 2000
This paper presents evidence that the cost channel' may be an important part of the monetary transmission mechanism. We argue that if working capital is an essential component of production and distribution, monetary contractions can affect output through a supply channel as well as the...
Persistent link: https://www.econbiz.de/10012471092
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Supply Shocks in Macroeconomics
Shapiro, Matthew D. - 1987
Supply shocks played an important role in macroeconomic fluctuations during the 1970's. Supply shocks are also increasingly important in Keynesian and neo-classical models of the business cycle. This paper is a short survey of these theoretical models. It also discusses the history of supply...
Persistent link: https://www.econbiz.de/10012476923