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The structure and content of Das Kapital
Basu, Deepankar - 2017
profit, interest and rent (and monopoly profit more generally). The three volumes together give a comprehensive picture of …
Persistent link: https://www.econbiz.de/10011788915
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A comment on monetary policy and rational asset price bubbles
Allen, Franklin; Barlevy, Gadi; Gale, Douglas - 2023
Galí (2014) showed that a monetary policy rule that raises interest rates in response to bubbles can paradoxically lead … interest rates aggressively enough. This result is different from the Miao, Shen and Wang (2019) comment on Galí's paper. They … equilibria, more aggressive rules involve threats to raise interest rates more than actual rate increases. …
Persistent link: https://www.econbiz.de/10014480521
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Federal reserve policies and financial market conditions during the crisis
Brave, Scott A.; Genay, Hesna - 2011
During the recent financial crisis, the Federal Reserve implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. In this paper, we examine the effects of these policies on broad financial market conditions,...
Persistent link: https://www.econbiz.de/10010292196
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New Keynesian dynamics in a low interest rate environment
Braun, R. Anton; Körber, Lena Mareen - 2011
interest rate is zero. Improvements in technology and reductions in the labor tax rate lower economic activity, and the size of … prototypical New Keynesian model fit to Japanese data exhibits orthodox dynamics during Japan's episode with zero interest rates …
Persistent link: https://www.econbiz.de/10010292223
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Some unpleasant properties of log-linearized solutions when the nominal rate is zero
Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2012
Does fiscal policy have qualitatively different effects on the economy in a liquidity trap? We analyze a nonlinear stochastic New Keynesian model and compare the true and loglinearized equilibria. Using the loglinearized equilibrium conditions, the answer to the above question is yes. However,...
Persistent link: https://www.econbiz.de/10010292261
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On policy interactions among nations: When do cooperation and commitment matter?
Kempf, Hubert; von Thadden, Leopold - 2008
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
Persistent link: https://www.econbiz.de/10010292265
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How Amsterdam got fiat money
Quinn, Stephen; Roberds, William - 2010
We investigate a fiat money system introduced by the Bank of Amsterdam in 1683. Using data from the Amsterdam Municipal Archives, we partially reconstruct changes in the bank's balance sheet from 1666 through 1702. Our calculations show that the Bank of Amsterdam, founded in 1609, was engaged in...
Persistent link: https://www.econbiz.de/10010292282
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Macroeconomic expectations of households amd professional forecasters
Carroll, Christopher D. - 2002
Economists have long emphasized the importance of expectations in determining macroeconomic outcomes Yet there has been almost no recent effort to model actual empirical expectations data; instead macroeconomists usually simply assume expectations are rational This paper shows that while...
Persistent link: https://www.econbiz.de/10010293441
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Greenspan and the Greenbook
Tchaidze, Robert R. - 2002
A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...
Persistent link: https://www.econbiz.de/10010293458
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The epidemiology of macroeconomic expectations
Carroll, Christopher D. - 2001
Since the foundational work of Keynes (1936) macroeconomists have emphasized the importance of agents' expectations in determining macroeconomic outcomes Yet in recent decades macroeconomists have devoted almost no effort to modeling actual empirical expectations data instead assuming all...
Persistent link: https://www.econbiz.de/10010293481