Showing 1 - 10 of 136,262
impact of uncertainty and failed expectations induced by money leads to specific patterns of economic disruption. These … money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find …
Persistent link: https://www.econbiz.de/10009465939
The Fisher relation played a very different role in debates surrounding the Great Depression and the more recent Great Recession. This paper explores some of these differences, and suggests an explanation for them derived from a sketch of the idea's evolution between the two events, thus...
Persistent link: https://www.econbiz.de/10010291897
inflation under control, and by the adoption of monetary rules tied to expectations rather than current macroeconomic conditions …This paper studies the role of expectations and monetary policy on the economy's response to climate actions. We show … mitigation tool, with a carbon tax entailing more emissions uncertainty than in a rational expectations model and a cap …
Persistent link: https://www.econbiz.de/10014471613
inflation under control, and by the adoption of monetary rules tied to expectations rather than current macroeconomic conditions …This paper studies the role of expectations and monetary policy on the economy's response to climate actions. We show … mitigation tool, with a carbon tax entailing more emissions uncertainty than in a rational expectations model and a cap …
Persistent link: https://www.econbiz.de/10013462037
reference to the quantity of money.Following up the finding that inflation is determined in a coordination game, it is …. Central banks could thus be shown to be able to influence inflation rates, although the quantity of money plays no part in …This paper presents a model that pictures how inflation is determined in a decentralized market process where prices …
Persistent link: https://www.econbiz.de/10013208483
This paper is aimed at revisiting monetary analysis in order to better understand erroneous choices in the conduct of monetary policy. According to the prevailing consensus, the market economy is intrinsically stable and is upset only by poor behaviour by government or the banking system. We...
Persistent link: https://www.econbiz.de/10011943175
The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in...
Persistent link: https://www.econbiz.de/10011527565
This paper presents empirical evidence of the role of financial conditions in China's business cycle. We estimate a Bayesian-VAR for the Chinese economy, incorporating a financial conditions index for China that captures movements across a range of financial variables, including interest rates...
Persistent link: https://www.econbiz.de/10012142088
We construct a small-open-economy, New Keynesian dynamic stochastic generalequilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...
Persistent link: https://www.econbiz.de/10010238951
The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in...
Persistent link: https://www.econbiz.de/10011527276