general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …

including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity … leads to permanent increases in the euro area M3 aggregate and the price level, a temporary rise in real output and a … play an important role in explaining price and output fluctuations in the euro area and in the global economy. …

maximum level of merchants' discount MD’ (reservation price) that the retailers are willing to pay, depending on the level of …

Phenomena such as the Great Moderation have increased the attention of macro-economists towards models where shock …

analytically that in a rational expectations present value model, an asset price manifests near random walk behavior if …