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This paper investigates the possibility of conducting an unconventional monetary policy of Quantitative easing (QE) at high interest rates using the example and experience of Russia. The Central Bank of the Russian Federation has raised the key interest rate on six occasions during the 12 months...
Persistent link: https://www.econbiz.de/10011110135
We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...
Persistent link: https://www.econbiz.de/10005762579
In this paper, we set up a model of economic growth which deals with Keynesian unemployment, from non-Walrasian/Keynesian perspectives, investigate the possibility of persistent “growth cycles” generated and analyze the effects of flexibility of (real) wages on the long-run economic...
Persistent link: https://www.econbiz.de/10011208931
nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …
Persistent link: https://www.econbiz.de/10008461118
This paper investigates the dynamics of output, employment and prices in an economy with costs of adjusting labor and prices. In an economy with non convex adjustments costs, firms do not adjust labor and prices continuously to accommodate every shift in demand. Rather, firms adjust employment...
Persistent link: https://www.econbiz.de/10005412577
fundaments of modern theory. This refers to its fiscal and monetary content in particular and their modern pragmatism. The …
Persistent link: https://www.econbiz.de/10010776411
Keynes's theory. Keynes's contribution to monetary theory is significant. Stands out, in particular, his thesis concerning a …
Persistent link: https://www.econbiz.de/10011122603
In this paper, by utilizing the Poincaré–Bendixson theory and the Hopf bifurcation theory, we analyze both rigid …
Persistent link: https://www.econbiz.de/10010906613
We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal...
Persistent link: https://www.econbiz.de/10011107232
This paper provides a new explanation of why inflation is sluggish in response to aggregate demand shocks and why aggregate output changes as result of such shocks. We argue that these phenomena are related to lags between inputs and outputs in the production process, "production lags" for...
Persistent link: https://www.econbiz.de/10005702997