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paper, instead, shows that it is possible to analyze equilibrium inflation determination without any reference to either …
Persistent link: https://www.econbiz.de/10005669819
A notable feature of the Japanese economy following the banking crisis of the late 1990s is the drastic decline in the velocity of money and the consequent decline in the price level. Based on the inventory model of money demand a la Alvarez, Atkeson, and Edmond (2009), we explore how...
Persistent link: https://www.econbiz.de/10009194510
In the summer of 2002, the Swiss National Bank (SNB) hosted the “SNB-Fed Cleveland Workshop on Monetary Economics”. Recent years have seen the development of the search-theoretic approach to monetary theory. It has established itself as an important strand of monetary theory in a very short...
Persistent link: https://www.econbiz.de/10005000641
Persistent link: https://www.econbiz.de/10005051307
Subject of the present study is the agent-based computer simulation of Agent Island. Agent Island is a macroeconomic model, which belongs to the field of monetary theory. Agent-based modeling is an innovative tool that made much progress in other scientific fields like medicine or logistics. In...
Persistent link: https://www.econbiz.de/10008555425
inflation, the relationship between money and capital accumulation, and the Phillips curve. We also extend the benchmark model …
Persistent link: https://www.econbiz.de/10008592993
agents voluntary contribute to a public good. Inflation has two effects at equilibrium: it increases voluntary contributions … high' inflation rates. Moreover, there exists an optimal inflation rate. …
Persistent link: https://www.econbiz.de/10005478918
rounds of QE provided a significant boost to both growth and inflation in the USA and UK, whilst the evidence on the impact … policies to generate a material revival in bank lending. Meanwhile, fears that QE would fuel a sharp acceleration in inflation …
Persistent link: https://www.econbiz.de/10011141074
We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can...
Persistent link: https://www.econbiz.de/10011257591
during the Fed׳s first 100 years: the post-World War I deflation, the deflation of the Great Depression, the inflation of … World War II, and the Great Inflation of the 1970s. In terms of their macroeconomic impacts, I find that deflation was … War II was in debasing debt through inflation. I find that the main drivers of the 1970s economy were long-run changes in …
Persistent link: https://www.econbiz.de/10011117339