I study how the general and specific details of a micro founded monetary framework affect the determination of policy when the government has limited commitment. The conduct of policy depends on the interaction between the incentive to smooth distortions intertemporally and a time-consistency...

I study how the general and specific details of a micro founded monetary framework affect the determination of policy when the government has limited commitment. The conduct of policy depends on the interaction between the incentive to smooth distortions intertemporally and a time-consistency...

Neoclassical theory and rational expectations : theoretical deficiencies -- Aggregation, money and Keynes epistemology -- Basics on money -- Money, finance and growth -- Structural stability in models and reality -- Inflation and unemployment -- Epilogue: picture and axiomatic structures