This paper points out a simple but important “money” issue in New Keynesian models. Once central bank-controlled bonds are included as part of the household budget constraint, New Keynesian models can no longer be considered in money-less framework, if we think of economic logic of the...

The purpose of this paper is to examine the intellectual roots of monetary dominance; specifically, the view that fiscal policy is largely irrelevant to counter-cyclical macro stabilisation and long-run output growth. A first step towards monetary dominance was the monetarist reinterpretation of...

Cover; Zum Inhalt_Autor; Titel; Vorwort; Inhaltsübersicht; Inhaltsverzeichnis; Kapitel 1 Geld, Zins und Banken; 1.1 Theoretische Grundlagen; 1.1.1 Die Funktionen des Geldes: Zahlungsmittel aus informationstheoretischer Sicht; 1.1.2 Traditionelle Strategien zur Wahrung des Geldwertes:...