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While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...
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, using insights from what is known as “Circuit Theory”. In this paper the author shows how monetary profits are generated …, and introduces a multisectoral dynamic disequilibrium monetary model of production. -- Endogenous money ; circuit theory …
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, using insights from what is known as "Circuit Theory". In this paper the author shows how monetary profits are generated …. -- Endogenous money ; circuit theory ; credit crunch …
Persistent link: https://www.econbiz.de/10008668193
) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …
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