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for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure … mainstream approach to the explanation of prices. Howard Nicholas underlines the shortcomings of this and other approaches to the … explanation of prices, particularly their concepts of the value of the commodity and money. He argues the problems with all other …
Persistent link: https://www.econbiz.de/10013504712
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addition, it computed volatility measures for ten agricultural policy instruments and six regulated commodity prices. …
Persistent link: https://www.econbiz.de/10005669411
Sargent and Wallace (1981) have shown by an example, termed "spectacular", that a lowering of the growth rate of money may in some cases increase the rate of inflation - not only in the end, but even from the start. I show that this "spectacular" result ceases to hold if the central bank is...
Persistent link: https://www.econbiz.de/10005669606
the special case in which prices are sticky and wages are perfectly flexible. When the model is calibrated to exhibit an …
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The decision to launch EMU has focused attention on possible asymmetries in output and prices responses to the single …
Persistent link: https://www.econbiz.de/10005671672
Favorable conditions existed for world economic growth during the 1980s and early 1990s. Yet real GDP growth rates for 76 ou of 87 countries included in this study decreased during this time, relative to the 1968-80 period. The middle income countries experienced the greatest decline in growth...
Persistent link: https://www.econbiz.de/10005780464
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Optimal monetary policy maximizes welfare, given frictions in the economic environment. Constructing a model with two sets of frictions - the Keynesian friction of costly price adjustment by imperfectly competitive firms and the Monetarist friction of costly exchange of wealth for goods - we...
Persistent link: https://www.econbiz.de/10004993913
Reasoning within the New Neoclassical Synthesis (NNS) we previously recommended that price stability should be the primary objective of monetary policy. We called this a neutral policy because it keeps output at its potential, defined as the outcome of an imperfectly competitive real business...
Persistent link: https://www.econbiz.de/10004993924