This paper examines the nature and the length of economic adjustments to selected structural reforms, drawing on a variety of approaches: descriptive analysis and simulations using Dynamic General Equilibrium and macro-economic neo-Keynesian models. The descriptive analysis suggests that the...

The paper provides a formalisation of the monetary folk proposition that fiat base money is an asset of the holder but not a liability of the issuer. The issuance of irredeemable fiat base money can have pure fiscal effects on private demand. With irredeemable fiat base money, weak restrictions...

Introduction -- Real Business Cycle (RBC) model -- Basic New-Keynesian (NK) model -- New-Keynesian model with wage stickiness -- New-Keynesian model with habit formation and non-Ricardian agents -- New-Keynesian Model with adjustment costs on investment and under-utilization of maximum installed...