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Explaining the aggregate price level with Keynes's principle of effective demand

Hartwig, Jochen (contributor) - 2004 - [Elektronische Ressource]

The conventional wisdom about Keynes's Principle of Effective Demand is that it states something about quantities. It is widely held that the Principle determines the levels of output and employment in a world not governed by Say's Law. This paper argues that the Principle of Effective Demand...

Persistent link: https://www.econbiz.de/10002521580

Die Weltwirtschaftskrise als Exempel der Überinvestitionstheorie : komplementäre Erklärungsansätze von v. Hayek/Garrison und Minsky

Sell, Friedrich L. - 2010

In diesem Beitrag werden die Grundzüge der Überinvestitionstheorien von Hyman Minsky auf der einen und die von v. Hayek/Garrison auf der anderen Seite zunächst in den „Sprachen“ der Originalbeiträge herausgearbeitet. Anschließend wird ihr möglicher Erklärungsbeitrag für die aktuelle...

Persistent link: https://www.econbiz.de/10003961724

Credibility Dynamics and Disinflation Plans

Kostadinov, Rumen - 2020

We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the Central bank is committed to the plan. Some plans...

Persistent link: https://www.econbiz.de/10012828228

The Indeterminacy of Determinacy with Fiscal, Macro-Prudential or Taylor Rules

Chatelain, Jean-Bernard - 2019

The determinacy of dynamic stochastic general equilibrium models including fiscal, macro-prudential or Taylor rules relies on the assumption that policy instruments are forward-looking when policy targets are also forward-looking. Blanchard and Kahn (1980) determinacy condition does not forbid...

Persistent link: https://www.econbiz.de/10012898341

Publish and perish : creative destruction and macroeconomic theory

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

theory appears not to be a cumulative science so far. When attempts are done to settle controversies by "nature" (testing the … or non-identified when testing them. Two examples are provided, one in growth theory and testing convergence, one in … business cycles theory and testing inflation persistence. …

Persistent link: https://www.econbiz.de/10011597938

Publish and Perish : Creative Destruction and Macroeconomic Theory

Chatelain, Jean-Bernard - 2019

softwares, macroeconomic theory appears not to be a cumulative science so far. Observational equivalence of different models and … growth theory and a second in testing inflation persistence …

Persistent link: https://www.econbiz.de/10012902313

A Review of James Forder, Macroeconomics and the Phillips Curve Myth

De Vroey, Michel - 2017

theory …

Persistent link: https://www.econbiz.de/10012967718

Forecast-based monetary policy in Sweden 1992-1998 : a view from within

Jansson, Per; Vredin, Anders - 2001

evaluate. The analysis in this paper is based on forecasts by Sveriges Riksbank (the central bank of Sweden) on real output and …

Persistent link: https://www.econbiz.de/10011584706

Uncertain Forward Guidance

Haberis, Alex - 2017

We explore the effects of forward guidance at the zero lower bound when there is uncertainty over the lift-off date arising from: (i) the imperfect credibility of time-inconsistent forward-guidance promises; (ii) incomplete communication. We use a simple New Keynesian model to demonstrate that a...

Persistent link: https://www.econbiz.de/10012959532

The first practical guide to inflation targeting

Jonung, Lars - 2023

When Sweden left the gold standard on September 27, 1931, the Swedish government declared that the aim of monetary … targeting officially became for the first time the goal for a central bank. Soon after, the Riksbank (Bank of Sweden) sent a …

Persistent link: https://www.econbiz.de/10014551682