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Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle definitively many issues, such as the valid and...
Persistent link: https://www.econbiz.de/10012475425
The paper examines how relative price shocks can affect the price level and then inflation. Using Indian data, it is … observed that: (1) Price increases exceed price decreases. Aggregate inflation depends on the distribution of relative price … changes — inflation rises when the distribution is skewed to the right; (2) Such distribution-based measures of supply shocks …
Persistent link: https://www.econbiz.de/10014158193
We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary–fiscal regime. The chapter concludes with directions in which...
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Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle definitively many issues, such as the valid and...
Persistent link: https://www.econbiz.de/10013230788