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Monetary Policy In A New Keynesian Model With Endogenous Growth
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Book Synopsis Monetary Policy in a New Keynesian Model with Endogenous Growth by : Barbara Annicchiarico
Download or read book Monetary Policy in a New Keynesian Model with Endogenous Growth written by Barbara Annicchiarico and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find the following results: (i) technology and government spending shocks have different effects on growth; (ii) disinflationary monetary policies entail positive effects on growth; (iii) the optimal long-run inflation rate is zero; (iv) the Ramsey dynamics implies deviation from full inflation targeting in response to technology and government spending shocks; (v) the optimal operational rule is backward looking and responds to inflation and output deviations from their long-run levels.
Book Synopsis Ramsey Monetary Policy in a New Keynesian Model with Endogenous Growth by : Barbara Annicchiarico
Download or read book Ramsey Monetary Policy in a New Keynesian Model with Endogenous Growth written by Barbara Annicchiarico and published by . This book was released on 2014 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study Ramsey monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find that in contrast with the standard NK model, the Ramsey dynamics implies deviation from full inflation targeting in response to technology and government spending shocks.
Book Synopsis Keynesian Economics and Price Theory by : Masayuki Otaki
Download or read book Keynesian Economics and Price Theory written by Masayuki Otaki and published by Springer. This book was released on 2015-02-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.
Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí
Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Book Synopsis Monetary and Macroprudential Policy with Endogenous Risk by : Tobias Adrian
Download or read book Monetary and Macroprudential Policy with Endogenous Risk written by Tobias Adrian and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advances in Endogenous Money Analysis by : Louis-Philippe Rochon
Download or read book Advances in Endogenous Money Analysis written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2017-10-27 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory of money in post-Keynesian monetary theory. The expert contributors to this enlightening book revisit long-standing debates on the endogeneity of money from the position of both horizontalists and structuralists, and prescribe new areas of research and debate for post-Keynesian scholars to explore.
Book Synopsis Economic Growth by : Alfonso Novales
Download or read book Economic Growth written by Alfonso Novales and published by Springer. This book was released on 2014-07-02 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book on deterministic and stochastic Growth Theory and the computational methods needed to produce numerical solutions. Exogenous and endogenous growth models are thoroughly reviewed. Special attention is paid to the use of these models for fiscal and monetary policy analysis. Modern Business Cycle Theory, the New Keynesian Macroeconomics, the class of Dynamic Stochastic General Equilibrium models, can be all considered as special cases of models of economic growth, and they can be analyzed by the theoretical and numerical procedures provided in the textbook. Analytical discussions are presented in full detail. The book is self contained and it is designed so that the student advances in the theoretical and the computational issues in parallel. EXCEL and Matlab files are provided on an accompanying website (see Preface to the Second Edition) to illustrate theoretical results as well as to simulate the effects of economic policy interventions. The structure of these program files is described in "Numerical exercise"-type of sections, where the output of these programs is also interpreted. The second edition corrects a few typographical errors and improves some notation.
Book Synopsis Long-Run Monetary Non-Neutrality in a Model of Endogenous Growth by : Martin Zagler
Download or read book Long-Run Monetary Non-Neutrality in a Model of Endogenous Growth written by Martin Zagler and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Analysis, indicating a negative tradeoff between long-run growth and economic stability appear sensitive with respect to policy intervention. I use a model of fully rational utility maximizing representative agents and profit maximizing firms acquiring rents by inventing a new product variety on which they have market power in a monopolistically competitive goods market. Monopolistic competition has been used in three contexts in modern economics: trade, growth and New Keynesianism. I shall use the latter two, together with a small menu cost argument enabling nominal price rigidity on the goods market, to show that monetary policy can stabilize the economy closer to potential output than laissez-faire in the short run, thereby inducing faster innovation driven endogenous growth in the long run. Whilst the effect of fiscal policy on growth and the effect of monetary policy on levels is not new to endogenous growth and New Keynesian models, respectively, the result of a growth effect of monetary policy, which the model describes, is genuine.
Book Synopsis Endogenous Growth, Downward Wage Rigidities and Optimal Inflation by : Mirko Abbritti
Download or read book Endogenous Growth, Downward Wage Rigidities and Optimal Inflation written by Mirko Abbritti and published by International Monetary Fund. This book was released on 2021-08-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate.
Book Synopsis Unconventional Policy Instruments in the New Keynesian Model by : Zineddine Alla
Download or read book Unconventional Policy Instruments in the New Keynesian Model written by Zineddine Alla and published by International Monetary Fund. This book was released on 2016-03-10 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence’ breaks down. The paper discusses the role of a second instrument and its coordination with conventional interest rate policy, and presents theoretical results on equilibrium determinacy, the inflation bias, the stabilization bias, and the optimal central banker’s preferences when both instruments are available. We show that the use of an unconventional instrument can help reduce the zone of equilibrium indeterminacy and the volatility of the economy. However, in some circumstances, committing not to use the second instrument may be welfare improving (a result akin to Rogoff (1985a) example of counterproductive coordination). We further show that the optimal central banker should be both aggressive against inflation, and interventionist in using the unconventional policy instrument. As long as price setting depends on expectations about the future, there are gains from establishing credibility by using any instrument that affects these expectations.
Download or read book Economic Growth written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on the nature, causes and features of economic growth across a range of countries and regions. This title covers a variety of growth related topics - from theoretical analyses of economic growth in general to empirical analyses of growth in the OECD, transition economies and developing economies. This enlightening and significant new volume focuses on the nature, causes and features of economic growth across a wide range of countries and regions. Covering a variety of growth related topics - from theoretical analyses of economic growth in general to empirical analyses of growth in the OECD, transition economies and developing economies - the distinguished cast of contributors address some of the most important contemporary issues and developments in the field. These include, amongst others: endogenous growth theory, Keynesian theories of the business cycle and growth, unemployment and growth, FDI and productivity spillovers, and knowledge externalities and growth. This useful analysis of the many facets of economic growth will be an essential read for those interested in economic theory and economic policy-making, as well as students and scholars of macroeconomics and finance.
Book Synopsis Credit, Money and Crises in Post-Keynesian Economics by : Louis-Philippe Rochon
Download or read book Credit, Money and Crises in Post-Keynesian Economics written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2020-07-31 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, Louis-Philippe Rochon and Hassan Bougrine bring together key post-Keynesian voices in an effort to push the boundaries of our understanding of banks, central banking, monetary policy and endogenous money. Issues such as interest rates, income distribution, stagnation and crises – both theoretical and empirical – are woven together and analysed by the many contributors to shed new light on them. The result is an alternative analysis of contemporary monetary economies, and the policies that are so needed to address the problems of today.
Book Synopsis Credit, Money, and Production by : Louis-Philippe Rochon
Download or read book Credit, Money, and Production written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 1999-11-25 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rochon (economics and banking, Kalamazoo College) uses a horizontalist perspective to offer a historical overview of the post-Keynesian and circuit approaches to endogenous money, and provides an informed critique of the development of post-Keynesian economics. He argues that rather than emphasizing the early writings of Minsky, Kaldor, and Tobin in the 1950s and of Davidson and Rousseas later, post Keynesians ought to have followed the writings of Joan Robinson and Richard Kahn who offered better theories of credit-money.
Book Synopsis Complexity, Endogenous Money and Macroeconomic Theory by : Mark Setterfield
Download or read book Complexity, Endogenous Money and Macroeconomic Theory written by Mark Setterfield and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the horizontalist analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore s interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
Book Synopsis Inflation and Growth by : Stephanie Kremer
Download or read book Inflation and Growth written by Stephanie Kremer and published by . This book was released on 2010 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Keynesian Economics by : Fouad Sabry
Download or read book New Keynesian Economics written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-02-01 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is New Keynesian Economics For the purpose of providing Keynesian economics with microeconomic underpinnings, the New Keynesian economics school of macroeconomics is an attempt to give those foundations. New classical macroeconomics advocates were the ones who initially voiced their opposition to Keynesian macroeconomics, which led to the development of this theory. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: New Keynesian economics Chapter 2: Macroeconomics Chapter 3: Stagflation Chapter 4: Phillips curve Chapter 5: Nominal rigidity Chapter 6: Ricardo Reis Chapter 7: John B. Taylor Chapter 8: Policy-ineffectiveness proposition Chapter 9: Menu cost Chapter 10: Dynamic stochastic general equilibrium Chapter 11: Neoclassical synthesis Chapter 12: New classical macroeconomics Chapter 13: AD-AS model Chapter 14: David Romer Chapter 15: History of macroeconomic thought Chapter 16: Real rigidity Chapter 17: New neoclassical synthesis Chapter 18: Divine coincidence Chapter 19: Taylor contract (economics) Chapter 20: Calvo (staggered) contracts Chapter 21: Jón Steinsson (II) Answering the public top questions about new keynesian economics. (III) Real world examples for the usage of new keynesian economics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of New Keynesian Economics.
Book Synopsis Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics by : Hassan Bougrine
Download or read book Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics written by Hassan Bougrine and published by Edward Elgar Publishing. This book was released on 2020-07-31 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
