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The Quantitative Analytics of the Basic Neomonetarist Model
Open accessAbstract
This paper constructs a dynamic macroeconomic model with less-than-perfect price flexibility which has a classical side consistent with real business cycle theory, augmented by investment adjustment costs; increasing returns to scale; and a new, flexible formalization of imperfect competition. Something akin to the classical dichotomy is justified by a mode of approximation appropriate for a model in which one state variable adjusts quickly while another state variable adjusts slowly. Even with investment adjustment costs, monetary expansions are found to raise the real interest rate. The determinants of real rigidity and the macroeconomic rate of price adjustment are investigated. Copyright 1995 by Ohio State University Press.
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Citations
Cited by
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, F., & Wouters, R. (2007) · American Economic Review · doi:10.1257/aer.97.3.586 · Cited by 4,611
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, F., & Wouters, R. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1687574 · Cited by 1,506
The Power of Forward Guidance Revisited
McKay, A., Nakamura, E., & Steinsson, J. (2016) · American Economic Review · doi:10.1257/aer.20150063 · Cited by 548
An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining
GERTLER, M., SALA, L., & TRIGARI, A. (2008) · Journal of Money, Credit and Banking · doi:10.1111/j.1538-4616.2008.00180.x · Cited by 454
Control of the Public Debt: A Requirement for Price Stability?
Woodford, M. (1996) · National Bureau of Economic Research · doi:10.3386/w5684 · Cited by 423
Metadata
- Authors
- Kimball, M.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1995-02
- OpenAlex
- W3123765727
- Cited by
- 538
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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