Artikel
Macroeconomic fluctuations in a New Keynesian disequilibrium model
This study extends the current New Keynesian modeling framework by changing one crucial aspect: it replaces the general equilibrium assumption by the arguably more realistic assumption of macroeconomic disequilibrium. As a result, more complex and less smooth macroeconomic adjustment dynamics result, as it is not necessary to assume that goods and labor markets continuously clear. The disequilibrium dynamics in the form of regime-dependent output-, employment-, price- and wage fluctuations complicate the decision making problems faced by the fiscal and monetary policy makers substantially. In particular, the possibility of (multiple) regime switches implies the need for deeper analysis and careful monitoring of the disequilibrium mechanisms and dynamics when designing and implementing monetary and fiscal policies.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Journal of Economic Structures ; ISSN: 2193-2409 ; Volume: 6 ; Year: 2017 ; Issue: 10 ; Pages: 1-20 ; Heidelberg: Springer
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Business Fluctuations; Cycles
General Outlook and Conditions
International Policy Coordination and Transmission
- Thema
-
Disequilibrium analysis
New Keynesian model
Rationing
Macroeconomic policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
van Aarle, Bas
- Ereignis
-
Veröffentlichung
- (wer)
-
Springer
- (wo)
-
Heidelberg
- (wann)
-
2017
- DOI
-
doi:10.1186/s40008-017-0070-2
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- van Aarle, Bas
- Springer
Entstanden
- 2017
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