Unter Ökonomen besteht weitgehend Einigkeit darüber, daß Geldpolitik langfristig keine realwirtschaftlichen Effekte hat. Nach diesem bekannten Neutralitätsergebnis führt ein höheres Geldmengenwachstum langfristig lediglich zu höherer Inflation bei unveränderter Beschäftigung. Diese...

This paper presents DSGE Nash, a toolkit to solve for pure strategy Nash equilibria of global games in general equilibrium macroeconomic models. Although primarily designed to solve for Nash equilibria in DSGE models, the toolkit encompasses a broad range of options including solutions up to the...

The problem of coordination between policymakers seems to have created fundamental problems related to economic and social costs, targeted inflation, potential growth, and a high budget deficit. To resolve these problems in this framework, it is important to see the results of the interaction...

We analyze optimal labor contracts when the worker is inequity averse towards the employer. Welfare is maximized for an equal sharing rule of surplus between the worker and the firm. That is, profit sharing is optimal even if effort is contractible. If the firm can make a take-it-or leave-it...