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1. Introduction: the ‘new macroeconomic consensus’ arrives in China -- 2. A bank-dominated financial system -- 3 … market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in …
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Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and...
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combine elements of the Real Business Cycle literature such as rational expectations, microfoundations, and the concept of the … control for the inflation rate. Fourth, traditional New Keynesian approaches analyze the impacts of fiscal stimuli on standard …
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a nonlinear setting. The relevance of these concepts is established by analysis of optimal steady-state inflation and …
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