Showing 1 - 10 of 1,268
Can nominal contracts make a difference for the neutrality of money if these arise endogenously in general equilibrium? This paper utilizes aversion of Lucas's seminal equilibrium business cycle theory to address this question. However, we depart from Lucas in assuming that (1) agents have...
Persistent link: https://www.econbiz.de/10012477883
We build a variation of the neoclassical growth model in which both wealth shocks (in the sense of wealth destruction) and financial shocks to households generate recessions. The model features three mild departures from the standard model: (1) adjustment costs make it difficult to expand the...
Persistent link: https://www.econbiz.de/10012459219
This paper rejects the proposition that there is only a single interesting question to ask about the decade of the 1930s. It is concerned not only with the role of money in the 1929-33 contraction but also with the relative role of monetary and nonmonetary factors in the recession of 1937-38 and...
Persistent link: https://www.econbiz.de/10012478850
Persistent link: https://www.econbiz.de/10012605757
The fact that most of the persistent declines in output since the Great Recession have parlayed into equivalent declines in measures of potential output is commonly interpreted as implying that output will not return to previous trends. Using a variety of estimates of potential output for the...
Persistent link: https://www.econbiz.de/10012455102
Persistent link: https://www.econbiz.de/10001255475
Persistent link: https://www.econbiz.de/10011434927
Persistent link: https://www.econbiz.de/10012121161
Persistent link: https://www.econbiz.de/10012121805
Persistent link: https://www.econbiz.de/10011619765