| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12298 |
| DP12298 Keynesian Economics without the Phillips Curve | |
| Roger Farmer | |
| 发表日期 | 2017-09-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We extend Farmer's (2012b) Monetary (FM) Model in three ways. First, we derive an analog of the Taylor Principle and we show that it fails in U.S. data. Second, we use the fact that the model displays dynamic indeterminacy to explain the real effects of nominal shocks. Third, we use the fact the model displays steady-state indeterminacy to explain the persistence of unemployment. We show that the FM model outperforms the NK model and we argue that its superior performance arises from the fact that the reduced form of the FM model is a VECM as opposed to a VAR. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Money Keynesian economics Indeterminacy |
| URL | https://cepr.org/publications/dp12298 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541109 |
| 推荐引用方式 GB/T 7714 | Roger Farmer. DP12298 Keynesian Economics without the Phillips Curve. 2017. |
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