| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22136 |
| 来源ID | Working Paper 22136 |
| Animal Spirits in a Monetary Model | |
| Roger E.A. Farmer; Konstantin Platonov | |
| 发表日期 | 2016-04-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We propose a fresh way of thinking about the monetary transmission mechanism. By integrating Keynesian economics with general equilibrium theory in a new way, we provide an alternative model and an alternative narrative to New-Keynesian economics to explain how macroeconomic policy influences prices and employment. We develop a simple graphical apparatus, the IS-LM-NAC framework, that can be used by policy makers to understand how policy affects the economy. A new element, the NAC curve, connects the interest rate to current and expected future values of the stock market and it explains how ‘animal spirits’ influence economic activity. Our framework provides a rich new approach to policy analysis that explains the short-run and long-run effects of policy, without the assumption that prices are prevented from moving by artificial barriers to price adjustment. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w22136 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579809 |
| 推荐引用方式 GB/T 7714 | Roger E.A. Farmer,Konstantin Platonov. Animal Spirits in a Monetary Model. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22136.pdf（513KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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