| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23837 |
| 来源ID | Working Paper 23837 |
| Keynesian Economics without the Phillips Curve | |
| Roger E.A. Farmer; Giovanni Nicolò | |
| 发表日期 | 2017-09-18 |
| 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 | Macroeconomics ; Macroeconomic Models ; Monetary Policy |
| URL | https://www.nber.org/papers/w23837 |
| 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/581510 |
| 推荐引用方式 GB/T 7714 | Roger E.A. Farmer,Giovanni Nicolò. Keynesian Economics without the Phillips Curve. 2017. |
| 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 | ||
| w23837.pdf（349KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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