| Autor: |
Anundsen, André K., Krogh, Tord S. H., Nymoen, Ragnar, Vislie, Jon |
| Jazyk: |
angličtina |
| Rok vydání: |
2011 |
| Předmět: |
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| Popis: |
This paper presents the business cycle model that Trygve Haavelmo developed as part of his research program in macroeconomic and monetary theory. Driven by a mismatch between the marginal return to capital and the rate of return required by capital owners, this model generates endogenous cycles. The theory leads to a distinct analysis of the scope and limitations of monetary policy. A main message of the model is that care should be taken when conducting 'autonomous' monetary policy and that special emphasis should be put on the soundness of nancial markets. Adopting a strict nominal anchor as the main objective of monetary policy might generate imbalances in the capital market. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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