New directions in stabilisation policies

Autor:	Ralf Fendel
Jazyk:	angličtina
Rok vydání:	2004
Předmět:	Business Cycle Cycle Equilibrium Macroeconomics New Keynesian Rational Expectation Stabilization Political science Economic theory. Demography HB1-3840
Zdroj:	PSL Quarterly Review, Vol 57, Iss 231, Pp 365-394 (2004)
Druh dokumentu:	article
ISSN:	2037-3635 2037-3643
Popis:	Recently, a new class of macroeconomic business cycle models has emerged. Stochastic dynamic general equilibrium models with rational expectations originally employed by RBC researchers are combined with nominal rigidities and imperfect competition traditionally highlighted by New Keynesian economists. This class of models leads to a new paradigm in business cycle theory and stabilization policies. The paper presents the main characteristics and implications of the new class of models in a predominantly non-technical way. In order to highlight the progress connected with the new class of models, it puts them into the context of former debates on stabilization policy, such as the Phillips curve dispute.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/085c78b1494b46e29864ab507837581d Zobrazit plný text záznamu View record in DOAJ