| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11197 |
| DP11197 Animal Spirits in a Monetary Model | |
| Roger Farmer | |
| 发表日期 | 2016-03-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We integrate Keynesian economics with general equilibrium theory in a new way. Our approach differs from the prevailing New Keynesian paradigm in two ways. First, our model displays steady state indeterminacy. This feature allows us to explain persistent unemployment which we model as movements among the steady state equilibria of our model. Second, our model displays dynamic indeterminacy. This feature allows us to explain the real effects of nominal shocks by selecting a dynamic equilibrium where prices are slow to respond to unanticipated money supply disturbances. Price rigidity arises as part of a rational expectations equilibrium in which the equilibrium is selected by beliefs. To close our model, we introduce a new fundamental that we refer to as the belief function. |
| 主题 | International Macroeconomics and Finance ; Labour Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Unemployment Keynesian economics Belief function Animal spirits |
| URL | https://cepr.org/publications/dp11197 |
| 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/540014 |
| 推荐引用方式 GB/T 7714 | Roger Farmer. DP11197 Animal Spirits in a Monetary Model. 2016. |
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