Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/194947
Autoren: 
van Aarle, Bas
Datum: 
2017
Quellenangabe: 
[Journal:] Journal of Economic Structures [ISSN:] 2193-2409 [Volume:] 6 [Year:] 2017 [Issue:] 10 [Pages:] 1-20
Zusammenfassung: 
This study extends the current New Keynesian modeling framework by changing one crucial aspect: it replaces the general equilibrium assumption by the arguably more realistic assumption of macroeconomic disequilibrium. As a result, more complex and less smooth macroeconomic adjustment dynamics result, as it is not necessary to assume that goods and labor markets continuously clear. The disequilibrium dynamics in the form of regime-dependent output-, employment-, price- and wage fluctuations complicate the decision making problems faced by the fiscal and monetary policy makers substantially. In particular, the possibility of (multiple) regime switches implies the need for deeper analysis and careful monitoring of the disequilibrium mechanisms and dynamics when designing and implementing monetary and fiscal policies.
Schlagwörter: 
Disequilibrium analysis
New Keynesian model
Rationing
Macroeconomic policy
JEL: 
C22
E32
E66
F42
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
https://creativecommons.org/licenses/by/4.0/
Dokumentart: 
Article

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