Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277292 
Year of Publication: 
2014
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 11 [Issue:] 1 [Year:] 2014 [Pages:] 80-98
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
The benchmark sticky-price microfounded model yielded a number of insights for monetary policymakers but failed to consider the implications arising from easy money and expanding credit and balance sheets. The promising search for a microfounded workhorse model of financial frictions is still in its early stages. And the ongoing global financial crisis poses a number of questions about both the fundamental causes of business cycle fluctuations and the extent to which monetary–fiscal and debt management policies should be jointly determined. I assess recent developments and provide some pointers for the micro-founded agenda.
Subjects: 
DSGE models
financial frictions
monetary and fiscal policy
JEL: 
E43
E44
E47
E58
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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