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Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Memorandum No. 2011,03
Verlag: 
University of Oslo, Department of Economics, Oslo
Zusammenfassung: 
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.
Schlagwörter: 
investments
business cycles
monetary policy
JEL: 
E22
E32
E44
E52
Dokumentart: 
Working Paper

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