Monetary and Fiscal Dynamics

Monetary and Fiscal Dynamics

by Michael Carlberg
     
 

ISBN-10: 0387914234

ISBN-13: 9780387914237

Pub. Date: 07/01/1992

Publisher: Springer-Verlag New York, LLC

The analysis will be conducted within an IS-LM model augmented by the dynamics of money wages, private capital andpublic debt. A macroeconomic shock induces an extendedprocess of adjustment that is characterized by unemployment.This in turn requires a dynamic path of monetary and fiscalpolicy: As a response to the shock, the central

Overview

The analysis will be conducted within an IS-LM model augmented by the dynamics of money wages, private capital andpublic debt. A macroeconomic shock induces an extendedprocess of adjustment that is characterized by unemployment.This in turn requires a dynamic path of monetary and fiscalpolicy: As a response to the shock, the central bankcontinuouslyadapts the quantity of money so as to keep upfull employment all the time. And the governmentcontinuously accommodates its purchases of goods andservices. Can this be sustained? Or will public debt tend toexplode, thereby driving the stock of capial down to zero?

Product Details

ISBN-13:
9780387914237
Publisher:
Springer-Verlag New York, LLC
Publication date:
07/01/1992
Series:
Studies in Contemporary Economics
Pages:
194

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