Keynes in Nutshell: A New Monetarist Approach (Incomplete)
نویسنده
چکیده
A Farmer-type Keynesian model is constructed to explore and exposit Keynesian ideas. The modeling innovation is to integrate Farmer’s approach with monetary exchange and to derive optimal monetary and fiscal policies. Two approaches are taken to optimal policy an approach in the spirit of New Keynesian sticky-wage-and-price models, and an a "sophisticated policy" approach. Optimal policies typically do not appear to resemble Keynesian-type policies, though the model is undoubtedly Keynesian.
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