Capacity utilization, inflation, and monetary policy: the Dumenil and Levy Marco Model and the new Keynesian consensus
By: Lavoie, Marc.
Contributor(s): Kriesler, Peter.
Material type:
ArticlePublisher: 2007Description: p.586-98.Subject(s): Inflation | Monetary policy
In:
Review of Radical Political EconomicsSummary: The article considers the adjustment toward long-run equilibrium within the Dumenil and Levy macro model, with modifications. Findings show that long-run convergence to fully adjusted positions with normal utilization is not achieved when a more realistic reaction function is proposed. Classical equilibrium occurs when a vertical Phillips curve is substituted, but the model is isomorphic to the "new consensus" model and to features of "new" endogenous growth theory. - Reproduced.
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
Articles
|
Indian Institute of Public Administration | Volume no: 39, Issue no: 4 | Available | AR77494 |
The article considers the adjustment toward long-run equilibrium within the Dumenil and Levy macro model, with modifications. Findings show that long-run convergence to fully adjusted positions with normal utilization is not achieved when a more realistic reaction function is proposed. Classical equilibrium occurs when a vertical Phillips curve is substituted, but the model is isomorphic to the "new consensus" model and to features of "new" endogenous growth theory. - Reproduced.
There are no comments for this item.