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Money, Interest, and Policy: Dynamic General Equilibrium in a Non-Ricardian World

Jean-Pascal Benassy. Money, Interest, and Policy: Dynamic General Equilibrium in a Non-Ricardian World Authors:Jean-Pascal Benassy.
Publisher:
Year:2008
Serie:
Pages:216
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Price:2396 rub.
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Book Summary:
An important recent advancement in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinacy and liquidity effects. In Money, Interest, and Policy, Jean-Pascal BAnassy argues that moving from the standard DSGE modelsa??which he calls "Ricardian" because they have the famous "Ricardian equivalence" propertya??to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and BAnassy demonstrates that a single modificationa??the assumption that new agents are born over time (which makes the model non-Ricardian)a??can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other. After comparing Ricardian and non-Ricardian...

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