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A New Keynesian model with technological change

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  • Inoue, Tomohiro
  • Tsuzuki, Eiji
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    Abstract

    We develop a New Keynesian model incorporating technological change. The steady-state output analysis provides the conclusion that eliminating the output gap requires the rate of money growth to be equal to the rate of technological change.

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    File URL: http://www.sciencedirect.com/science/article/B6V84-51JF803-3/2/727bea601b5f5572516e59060dcce51f
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 110 (2011)
    Issue (Month): 3 (March)
    Pages: 206-208

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    Handle: RePEc:eee:ecolet:v:110:y:2011:i:3:p:206-208

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Technological change Price stickiness Money growth Output gap New Keynesian Phillips curve;

    References

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    1. Siegel, Jeremy J, 1983. "Technological Change and the Superneutrality of Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(3), pages 363-67, August.
    2. Olivier Blanchard & Jordi Galí, 2005. "Real Wage Rigidities and the New Keynesian Model," Working Papers 243, Barcelona Graduate School of Economics.
    3. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
    4. Roberts, John M, 1995. "New Keynesian Economics and the Phillips Curve," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 975-84, November.
    5. Gerke, Rafael, 2001. "Nominal rigidities and the dynamic effects of a monetary shock," Darmstadt Discussion Papers in Economics 37702, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
    6. Rotemberg, Julio J, 1982. "Sticky Prices in the United States," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1187-1211, December.
    7. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
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    Cited by:
    1. Balfoussia, Hiona & Brissimis, Sophocles & Delis, Manthos D, 2011. "The theoretical framework of monetary policy revisited," MPRA Paper 32236, University Library of Munich, Germany.

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