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Effect of Monetary Intervention in the Frame of IS-LM Model with Dynamic Price Adjustment and Adaptive Expectations

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  • Szomolányi Karol
  • Lukáčik Martin
  • Lukáčiková Adriana

Abstract

An assumption that a central bank can influence the real interest rates is the object of our interest. In the paper we form and solve a model which corresponds to Romer´s (2000) assumptions. Our model is IS-LM augmented by a conception of price-adjusting after monetary intervention and inflation expectations. A monetary policy rule is derived from the model. Moreover, it offers a demonstration of economic behaviour by different economic assumptions of different economic schools, similar to one in the book of Heijdra (2002).

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Bibliographic Info

Article provided by University of Economics, Prague in its journal Politická ekonomie.

Volume (Year): 2011 (2011)
Issue (Month): 1 ()
Pages: 47-57

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Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:1:id:771:p:47-57

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Related research

Keywords: neutrality of the money; monetary policy; IS-LM model dynamics; economic schools;

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  1. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  2. David Romer, 2000. "Keynesian Macroeconomics without the LM Curve," NBER Working Papers 7461, National Bureau of Economic Research, Inc.
  3. repec:ebl:ecbull:v:15:y:2005:i:5:p:1-10 is not listed on IDEAS
  4. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
  5. Hsing, Yu, 2005. "Application of the IS-MP-IA Model to the Slovene Economy and Policy Implications," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 58(2), pages 167-177.
  6. Alessandro Vercelli, 1999. "The evolution of IS-LM models: empirical evidence and theoretical presuppositions," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(2), pages 199-219.
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