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Liquidity Preference and Persistent Unemployment with Dynamic Optimizing Agents

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Author Info

  • Ono, Y.
  • Ogawa, K.
  • Yoshida, A.

Abstract

Standard money-in-utlity dynamic models assume satiable liquidity preference, and thereby prove the existence of a full employment steady state. Using the same model, Ono (1994) shows that under insatiable liquidity preference there is a case where a full employment steady state does not exist and then unemployment persistently occurs. Using both parametric and nonparametric methods this paper empirically finds that insatiable liquidity preference is strongly supported. Thus, without assuming any permanent distortion as Old and New Keynesians do, we can analyze an effective demand shortage in a dynamic optimization framework.

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Bibliographic Info

Paper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0461.

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Length: 18 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:dpr:wpaper:0461

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Related research

Keywords: UNEMPLOYMENT ; OPTIMIZATION ; LIQUIDITY ; PREFERENCE CHOICES;

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Cited by:
  1. Ken-ichi Hashimoto & Yoshiyasu Ono, 2007. "Does Pro-population Policy Raise Per Capita Consumption?," ISER Discussion Paper 0697, Institute of Social and Economic Research, Osaka University.
  2. repec:ebl:ecbull:v:5:y:2004:i:1:p:1-13 is not listed on IDEAS
  3. Ono, Y., 2001. "International Spillover of Economic Fluctuations:A Dynamic Optimization Approach," ISER Discussion Paper 0527, Institute of Social and Economic Research, Osaka University.
  4. Yoshiyasu Ono, 2006. "Protective Trade Policies 'Reduce' Employment: A Dynamic Optimization Approach," ISER Discussion Paper 0659, Institute of Social and Economic Research, Osaka University.
  5. Ken-ichi Hashimoto, 2004. "Intergenerational Transfer and Effective Demand," Economics Bulletin, AccessEcon, vol. 5(1), pages 1-13.

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