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The Quantitative Analytics of the Basic Neomonetarist Model

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  • Miles S. Kimball

Abstract

This paper constructs a dynamic macroeconomic model with less- than-perfect price flexibility which has a real side consistent with Real Business Cycle Theory, augmented by investment adjustment costs, increasing returns to scale, and a new, flexible formalization of imperfect competition. A new mode of approximation is developedþuseful for any model in which one state variable adjusts quickly, while another state variable adjusts slowly. Even with investment adjustment costs, monetary expansions are found to raise the real interest rate. The determinants of real rigidity and the macroeconomic rate of price adjustment are investigated.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5046.

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Date of creation: Feb 1995
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Publication status: published as Journal of Money, Credit and Banking, vol. 27, no. 4, part 2, pp. 1241-1289, November 1995
Handle: RePEc:nbr:nberwo:5046

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  1. Ball, Laurence & Romer, David, 1990. "Real Rigidities and the Non-neutrality of Money," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 57(2), pages 183-203, April.
  2. Fumio Hayashi, 1981. "Tobin's Marginal q and Average a : A Neoclassical Interpretation," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 457, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Basu, S. & Fernald, J.G., 1993. "Are Apparent Productive Spillovers a Figment of Specification Error," Papers, Michigan - Center for Research on Economic & Social Theory 93-22, Michigan - Center for Research on Economic & Social Theory.
  4. Robert E. Hall, 1981. "Intertemporal Substitution in Consumption," NBER Working Papers 0720, National Bureau of Economic Research, Inc.
  5. Susanto Basu & Miles S. Kimball, 1997. "Cyclical Productivity with Unobserved Input Variation," NBER Working Papers 5915, National Bureau of Economic Research, Inc.
  6. Edward C. Prescott, 1986. "Theory ahead of business cycle measurement," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Fall, pages 9-22.
  7. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : I. The basic neoclassical model," Journal of Monetary Economics, Elsevier, Elsevier, vol. 21(2-3), pages 195-232.
  8. Richard Rogerson, 2010. "Indivisible Labor, Lotteries and Equilibrium," Levine's Working Paper Archive 250, David K. Levine.
  9. Woglom, Geoffrey, 1982. "Underemployment Equilibrium with Rational Expectations," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 97(1), pages 89-107, February.
  10. Jason G. Cummins & Kevin A. Hassett & R. Glenn Hubbard, 1994. "A Reconsideration of Investment Behavior Using Tax Reforms as Natural Experiments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 1-74.
  11. Robert B. Barsky & Miles S. Kimball & F. Thomas Juster & Matthew D. Shapiro, 1995. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Survey," NBER Working Papers 5213, National Bureau of Economic Research, Inc.
  12. Basu, S.: Fernald, J.G., 1993. "Constant Returns and Small Markups in U.S. Manufacturing," Papers, Michigan - Center for Research on Economic & Social Theory 93-19, Michigan - Center for Research on Economic & Social Theory.
  13. Basu, S., 1993. "Procyclical Productivity: Overhead Inputs or Cyclical Utilization," Papers, Michigan - Center for Research on Economic & Social Theory 93-25, Michigan - Center for Research on Economic & Social Theory.
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  1. The Medium-Run Natural Interest Rate and the Short-Run Natural Interest Rate
    by ? in Confessions of a Supply-Side Liberal on 2013-07-24 02:02:00
  2. What I learned in econ grad school, Part 2
    by Noah in Noahpinion on 2011-05-05 22:53:00
  3. Michael Woodford: Revolución y Evolución en la Macroeconomía del siglo XX
    by Enrique Bour in Foco Económico on 2011-03-16 12:00:00
  4. The Neomonetarist Perspective
    by ? in Confessions of a Supply-Side Liberal on 2012-12-20 08:02:04
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