Models of Monetary Equilibrium

Volker Böhm
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Volker Böhm: Bielefeld University

Chapter Chapter 3 in Macroeconomic Theory, 2017, pp 35-174 from Springer

Abstract: Abstract The objective of this chapter is to formulate a basic prototype monetary macroeconomic model built along the microeconomic principles of Chapter 2, which will serve as the benchmark for a consistent macroeconomic analysis of the short-run allocations, i.e. of the determination of output and employment with associated prices and wages in each given period, as well as for the long-run behavior of the economy under alternative dynamic scenarios: i.e. with adaptive or rational expectations, under random perturbations, and under different government policies. The modeling structure will be as simple as possible at the beginning and as detailed as necessary in each subsequent section to capture the main intertemporal ingredients of a monetary economy with production in order to discuss the specific economic questions posed in each section.

Date: 2017
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DOI: 10.1007/978-3-319-60149-6_3

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