EconPapers    
Economics at your fingertips  
 

The Quantitative Analytics of the Basic Neomonetarist Model

Miles Kimball

No 5046, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E30 E50 (search for similar items in EconPapers)
Date: 1995-02
Note: EFG ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (262) Track citations by RSS feed

Published as Journal of Money, Credit and Banking, vol. 27, no. 4, part 2, pp. 1241-1289, November 1995
Published as Miles S. Kimball & Michael Woodford, 1994. "The quantitative analysis of the basic neomonetarist model," Proceedings, Federal Reserve Bank of Cleveland, pages 1241-1289.

Downloads: (external link)
http://www.nber.org/papers/w5046.pdf (application/pdf)

Related works:
Journal Article: The Quantitative Analytics of the Basic Neomonetarist Model (1995) Downloads
Journal Article: The quantitative analysis of the basic neomonetarist model (1994)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:5046

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w5046

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2021-10-31
Handle: RePEc:nbr:nberwo:5046