Hysteresis and the New Consensus three-equation model: a Post-Keynesian amendment

被引：0
|
作者：
Barbosa-Filho, Nelson H. [1 ,2 ]
机构：
[1] Getulio Vargas Fdn, Sao Paulo Sch Econ, Rio De Janeiro, Brazil
[2] Univ Brasilia, Brasilia, DF, Brazil
来源：
REVIEW OF KEYNESIAN ECONOMICS | 2022年 / 10卷 / 01期
关键词：
Post-Keynesian macroeconomics; three-equation model; secular stagnation; FISCAL-POLICY; INFLATION;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper presents a Post-Keynesian interpretation of the usual three-equation model of New Consensus macroeconomics. The IS curve, Phillips curve, and monetary rule are obtained from stylized facts instead of intertemporal optimization, while price inertia and the government's inflation target drive expected inflation. The result is a model with no unique natural rate of interest. The central bank can still stabilize the economy through trial and error, with demand and supply shocks altering the system's equilibrium and the possibility of secular stagnation.
引用
收藏
页码：109 / 122
页数：14
相关论文
共 50 条
12345