Logotipo librería Marcial Pons
Money, interest, and policy

Money, interest, and policy
dynamic general equilibrium in a non-ricardian world

  • ISBN: 9780262524933
  • Editorial: The MIT Press
  • Lugar de la edición: Cambridge (Massachusetts). Estados Unidos de Norteamérica
  • Encuadernación: Rústica
  • Medidas: 23 cm
  • Nº Pág.: 216
  • Idiomas: Inglés

Papel: Rústica
33,32 € 29,99 €
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An important recent advancement in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinancy and liquidity effects. In "Money, Interest, and Policy", Jean-Pascal Benassy argues that moving from the standard DSGE models - which he calls "Ricardian" because they have the famous "Ricardian equivalence" property - to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and Benassy demonstrates that a single modification - the assumption that new agents are born over time (which makes the model non-Ricardian) - can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other.


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