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A central challenge to monetary business-cycle theory is to find a solution to the problem of persistence and delay in the real effects of monetary shocks. Previous research has identified separately specific factors and intermediate inputs as two promising mechanisms for generating the persistence and delay in a staggered price-setting framework. Models based on either of these two mechanisms have also been used in the design of optimal monetary policy. By examining a staggered price model that features both specific factors and intermediate inputs, I find an offsetting interaction between the two individually promising mechanisms, which leads to a cancellation of much of the impact of each in propagating monetary shocks. This finding posits a challenge to the search for robust monetary transmission mechanism and design of optimal monetary policy.
The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.
Samuelson is a key figure in economic thinking. This gathers the essential assessments of this important economist, and provides an unparalleled insight into his lasting impact on economics.
This volume presents the results of the 6th Input-Output Meeting, organized in Warsaw, Poland, December 16-18, 1985 by IIASA and the Institute of Econometrics and Statistics, University of Lodz. The main aim of the meeting was to demonstrate the use of integrated input-output models in economic policy making, both at the national and the industrial level.
Socialist economies in Eastern Europe have collapsed and em- barked upon market-oriented reforms. The causes of the demise of centrally planned economies are analyzed and the basic challenges of systemic tranformation discussed. Negative income and wealth effects as well as distribution issues make adjustment extremely difficult. The fundamental roles of privatization and foreign investment are adressed. Foreign economic liberalization is considered to be of centralimportance for a growth-oriented adjustment path in a stage of conflict-prone policy and options. Politico-economic aspects of the new European developments in addition to North-South issues are analyzed. Difficult choices await decison-makers in economic policy and the business community in Eastern Europe and in leading market economies.