Animal spirits, persistent unemployment and the belief function / Roger E.A. Farmer.
| Author/creator | Farmer, Roger E. A. |
| Other author | National Bureau of Economic Research. |
| Format | Electronic |
| Publication Info | Cambridge, MA : National Bureau of Economic Research, |
| Supplemental Content | Full text available from NBER Working Papers |
| Series | NBER working paper series ; working paper 16522 Working paper series (National Bureau of Economic Research : Online) ; working paper no. 16522. UNAUTHORIZED |
| Summary | "This paper presents a theory of the monetary transmission mechanism in an old-Keynesian model with multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and the policy rule. It differs from the new-Keynesian model by replacing the Phillips curve with a belief function to determine expectations of nominal income growth. I estimate the new and old-Keynesian models using U.S. data and I show that the old-Keynesian model fits the data better than its new-Keynesian competitor"--National Bureau of Economic Research web site. |
| General note | Title from PDF file as viewed on 3/22/2011. |
| Bibliography note | Includes bibliographical references. |
| Access restriction | Available only to authorized users. |
| Other forms | Also available in print. |
| Technical details | Mode of access: World Wide Web |
| Genre/form | Electronic books. |
| LCCN | 2011655772 |
Availability
| Library | Location | Call Number | Status | Item Actions |
|---|---|---|---|---|
| Electronic Resources | Access Content Online | ✔ Available |