The analysis will be conducted within an IS-LM model augmen-ted by the dynamics of money wages, private capital andpublic debt. A macroeconomic shock induces an extendedprocess of adjustment that is characterized by unemployment. This in turn requires a dynamic path of monetary and fiscalpolicy: As a response to the shock, the central bankcontinuouslyadapts the quantity of money so as to keep upfull employment all the time. And the governmentcontinuously accommodates its purchases of goods andservices. Can this be sustained? Or will public debt tend toexplode, thereby driving the stock of capial down to zero?
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语言 英语 ● 格式 PDF ● ISBN 9783642476891 ● 出版者 Physica-Verlag HD ● 发布时间 2012 ● 下载 3 时 ● 货币 EUR ● ID 6378910 ● 复制保护 Adobe DRM
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