IS-LM and the mutiplier: A dynamic general equilibrium model

Abstract : We construct a dynamic general equilibrium model which displays the central features of the IS-LM model, and notably an income multiplier greater than one, so that crowding out does not occur. A key to this result is the conjunction of two features: price rigidities (as is usually expected), but also a non-Ricardian economy.
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Economics Letters, Elsevier, 2007, 96 (2), pp.189-195. 〈10.1016/j.econlet.2006.12.028〉
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Soumis le : mardi 20 novembre 2012 - 08:48:44
Dernière modification le : mardi 24 avril 2018 - 17:20:09

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Jean-Pascal Bénassy. IS-LM and the mutiplier: A dynamic general equilibrium model. Economics Letters, Elsevier, 2007, 96 (2), pp.189-195. 〈10.1016/j.econlet.2006.12.028〉. 〈halshs-00754211〉

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