Inflation Expectations

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Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring t

Money As Indicator for the Natural Rate of Interest

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The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the na

Money, Interest and Capital

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The novel feature of this study is the application of Keynes' principle of effective demand to demonstrate the existence of a long-run unemployment equilibrium

Pragmatic Capitalism

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An insightful and original look at why understanding macroeconomics is essential for all investors

Money and the Natural Rate of Interest

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We examine the role of money in three environments: the New Keynesian model with separable utility and static money demand; a nonseparable utility variant with