haku: @indexterm intertemporal economics / yhteensä: 19
viite: 12 / 19
| Tekijä: | Leijonhufvud, A. |
| Otsikko: | Three items for the macroeconomic agenda |
| Lehti: | Kyklos
1998 : VOL. 51:2, p. 197-218 |
| Asiasana: | MACROECONOMICS INTERTEMPORAL ECONOMICS THEORIES LABOUR MARKETS PRODUCTION INCOME DISTRIBUTION |
| Kieli: | eng |
| Tiivistelmä: | The paper consists of three brief essays in persuasion. The first argues for renewed attention to the problems of intertemporal coordination that were once at the core of all saving-investment theories of business fluctuations. Neglect of these problems confuses unemployment theory, since the natural rate hypothesis implicitly assumes intertemporal equilibrium. The second suggests that a production theory emphasizing increasing returns and complementarities is more helpful than Cobb-Douglas in understanding labor market behavior and certain income distribution issues. The third stresses the need to distinguish between exogenous outside money impulses and endogenous inside money variations in explaining the relationship between money, output, and the price level over time. |
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