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| Tekijä: | Almonacid, R.D. |
| Otsikko: | The determinants of nominal income, output and the price level: a synthesis of the Keynesian and neo-classical views |
| Lehti: | Journal of International Money and Finance
2003 : DEC, VOL. 22:6, p. 747-772 |
| Asiasana: | Business cycles Keynesian school Macroeconomics Output Price level |
| Kieli: | eng |
| Tiivistelmä: | The subject of this paper is the business cycle (of the old tradition), the fluctuations of output and the price level (of the Keynesian tradition) and the real business cycle (of the recent literature). It examines how demand and supply functions evolve through time after an exogenous shock to demand. From Keynes is borrowed the idea that in static in static equilibrium aggregate demand and aggregate supply functions are essential tools of macroeconomic dynamics. From Friedman is borrowed the notion that money plays an essential role in the determination of the macroeconomic equilibrium. |
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