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Producers’ expectations and the business cycle
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Rousakis, Michael (2011) Producers’ expectations and the business cycle. In: XVI Workshop on Dynamic Macroeconomics, Vigo, Spain, 29 Jun-01 Jul 2011 (Unpublished)
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Official URL: http://www.aueb.gr/conferences/Crete2011/PhD/Rousa...
Abstract
This paper isolates the role of expectations on the producers' side. Positive shocks to expectations, which can be due to shocks to producers' private information, transient productivity shocks, or positive `surprise' monetary policy shocks, are shown to cause increases in employment, output, and prices, but be in ationary only on impact and deflationary thereafter. A Friedman-rule emerges as the optimal monetary policy in this framework; however, a policy as aggressive on in ation as possible is a second-best policy.
Item Type: | Conference Item (Paper) | ||||
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Subjects: | J Political Science > JC Political theory | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Official Date: | 29 June 2011 | ||||
Dates: |
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Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
Version or Related Resource: | Rousakis, Michael (2011). Producers’ expectations and the business cycle. In: 10th Conference on Research in Economic Theory and Econometrics. Milos, Crete, 10-14 Jul 2011. | ||||
Conference Paper Type: | Paper | ||||
Title of Event: | XVI Workshop on Dynamic Macroeconomics | ||||
Type of Event: | Conference | ||||
Location of Event: | Vigo, Spain | ||||
Date(s) of Event: | 29 Jun-01 Jul 2011 | ||||
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