Josheski, Dushko and Boskov, Tatjana (2020) Monetary policy effectiveness, and some explanations of unemployment, fair wages and fair prices in a general equilibrium setting. In: Third International Scientific Conference Challenges of tourism and business logistics in the 21st century»ISCTBL 2020«.
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Abstract
This paper argues that monetary policy matters in short-run and that it affects unemployment, and prices and wages in near-rational firms. Those profit-maximizer firms are adjusting prices in accordance with consumer expectations and wages are set to be fair accordingly to the workers expectations. This is in exercise is all happening in New Keynesian dynamic stochastic general equilibrium setting which shall be compared to a Real business cycle model with technology shocks.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | Social Sciences > Economics and business |
| Divisions: | Faculty of Tourism and Business Logistics |
| Depositing User: | Dusko Josevski |
| Date Deposited: | 28 Jan 2021 10:33 |
| Last Modified: | 28 Jan 2021 10:33 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/27291 |
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