A macroeconomic theory of price determination

研究成果: Article査読

抄録

Motivated by disputes over the quantity theory of money and the fiscal theory of the price level (the FTPL), I consider price determination in another macro model which can be used both in the short run and in the long run. It is a two-sector model with flexible prices and profit-maximizing firms. Government and the foreign sector are also included. It is assumed that prices are determined by supply and demand in the short run unlike in the quantity theory and the FTPL. In particular the determination of the price of consumption goods is pursued. Finally the FTPL is examined.

本文言語English
ページ(範囲)214-227
ページ数14
ジャーナルStructural Change and Economic Dynamics
59
DOI
出版ステータスPublished - 2021 12月

ASJC Scopus subject areas

  • 経済学、計量経済学

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