Jump to ContentJump to Main Navigation
Macroeconomic Theory$
Users without a subscription are not able to see the full content.

Jean-Pascal Benassy

Print publication date: 2011

Print ISBN-13: 9780195387711

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195387711.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 December 2019

Money and Cycles

Money and Cycles

Chapter:
(p.270) 12 Money and Cycles
Source:
Macroeconomic Theory
Author(s):

Jean-Pascal Bénassy

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780195387711.003.0012

This chapter extends the discussion on realistic economies with monetary exchange and assumptions of price flexibility mentioned in Chapter 10 by incorporating the three important features, namely monetary shocks, imperfect competition, and imperfect information. It deals with the relation of the application of simple real models to these shocks while taking into account Walrasian equilibrium theory. The chapter argues that preserving the monetary structure, the theory may become inapplicable. It also explains that imperfect information present in Lucas’ model can lead to misunderstanding of these shocks. This chapter also includes sample problems regarding money and imperfect competition on goods and labor markets and Lucas’ signal extraction model.

Keywords:   economic rigidities, monetary shocks, Walrasian equilibrium theory, Lucas’ model, models of fluctuations, imperfect competition, imperfect information

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .