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A Study in Monetary Macroeconomics$
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Stefan Homburg

Print publication date: 2017

Print ISBN-13: 9780198807537

Published to Oxford Scholarship Online: August 2017

DOI: 10.1093/oso/9780198807537.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 June 2021

Traditional Topics

Traditional Topics

(p.21) Chapter 3 Traditional Topics
A Study in Monetary Macroeconomics

Stefan Homburg

Oxford University Press

Chapter 3 covers traditional topics of monetary macroeconomics. To acquaint readers with the present methods, it starts with conversant material, such as superneutrality of money, the Tobin effect, and forced saving. A large section is devoted to interactions between monetary and fiscal policies. This passage simulates the macroeconomic consequences of sovereign insolvencies and contains a comparison of Ricardian and non-Ricardian economies, a distinction that is crucial for policy analysis. Two closing sections pertain to price and wage rigidities. They emphasize that monetary policies have real effects in the presence of nominal frictions. According to the view sponsored here, models with sticky wages and prices do not compete with flexible price settings but rather complement them in that they shift attention to the short run.

Keywords:   superneutrality of money, Tobin effect, fiscal policy, sticky wages, Ricardian and non-Ricardian economies, forced saving, price and wage rigidities, nominal frictions, sovereign insolvencies

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