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A Model of Debt Deflation and the Phillips Curve: Implications for Business Cycles and the Balance Sheet Channel of Monetary Policy

Arnold, Lutz G. (2000) A Model of Debt Deflation and the Phillips Curve: Implications for Business Cycles and the Balance Sheet Channel of Monetary Policy. Jahrbücher für Nationalökonomie und Statistik 220 (4), pp. 385-399.

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Abstract

New Keynesian economics stresses the positive link between firms' net worth, on the one hand, and the equilibrium level of credit granted and aggregate employment, on the other hand. The present paper argues that once money is introduced and adaptive inflation expectations are assumed, an accelerationist Phillips curve emerges: because of debt deflation, an increase in the rate of inflation ...

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Item Type:Article
Date:2000
Institutions:Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Theoretische Volkswirtschaft (Prof. Dr. Lutz Arnold)
Research groups and research centres:Immobilien- und Kapitalmärkte
Related URLs:
URLURL Type
http://ideas.repec.org/a/jns/jbstat/v220y2000i4p385-399.htmlOther
Subjects:300 Social sciences > 330 Economics
Status:Published
Refereed:Yes, this version has been refereed
Created at the University of Regensburg:Unknown
Owner: Universitätsbibliothek Regensburg
Deposited On:24 Jun 2010 05:02
Last Modified:23 Sep 2010 07:16
Item ID:15555
Owner Only: item control page
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