Download Keynes, Minsky and Financial Crises in Emerging Markets by Srdjan; Radonjic, Ognjen Kokotovic PDF

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By Srdjan; Radonjic, Ognjen Kokotovic

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Since the prices of the producible sector have increased, demand for producible goods and services will fall and excess demand will thus be eliminated. On the other hand, a fall in nominal wages and a rise in commodity prices leads to a fall in real wages, which stimulates labor demand and eliminates excess supply or deficient demand in the labor market. e. if prices and wages are rigid. As we can see, the neutrality of money and the assumption of an essentially barter economy imply that markets are an omnipotent and perfectly self-regulatory mechanism, and that government interference in free market flows is harmful.

18 If the predictions of 17 18 It is logical to ask then how agents know all properties of complex stochastic equations where any equation in the system could be affected by exogenously generated shock. When the REH assumes that agents accept predictions of the relevant theory on average it does not mean that all agents accept the predictions of the theory as true. Namely, it is possible that some agents subjectively think that the theoretically predicted value of an observed random variable is underestimated or overestimated.

Furthermore, Fisher assumed that I Exegesis of the Conventional Wisdom | 47 the income velocity of money is determined by the institutional arrangements of an economy, and since changes of financial structure are very slow, the income velocity of money can also be taken as a given. Since Fisher also assumed that the general price level is a passive and not an active variable, he concluded that an increase in the money supply leads to a proportionate increase in the general price level. Changes in money supply do not affect any of the real sector determinants of income velocity of money and total real output.

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