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PRICE-LEVEL “FLEXIBILITY” AND THE COMING OF THE NEW DEAL：REPLY TO SUMNER
Economic Policy PRICE-LEVEL American Economic Review
2008/12/2
Sumner’s crtique of our American Economic Review papers (De
Long and Summers 1986, 1988) raises issues on the levels of economic
policy and ofeconomic history. We first discuss issues relating
to t...
PRICE-LEVEL STABILITY, PRICE FLEXIBILITY, AND FISHER’S BUSINESS CYCLE MODEL
PRICE-LEVEL STABILITY PRICE FLEXIBILITY BUSINESS CYCLE MODEL
2008/12/2
In a series of recent papers, De Long and Summers (1986, 1988)
argued that “increased wage and price flexibility can easily be destabilizing
because of the Mundell effect.” They also suggested that
...
MONETARY EQUILIBRIUM AND THE PRODUCTIVITY NORM OF PRICE-LEVEL POLICY
MONETARY EQUILIBRIUM PRODUCTIVITY NORM PRICE-LEVEL POLICY
2008/11/27
To a simple fellow like myself it seems that the lower prices which
increased production makes possible would benefit everybody, but
I recognize there must be a flaw in my thinking, for increased
p...