Goebel Junghanns James

A Special Theory of Employment, Interest, and Money

We study a supply-side macro-financial dynamical system in which output velocity V=Y is an independent state variable governed by ˙V = (A/∆)V, where A(·) is effective productive capacity and ∆ = λ(Y−Y₀)−A(·) is an endogenous threshold gap. Output thereby carries momentum, and the...

A Special Theory of Employment, Interest, and Money

We study a supply-side macro-financial dynamical system in which output velocity V=Y is an independent state variable governed by ˙V = (A/∆)V, where A(·) is effective productive capacity and ∆ = λ(Y−Y₀)−A(·) is an endogenous threshold gap. Output thereby carries momentum, and the...