publ-ohne-podpubl-ohne-podSchmid, Kai Daniel2024-04-082024-04-082010-05-182010https://hohpublica.uni-hohenheim.de/handle/123456789/5359Policy implications of the present consensus view of stabilization policy depend on specific assumptions with regard to the equilibrium level of production. Thereby, the interpretation of equilibrium output rests on a separation of supply-side and demandside adjustment to macroeconomic shocks promoting a dichotomy of short-term and long-term macrodynamics. In contrast to this, there are several channels that promote procyclical stimulus of aggregate demand and a changing factor utilization to the accumulation and efficiency of an economy?s productive capacity. Medium-run macrodynamics call for a rather endogenous explanation of production capacity and challenge the uniqueness of long-term equilibria.engMonetary policyMedium-run macrodynamicsLong-term nonneutralityCapacity utilizationGeldpolitikMittelfristige MakrodynamikLangfristige NichtneutralitätHysterese330GeldpolitikZinspolitikProduktionspotenzialHystereseWorkingPaper323253717urn:nbn:de:bsz:100-opus-4741