Suchergebnisse

An assumption that a central bank can influence the real interest rates is the object of our interest. In the paper we form and solve a model which corresponds to Romer's (2000) assumptions. Our model is IS-LM augmented by a conception of price-adjusting after monetary intervention and inflation expectations. A monetary policy rule is derived from the model. Moreover, it offers a demonstration of economic behaviour by different economic assumptions of different economic schools, similar to one in the book of Heijdra (2002). Adapted from the source document.

The outbreak of the First World War in 1914 was accompanied by mass enthusiasm. This
wave of enthusiasm (Kriegsbegeisterung) was particularly high in Austro-Hungary. In the regions
where the German population was significantly large crowds thronged the streets singing patriotic
songs such as "Wacht am Rhein", "Heil Dir im Siegeskranz", "The Radecky Marsch", "Prince
Eugene Marsch". They also arranged tributes in front of monuments, state buildings and military
headquarters. Despite the fact that the operation to mobilise the Czech military went smoothly
the German public noticed the lack of enthusiasm amidst the Czech soldiers and consequently the
Czechs were seen as indifferent and even hostile. There was an attempt to promote demonstrations
in Prague as an expression of Czech-German reconciliation. However as these were organised by
the German minority in Prague the Czechs continued in their lack of fervour and viewed the war
as a German one rather than Czech.