Ruling out unstable equilibria in New Keynesian models

The Taylor rule is an incomplete description of monetary policy within a New Keynesian model. The NK model should be formulated with a money demand function and also embody a terminal condition on inflation explicitly designed to stop bubbles.

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Year of publication:	2011
Authors:	Minford, Patrick ; Srinivasan, Naveen
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 112.2011, 3, p. 247-249
Publisher:	Elsevier
Keywords:	New Keynesian Taylor rule Determinacy Terminal condition Money supply

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009249596