Das zweite Kapitel trägt den Titel "Monetary and Fiscal Policy Interaction in a World with Heterogeneous Expectations."' Ein weiteres mal ist der Untersuchungsgegenstand die Fähigkeit einer Zentralbank, mittels Zinspolitik Preisstabilität in einer Ökonomie mit heterogenen Erwartungen...

The design and analysis of optimal monetary policy is usually guided by the paradigm of homogeneous rational expectations. Instead, we examine the dynamic consequences of implementation strategies, when the actual economy features expectational heterogeneity. Agents have either rational or...

We develop a New Keynesian (NK) model with endogenous price setting frequency. Whether a firm updates its price in a given period depends on an analysis of expected cost and benefits modelled by a discrete choice process. A firm decides to update the price when expected benefits outweigh...

We develop a New Keynesian (NK) model with endogenous price setting frequency. Whether a firm updates its price in a given period depends on an analysis of expected cost and benefits modeled by a discrete choice process. A firm decides to update the price when expected benefits outweigh expected...

We develop a New Keynesian (NK) model with endogenous price setting frequency. Whether a firm updates its price in a given period depends on an analysis of expected cost and benefits modelled by a discrete choice process. A firm decides to update the price when expected benefits outweigh...