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Haldane, Andrew; Quah, Danny - C.E.P.R. Discussion Papers - 1999

This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the Phillips curve have evolved since the 1950s - rather...

Persistent link: https://www.econbiz.de/10005067633

Robust Learning Stability with Operational Monetary Policy Rules

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008

We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted … exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions … Honkapohja (2003, 2006) deliver robust learning stability. In contrast, many proposed alternatives become unstable under learning …

Persistent link: https://www.econbiz.de/10005498187

The `Walters' Critique of the EMS: A Case of Inconsistent Expectations

Miller, Marcus; Sutherland, Alan - C.E.P.R. Discussion Papers - 1990

Alan Walters has suggested that the European Monetary System will prove dynamically unstable when capital controls are removed. The argument is analysed within a model that includes overlapping contracts. It is found that the short-run effects predicted by Walters only arise when the credibility...

Persistent link: https://www.econbiz.de/10005504500

The Dynamic Stability of the European Monetary System

Melitz, Jacques; Michel, Philippe - C.E.P.R. Discussion Papers - 1986

make an attempt to explain the dynamic stability of the system. This attempt gives a central place to movements in desired …

Persistent link: https://www.econbiz.de/10005656230

The Structure of Simple 'New Economic Geography' Models

Robert-Nicoud, Frédéric - C.E.P.R. Discussion Papers - 2004

This paper shows that the mathematical structure of the most widely used New Economic Geography models is the same, irrespective of the underlying agglomeration mechanism assumed (factor migration, input-output linkages, endogenous capital accumulation). This enables us to provide analytical...

Persistent link: https://www.econbiz.de/10005114389

Trade and Entrepreneurship with Heterogeneous Workers

Oyama, Daisuke; Sato, Yasuhiro; Tabuchi, Takatoshi; … - C.E.P.R. Discussion Papers - 2007

leads to the stability and uniqueness of the symmetric equilibrium. …

Persistent link: https://www.econbiz.de/10005662268

Credit Risk Transfer and Financial Sector Performance

Marsh, Ian W; Wagner, Wolf - C.E.P.R. Discussion Papers - 2004

In this Paper we study the impact of credit risk transfer (CRT) on the stability and the efficiency of a financial …

Persistent link: https://www.econbiz.de/10005662362

Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008

the key results about interest-rate rules that deliver both uniqueness and stability of equilibrium under econometric …

Persistent link: https://www.econbiz.de/10005666454

The European Monetary System: Achievements and Survival

Hughes Hallett, Andrew; Minford, Patrick; Rastogi, Anupam - C.E.P.R. Discussion Papers - 1991

The EMS's robustness in the face of stochastic shocks is studied, using the Liverpool World Model and the optimal strategy algorithm of Brandsma and Hughes Hallett. The EMS began life in 1979 with a system design permitting regular parity changes; we find this design to be relatively unstable,...

Persistent link: https://www.econbiz.de/10005666500

Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?

Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2001

expectational stability as a robustness criterion for different equilibria. We derive the expectational stability and instability …

Persistent link: https://www.econbiz.de/10005666726