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UK Phillips Curves and Monetary Policy
Haldane, Andrew; Quah, Danny - C.E.P.R. Discussion Papers - 1999
versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the …
Persistent link: https://www.econbiz.de/10005067633
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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
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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
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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
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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
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On the Stability of the Two-Sector Neoclassical Growth Model with Externalities
Herrendorf, Berthold; Valentinyi, Akos - C.E.P.R. Discussion Papers - 2002
This Paper explores the local stability properties of the steady state in the two-sector neo-classical growth model …
Persistent link: https://www.econbiz.de/10005661479
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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
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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
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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
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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