of the housing price path, but they do not affect the growth rate of housing prices. … demand for housing, it is shown that on a balanced growth path, the rate at which the relative price of housing changes over … time is determined by the relative productivity growth rates of the housing sector and the rest of the economy. The model …

-period Taylor model, discretionary policy in the Calvo model does not accommodate predetermined prices in a way that inevitably …

find that the equilibrium prices of arbitrary contingent claims to future currency differ from those from one-good cash …

multiplicity is a form of policy complementarity. Specifically, prices set in the current period embed expectations about future … policy, and actual future policy responds to these same prices. For a range of values of the fundamental state variable — a … ratio of predetermined prices — there is complementarity between actual and expected policy, and multiple equilibria occur …

preliminary conclusions. Equity prices are a misleading guide for interest rate policy. Monetary policy tactics protect market …

price of energy (government spending) is -0.55 (0.09). The Solow residual confounds movements in energy prices and … occurrence of shocks to 'true' technology, energy prices, and government spending, the model economy accounts for 76 or 89 …