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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
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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
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Expectations and the Stability Problem for Optimal Monetary Policies
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2001
A fundamentals-based monetary policy rule, which would be the optimal monetary policy without commitment when private agents have perfectly rational expectations, is unstable if in fact these agents follow standard adaptive learning rules. This problem can be overcome if private expectations are...
Persistent link: https://www.econbiz.de/10005666844
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Stable Coalitions
Carraro, Carlo; Marchiori, Carmen - C.E.P.R. Discussion Papers - 2002
This Paper examines recent theoretical developments in the theory of coalition stability. It focuses on the …
Persistent link: https://www.econbiz.de/10005791385
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Adaptive Learning and Monetary Policy Design
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2003
stability under learning. Appropriately designed expectations-based rules can yield optimal rational expectations equilibria …
Persistent link: https://www.econbiz.de/10005791392
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Robustness of Adaptive Expectations as an Equilibrium Selection Device
Lettau, Martin; Van Zandt, Timothy - C.E.P.R. Discussion Papers - 2001
. When there are multiple steady states, stability is a criterion for selecting predictions of long-run outcomes among them …. The purpose of this Paper is to study how sensitive stability is to certain details of the expectations rules, in a simple …, learning rules with vanishing gain, and OLS learning, and also relate these to expectational stability. One finding is that two …
Persistent link: https://www.econbiz.de/10005791468
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UK Phillips Curves and Monetary Policy
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