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Bullard, James Brian (contributor); … - 2005

We study how the use of judgement or add-factorsʺ in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10003209153

Discretionary policy, multiple equilibria, and monetary instruments

Schabert, Andreas (contributor) - 2005

This paper examines monetary policy implementation in a sticky price model. The central bank's plan under discretionary optimization is entirely forward-looking and exhibits multiple equilibrium solutions if transactions frictions are not negligibly small. The central bank can then implement...

Persistent link: https://www.econbiz.de/10003162225

Liquidity traps, learning and stagnation

Evans, George W.; Guse, Eran; Honkapohja, Seppo - In: European economic review : EER 52 (2008) 8, pp. 1438-1463

Persistent link: https://www.econbiz.de/10003804541

Distortionary taxation, debt, and the price level

Schabert, Andreas (contributor); … - 2006

This paper considers the nominal and real determinacy of equilibria under an exogenously specified path of interest rates in an economy in which taxation is either lump-sum or distortionary. Under lump-sum taxation, we confirm the well-known finding that equilibria display nominal...

Persistent link: https://www.econbiz.de/10003250411

Money demand and macroeconomic stability revisited

Schabert, Andreas (contributor); … - 2005

This paper examines how money demand induced real balance effects contribute to the determination of the price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. There exists a unique price level sequence that is consistent...

Persistent link: https://www.econbiz.de/10002817422

Expectations and the stability problem for optimal monetary policies

Evans, George W.; Honkapohja, Seppo - 2000

Eine auf den Fundamentaldaten beruhende Regelbindung der Geldpolitik ohne Selbstverpflichtung, die bei vollkommen … geeigneter Weise in die optimale Geldpolitik einbezogen werden. Diese eindeutige Schlußfolgerung gilt auch dann, wenn sich der … wichtig es ist, die Geldpolitik angemessen zu gestalten und dabei nicht nur die Fundamentaldaten, sondern auch direkt die …

Persistent link: https://www.econbiz.de/10011418901

Optimal monetary policy, asset purchases, and credit market frictions

Schabert, Andreas - 2014

Persistent link: https://www.econbiz.de/10010441081

Why are fiscal multipliers moderate even under monetary accommodation?

Bredemeier, Christian; Jüßen, Falko; Schabert, Andreas - In: European economic review : EER 141 (2022), pp. 1-31

Persistent link: https://www.econbiz.de/10013348618