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Friedman's Money Supply Rule vs Optimal Interest Rate Policy

Evans, George W.; Honkapohja, Seppo - 2003

Using New Keynesian models, we compare Friedman's k-percent money supply rule to optimal interest rate setting, with respect to determinacy, stability under learning and optimality. We first review the recent literature. Open-loop interest rate rules are subject to indeterminacy and instability...

Persistent link: https://www.econbiz.de/10014075700

Studies in the general equilibrium theory of money and transaction costs

Honkapohja, Seppo - 1979

Persistent link: https://www.econbiz.de/10000010468

Learning stability in economies with heterogenous agents

Honkapohja, Seppo; Mitra, Kaushik - 2002

An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. Various forms of structural heterogeneity can arise and we study the important case of economies in which agents' behavior depends on forecasts...

Persistent link: https://www.econbiz.de/10011541172

Liquidity traps and expectation dynamics : fiscal stimulus or fiscal austerity?

Benhabib, Jess; Evans, George W.; Honkapohja, Seppo - 2014

Persistent link: https://www.econbiz.de/10010402622

Near-rational exuberance

Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005

We study how the use of judgement or “add-factors” 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/10011604601

The depression of the 1990s in Finland : an analytic view

Honkapohja, Seppo; Koskela, Erkki; Paunio, Jouko - 1994

Persistent link: https://www.econbiz.de/10000898496

Uncertainty, risk-attitudes and the neutrality of fiscal and monetary pollicies : the Ricardian case

Honkapohja, Seppo; Lempinen, Urho V. - 1991

Persistent link: https://www.econbiz.de/10000817247

Growth, inflation, and economic policy in a stochastic cash-in-advance economy

Honkapohja, Seppo - In: Finnish economic papers 10 (1997) 2, pp. 51-66

Persistent link: https://www.econbiz.de/10001241890

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

Comparing inflation and price level targeting : the role of forward guidance and transparency

Honkapohja, Seppo; Mitra, Kaushik - 2015

Persistent link: https://www.econbiz.de/10010509640

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