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An interest rate rule to uniquely implement the optimal equilibrium in a liquidity trap
Duarte, Fernando; Zabai, Anna - 2015
We propose a new interest rate rule that implements the optimal equilibrium and eliminates all indeterminacy in a …
Persistent link: https://www.econbiz.de/10011460647
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Heterogeneous Expectations, Indeterminacy, and Postwar US Business Cycles
Ilabaca, Francisco; Milani, Fabio - 2020
postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot … allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large shares of agents … results confirm that macroeconomic data in the early windows are better explained by indeterminacy, while determinacy is …
Persistent link: https://www.econbiz.de/10012207989
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How to escape a liquidity trap with interest rate rules
Duarte, Fernando - 2016
I give necessary and sufficient conditions under which interest-rate feedback rules eliminate aggregate instability by inducing a globally unique optimal equilibrium in a canonical New Keynesian economy with a binding zero lower bound. I consider a central bank that initially keeps interest...
Persistent link: https://www.econbiz.de/10011538006
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Technological change and monetary policy in a sticky-price model
Tsuzuki, Eiji; Inoue, Tomohiro - In: Research in economics : an international review of economics 65 (2011) 3, pp. 180-194
Persistent link: https://www.econbiz.de/10009304257
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An interest rate rule to uniquely implement the optimal equilibrium in a liquidity trap
Duarte, Fernando; Zabai, Anna - 2015
We propose a new interest rate rule that implements the optimal equilibrium and eliminates all indeterminacy in a …
Persistent link: https://www.econbiz.de/10011346620
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Towards a New Keynesian theory of the price level
Barrdear, John - 2015
Persistent link: https://www.econbiz.de/10011327168
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The Taylor principle fights back, Part I
Buffie, Edward F. - In: Journal of economic dynamics & control 37 (2013) 12, pp. 2771-2795
Persistent link: https://www.econbiz.de/10010348105
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The Taylor principle fights back, Part II
Buffie, Edward F. - In: Journal of economic dynamics & control 46 (2014), pp. 30-49
Persistent link: https://www.econbiz.de/10010474800
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How to escape a liquidity trap with interest rate rules
Duarte, Fernando - 2016
I give necessary and sufficient conditions under which interest-rate feedback rules eliminate aggregate instability by inducing a globally unique optimal equilibrium in a canonical New Keynesian economy with a binding zero lower bound. I consider a central bank that initially keeps interest...
Persistent link: https://www.econbiz.de/10011477354
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Heterogeneous expectations, indeterminacy, and postwar US business cycles
Ilabaca, Francisco; Milani, Fabio - In: Journal of macroeconomics 68 (2021), pp. 1-16
Persistent link: https://www.econbiz.de/10012630988