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On the Determinacy of Monetary Policy under Expectational Errors
Chadha, Jagjit S.; Corrado, Luisa - Centre for Dynamic Macroeconomic Analysis, University … - 2006
Forward looking agents with expectational errors provide a problem for monetary policy. We show that under such conditions a standard interest rate rule may not achieve determinacy. We suggest a modification to the standard policy rule that guarantees determinacy in this setting, which involves...
Persistent link: https://www.econbiz.de/10005671101
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Animal spirits, technology shocks and the business cycle
Weder, Mark - 1997
In this paper a two-sector growth model allowing indeterminacy to occur at relatively mild degrees of increasing …
Persistent link: https://www.econbiz.de/10010310757
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Animal spirits, technology shocks and the business cycle
Weder, Mark - 1997
In this paper a two-sector growth model allowing indeterminacy to occur at relatively mild degrees of increasing …. -- Sunspots ; technology shocks ; economic fluctuations ; Dunlop-Tarshis-puzzle …
Persistent link: https://www.econbiz.de/10009659067
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Commodity Money with Frequent Search
Oberfield, Ezra - 2010
A prominent feature of the Kiyotaki and Wright (1989) model of commodity money is the multiplicity of dynamic equilibria. We show that the frequency of search is strongly related to the extent of multiplicity. To isolate the role of frequency of search in generating multiplicity, we (i) vary the...
Persistent link: https://www.econbiz.de/10013135349
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Endogenous Procyclicality of Labor Productivity, Employment, Real Wages and Effort in Conditionally Heteroskedastic Sunspots Unemployment Business Cycles With Negishi-Solow Efficie...
Grandmont, Jean-Michel - 2016
, efficiency wages, financial market imperfections and expectations driven conditionally heteroskedastic sunspots business cycles …
Persistent link: https://www.econbiz.de/10012994706
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Animal spirits, technology shocks and the business cycle
Weder, Mark - Sonderforschungsbereich 373, Quantifikation und … - 1997
In this paper a two-sector growth model allowing indeterminacy to occur at relatively mild degrees of increasing …
Persistent link: https://www.econbiz.de/10010956429
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Commodity money with frequent search
Oberfield, Ezra; Trachter, Nicholas - In: Journal of Economic Theory 147 (2012) 6, pp. 2332-2356
A prominent feature of the Kiyotaki–Wright model of commodity money is multiplicity of dynamic equilibria. We show that the extent of multiplicity hinges on the frequency of search. Holding fixed the average number of meetings over time, we vary search frequency by altering the interval...
Persistent link: https://www.econbiz.de/10010594318
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Determinacy and learnability of monetary policy rules in small open economies
Llosa, Gonzalo; Tuesta, Vicente - 2006
managed exchange rate rules can help to alleviate problems of both indeterminacy and expectational instability, yet these …
Persistent link: https://www.econbiz.de/10010278266
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Estimating a small open economy DSGE model with indeterminacy: Evidence from China
Zheng, Tingguo; Guo, Huiming - In: Economic Modelling 31 (2013) C, pp. 642-652
Considering that monetary policy instability may cause indeterminacy of the macroeconomic equilibrium, this paper … derives the boundary condition between determinacy and indeterminacy in a small open economy DSGE model, and then uses this … model to investigate China's monetary policy and macroeconomic fluctuations under indeterminacy during the period from 1992 …
Persistent link: https://www.econbiz.de/10010636327
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Indeterminacy and interest rate rules: The role of fiscal policy
Heinemann, Maik - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005706795