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Monetary Policy, Expectations and Commitment

Evans, George W.; Honkapohja, Seppo - Department of Economics, University of Oregon - 2002

This is a revised and shortened version of Working Paper 2002-11. Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest rate reaction functions and instrument rules have been proposed to implement or approximate...

Persistent link: https://www.econbiz.de/10005635107

Monetary Policy, Expectations and Commitment

Evans, George W.; Honkapohja, Seppo - Department of Economics, University of Oregon - 2002

Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest rate reaction functions and instrument rules have been proposed to implement or approxmiate commitment policy. We assess these optimal reaction functions and...

Persistent link: https://www.econbiz.de/10005635110

Adaptive learning and monetary policy design

Evans, George W.; Honkapohja, Seppo - EconWPA - 2004

stability under private agent learning. Appropriately designed expectations based rules can yield optimal rational expectations …

Persistent link: https://www.econbiz.de/10005561354

Stability analysis of Uzawa-Lucas endogenous growth model

Barnett, William A.; Ghosh, Taniya - Volkswirtschaftliche Fakultät, … - 2013

. We examine the stability properties of both versions of the model and locate Hopf and transcritical bifurcation … monotonic stability to damped periodic stability or from damped periodic to damped multiperiodic stability. There are not only … an infinite number of kinds of unstable dynamics, some very close to stability in appearance, but also an infinite number …

Persistent link: https://www.econbiz.de/10011260401

Inflation, factor substitution and growth

Klump, Rainer - 2003

Persistent link: https://www.econbiz.de/10011604326

Inflation, factor substitution and growth

Klump, Rainer - European Central Bank - 2003

JEL Classification: E52, O11, O41

Persistent link: https://www.econbiz.de/10005344856

Heterogeneity and evolutionary change: Empirical conception, findings and unresolved issues

Cantner, Uwe; Hanusch, Horst - 1999

In this position paper we deal with the conception of heterogeneity as both the force and the result of evolutionary change. We ask, how this heterogeneity can be measured empirically and how we can get a measure which allows to get a broad comparable empirical account especially on several...

Persistent link: https://www.econbiz.de/10010291714

Individual learning about consumption

Allen, Todd W.; Carroll, Christopher D. - 2001

The standard approach to modelling consumption/saving problems is to assume that the decisionmaker is solving a dynamic stochastic optimization problem However under realistic descriptions of utility and uncertainty the optimal consumption/saving decision is so difficult that only recently...

Persistent link: https://www.econbiz.de/10010293482

The method of endogenous gridpoints for solving dynamic stochastic optimization problems

Carroll, Christopher D. - 2005

This paper introduces a method for solving numerical dynamic stochastic optimization problems that avoids rootfinding operations. The idea is applicable to many microeconomic and macroeconomic problems, including life cycle, buffer-stock, and stochastic growth problems. Software is provided.

Persistent link: https://www.econbiz.de/10010293486

Liquidity constraints and precautionary saving

Carroll, Christopher D.; Kimball, Miles S. - 2001

Economists working with numerical solutions to the optimal consumption/saving problem under uncertainty have long known that there are quantitatively important interactions between liquidity constraints and precautionary saving behavior This paper provides the analytical basis for those...

Persistent link: https://www.econbiz.de/10010293505