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Monetary Policy Indeterminacy and Identification Failures in the U.S.: Results from a Robust Test

Castelnuovo, Efrem; Fanelli, Luca - Melbourne Institute of Applied Economic and Social … - 2014

reduced form solution under determinacy. If the CER are not rejected, sunspot-driven expectations can be ruled out from the …

Persistent link: https://www.econbiz.de/10010902168

Price Indexation, Habit Formation, and the Generalized Taylor Principle

Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong - Crawford School of Public Policy, Australian National … - 2013

determinacy in a sticky price model with positive steady-state inflation, interest rate smoothing in monetary policy, partial …

Persistent link: https://www.econbiz.de/10010904268

Stability and determinacy conditions for mixed-type functional differential equations

d’Albis, Hippolyte; Augeraud-Véron, Emmanuelle; … - In: Journal of Mathematical Economics 53 (2014) C, pp. 119-129

the local stability and determinacy properties of the steady state. In particular, it is shown that the relationship …

Persistent link: https://www.econbiz.de/10010931619

Learning, Monetary Policy, and Housing Prices

Kanik, Birol - In: Central Bank Review 12 (2012) 1, pp. 13-36

This paper evaluates different types of simple monetary policy rules according to the determinacy and the learnability … objective is to investigate whether responding to housing prices affects determinacy and learnability of rational expectations …

Persistent link: https://www.econbiz.de/10010941567

Trejos-Wright with a 2-unit bound: existence and stability of monetary steady states

Huang, Pidong; Igarashi, Yoske - Business School, University of Exeter - 2013

This paper investigates a Trejos-Wright random matching model of money with a consumer take-it-or-leave-it offer and with individual money holdings in the set {0, 1, 2}. It is shown that three kinds of monetary steady state exist generically: (1) pure-strategy full-support steady states, (2)...

Persistent link: https://www.econbiz.de/10010883471

Trend Growth and Learning About Monetary Policy Rules in a Two-Block World Economy

Schaling, Eric; Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2013

of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two … (i) under the contemporaneous data policy rule the conditions for determinacy and learnability become more stringent on … expectations-based policy rule the conditions for determinacy and learnability also become more stringent on account of openness …

Persistent link: https://www.econbiz.de/10010886862

Structure, Indeterminacy and Chaos

Huckfeldt, Robert - In: Journal of Theoretical Politics 2 (1990) 4, pp. 413-433

This paper re-examines the relationship between structural explanations and indeterminacy within the context of chaos and chaotic processes. The analysis demonstrates that the logic of a wholly determinate structure is not incompatible with a complex, apparently indeterminate outcome. This fact...

Persistent link: https://www.econbiz.de/10010777994

Trend growth and learning about monetary policy rules

Tesfaselassie, Mewael F. - In: Journal of Economic Dynamics and Control 41 (2014) C, pp. 241-256

The paper examines the effect of trend productivity growth on the determinacy and learnability of equilibria under … growth rate relaxes the conditions for determinacy and learnability. Results are mixed for other policy rules. Under the … expectations-based rule, trend growth tightens the conditions for determinacy but it relaxes the conditions for learnability. Under …

Persistent link: https://www.econbiz.de/10010779383

Grundzüge der Neuen Keynesianischen Makroökonomik

Reither, Franco - 2003

Die Neue Keynesianische Makroökonomik bietet ein alternatives Paradigma zum herkömmlichen IS-LM-Modell. Ihre Grundzüge werden anhand einer sehr einfachen Version vorgestellt. Die dynamischen Implikationen der Methodik rationaler Erwartungen werden erläutert. Es zeigen sich Grenzen für die...

Persistent link: https://www.econbiz.de/10010263407

On determinacy and learnability in a New Keynesian model with unemployment

Tesfaselassie, Mewael F.; Schaling, Eric - 2009

We analyze determinacy and stability under learning (E-stability) of rational expectations equilibria in the Blanchard … explaining unemployment instability. Under lagged data based rules the area where monetary policy delivers both determinacy and E …-based rules - unlike Bullard and Mitra (2002) - an additional explosive region is introduced. Here also the scope for determinacy …

Persistent link: https://www.econbiz.de/10010265227