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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

-type test for the orthogonality restrictions (OR) implied by the system of Euler equations. The hypothesis of indeterminacy and … Moderation’ period, our results offer formal support to the hypothesis of a switch from indeterminacy to a scenario consistent …

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

An Estimated DSGE Model with a Deflation Steady State

Hirose, Yasuo - Crawford School of Public Policy, Australian National … - 2014

equilibrium indeterminacy around the deflation steady state, a set of specific equilibria is selected by Bayesian methods …

Persistent link: https://www.econbiz.de/10010904320

An Estimated DSGE Model with a Deflation Steady State

Hirose, Yasuo - Faculty of Economics, University of Tokyo - 2014

equilibrium indeterminacy around the deflation steady state, a set of specific equilibria is selected by Bayesian methods …

Persistent link: https://www.econbiz.de/10011212772

Destabilizing effects of a successful stabilization: a forward-looking explanation of the second Hungarian hyperinflation

Paal, Beatrix - In: Economic Theory 15 (2000) 3, pp. 599-630

The extreme severity of the second Hungarian hyperinflation is argued to be related to the unusual way in which the inflation was eventually stabilized. The historical features of this episode are represented in a general equilibrium model, which incorporates a transition from one monetary...

Persistent link: https://www.econbiz.de/10005370707

Private and Public Health Expenditures in an Endogenous Growth Model with Inflation Targeting

Gupta, Rangan; Vermeulen, Cobus - In: Annals of Economics and Finance 11 (2010) 1, pp. 139-153

This paper develops a monetary endogenous growth overlapping generations model characterized by endogenous longevity and an inflation targeting monetary authority, and analyzes the growth dynamics that emerges from this framework. Besides the endogenous longevity which depends on the...

Persistent link: https://www.econbiz.de/10010554858

Increasing Returns and Unsynchronized Wage Adjustment in Sunspot Models of the Business Cycle

Huang, Kevin X.D.; Meng, Qinglai - Vanderbilt University Department of Economics - 2010

A challenge facing the literature of equilibrium indeterminacy and sunspot-driven business cycle fluctuations based on … increasing returns to scale in production is that the required degree of increasing returns for generating indeterminacy can be … relative wage effect can both lower the required degree of increasing returns for indeterminacy to an empirically plausible …

Persistent link: https://www.econbiz.de/10008692907

Distance to Frontier and the Big Swings of the Unemployment Rate: What Room is Left for Monetary Policy?

Huang, Kevin X.D.; Meng, Qinglai - Institut für Weltwirtschaft (IfW) - 2007

in response solely to future in°ation induce real indeterminacy of equilibrium. Applying the Samuelson … by itself has a quantitatively negligible effect and almost all strict inflation-targeting rules lead to indeterminacy … stickiness, indeterminacy is much less likely to occur as policy also responds to output. With estimated labor supply elasticity …

Persistent link: https://www.econbiz.de/10005755151

The natural rate hypothesis and real determinacy

Meyer-Gohde, Alexander - 2008

The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information à la Mankiw and Reis (2002). The main results are tighter bounds on monetary policy than in sticky-price models, irrelevance of the degree of output-gap targeting for determinacy,...

Persistent link: https://www.econbiz.de/10010263742

When the Taylor principle is insufficient: A benchmark for the fiscal theory of the price level in a monetary union

Brede, Maren - 2014

This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority...

Persistent link: https://www.econbiz.de/10010491449

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