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Equilibrium Selection and Monetary Policy; A Natural Rate Perspective

Meyer-Gohde, Alexander - 2010

The analysis of this paper examines the uniqueness of equilibria in a broad class of dynamic monetary models that satisfy Lucas's (1972) natural rate hypothesis (NRH). For a given demand specification, the resulting bounds for determinacy on monetary policy's interest rate rule are the same for...

Persistent link: https://www.econbiz.de/10010270740

Economic Development in Eastern Germany: History, Expectations, and Public Policy

Steger, Thomas M.; Schäfer, Andreas - 2010

aggregate level. The model features multiple equilibria and (local and global) indeterminacy. Expectations matter for resulting …

Persistent link: https://www.econbiz.de/10010276783

History, expectations, and public policy: Economic development in Eastern Germany

Schäfer, Andreas; Steger, Thomas M. - 2010

aggregate level. The model features multiple equilibria as well as (local and global) indeterminacy. Expectations matter for …

Persistent link: https://www.econbiz.de/10010276791

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

Market distortions and local indeterminacy: A general approach

Lloyd-Braga, Teresa; Modesto, Leonor; Seegmuller, Thomas - 2011

We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations … classes of distortions responsible for indeterminacy. Our methodology consists in introducing general specifications for the … distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and …

Persistent link: https://www.econbiz.de/10010278392

Indeterminacy of intertemporal equilibria under imperfect competition

Kaas, Leo - 2001

stationary equilibria. The reason of this indeterminacy is that different price expectation functions of consumers lead to … arbitrariness which is responsible for the indeterminacy, but that the continuum of stationary equilibria emerges even if …

Persistent link: https://www.econbiz.de/10009471633

The set of equilibria in max-min two groups contests with binary actions and a private good prize

Gilli, Mario; Sorrentino, Andrea - 2024

In this paper we consider a deterministic complete information two groups contest where the effort choices made by the teammates are aggregated into group performance by the weakest-link technology (perfect complementarity), that is a "max-min group contest", as defined by Chowdhury et al....

Persistent link: https://www.econbiz.de/10014577270

Innovationsbasierte Wachstumstheorie

Kornprobst, Wolfgang - 2007

Der anhaltende Anstieg des Pro-Kopf-Einkommens ist die wichtigste Eigenschaft, die kapitalistische Länder seit mehreren Dekaden aufweisen. Grund für das anhaltende Wachstum ist hauptsächlich der technische Fortschritt. Die vorliegende Arbeit beschäftigt sich vor allem damit, wie technischer...

Persistent link: https://www.econbiz.de/10009450183

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

News Shocks or Correlated Sunspots? An Observational Equivalence Result in Linear Rational Expectations Model

Sorge, Marco M. - 2011

This paper studies identification of linear rational expectations models under news shocks. Exploiting the general martingale difference solution approach, we show that news shocks models are observationally equivalent to a class of indeterminate equilibrium frameworks which are subject only,...

Persistent link: https://www.econbiz.de/10011496157