Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 孟庆来教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1017/S1365100509080195 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/1WOS source URL
其它资讯
摘要Bullard and Mitra [Journal of Monetary Economics 49 (2002), http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/105-http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/130] find that, in a New Keynesian economy without capital and under four variants of the Taylor rule, the Taylor principle is sufficient to guarantee both determinacy and E-stability of equilibrium in most cases. Xiao [Macroeconomic Dynamics http://aims.cuhk.edu.hk/converis/portal/Publication/12 (2008), 22-49] claims that with capital and mild increasing returns the Taylor principle cannot guarantee either determinacy or E-stability with any of the four rules. In this paper we show that in the Calvo-type sticky price models a second-order condition for profit maximization must be satisfied in firms pricing decision problem, and we point out that the examples given in Mao's paper to support his conclusion violate this condition. After imposing this condition. we find that increasing returns have little effect on determinacy and E-stability under two of the policy rules but significant effects under the other two. These results are obtained in models both with and without capital.
着者Huang KXD, Meng QL
期刊名称Macroeconomic Dynamics
详细描述To ORKTS: The paper has been accepted for publication by the journal and will be published in 2009.
出版年份2009
月份9
日期http://aims.cuhk.edu.hk/converis/portal/Publication/1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/13
期次4
出版社Cambridge University Press (CUP): HSS Journals
页次535 - 552
国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/1365-http://aims.cuhk.edu.hk/converis/portal/Publication/1005
电子国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/1469-8056
语言英式英语
关键词E-stability; Increasing Returns; Indeterminacy; Taylor Principle
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
