Monetary policy and equilibrium indeterminacy in a cash-in-advance economy with investment
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香港中文大学研究人员 ( 现职)

叶创基教授 (经济学系)

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摘要In a cash-in-advance economy where cash is required in advance of purchasing both consumption and investment goods, we find that active interest rate rules generate equilibrium uniqueness, but passive rules can lead to real indeterminacy. Simulation shows that even in the presence of investment, passive rules are very likely to render indeterminacy.

着者Yip C.K., Li K.F.
期刊名称Economics Bulletin
出版年份2004
月份12
日期1
卷号5
期次1
出版社Economics Bulletin
出版地United States
国际标準期刊号1545-2921
语言英式英语