Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 叶创基教授 (经济学系) |
| 孟庆来教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1007/s00199-003-0401-4 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/6WOS source URL
其它资讯
摘要By adding endogenous investment to a flexible-price, money-in-the-utility-function model, this paper studies the role that physical capital plays in stabilizing the real side of the economy when the monetary authority follows interest-rate feedback rules. We show that with inelastic labor supply equilibrium uniqueness is ensured under both active and passive monetary policies. For the case where money affects both preferences and technology, the uniqueness result remains true under active monetary policy. With endogenous labor supply, the uniqueness result holds again regardless of the stance of monetary policies for the case with separable leisure, but indeterminacy remains likely under both active and passive monetary policies when leisure is nonseparable.
着者Meng QL, Yip CK
期刊名称ECONOMIC THEORY
出版年份2004
月份http://aims.cuhk.edu.hk/converis/portal/Publication/6
日期1
卷号23
期次4
出版社SPRINGER
页次8http://aims.cuhk.edu.hk/converis/portal/Publication/63 - 878
国际标準期刊号0938-2259
语言英式英语
关键词determinacy versus indeterminacy; interest-rate feedback rules; investment
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
