Monetary policy and multiple equilibria in a cash-in-advance economy
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/10.1016/S0165-1765(01)00552-3

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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/8WOS source URL

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摘要This article shows that whether active interest rate rules can generate equilibrium uniqueness or indeterminacy depends upon: (1) the magnitude of the intertemporal elasticity of substitution, and (2) the value of the steady state inflation rate. In particular, if the intertemporal elasticity is smaller than one, then an active interest rate rule renders equilibrium indeterminate when the steady state inflation rate is sufficiently high, and ensures uniqueness of equilibrium when it is sufficiently low. (C) 2002 Elsevier Science B.V. All rights reserved.

着者Meng QL
期刊名称Economics Letters
出版年份2002
月份1
日期1
卷号74
期次2
出版社ELSEVIER SCIENCE SA
页次165 - 170
国际标準期刊号0165-1765
电子国际标準期刊号1http://aims.cuhk.edu.hk/converis/portal/Publication/873-7374
语言英式英语

关键词indeterminacy; interest rate rules
Web of Science 学科类别Business & Economics; Economics; ECONOMICS