Monetary Policy and Multiple Equilibria |
Common terms and phrases
active monetary policy aggregate demand analysis assumed backward-looking Calvo Calvo-Yun consumption and money consumption and real contemporaneous feedback rules continuous-time converge asymptotically cycle denotes determinacy of equilibrium discrete-time models economy eigenvalues equation equilibria converging equilibrium conditions equilibrium exists equilibrium is indeterminate equilibrium is locally firms flexible-price model Hopf bifurcation household implies inflation rate interest rate feedback interest-rate feedback rules Jacobian Jacobian matrix linear locally indeterminate macroeconomic marginal utility monetary-fiscal regime money enters negative real nominal interest rate non-Ricardian fiscal policy passive monetary policy perfect-foresight equilibrium Peter Gruner policy is active policy is non-Ricardian policy is passive policy is Ricardian positive real preferences and technology price level production function Proposition purely contemporaneous feedback rate feedback rule rate of inflation real balances result Ricardian fiscal policy separable in consumption steady sticky-price model symmetric equilibrium trace trace(J utility function variables Woodford y(m³ пр