منابع مشابه
Interest Rate Pegs in New Keynesian Models∗
The conventional policy perspective is that lowering the interest rate increases output and inflation in the short run, while maintaining inflation at a higher level requires a higher interest rate in the long run. In contrast it has been argued that a Neo-Fisherian policy of setting an interest-rate peg at a fixed higher level will increase the inflation rate. We show that adaptive learning ar...
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Bennett McCallum (2009), applying Evans and Honkapohja’s (2001) results, argues that “learnability” can save New-Keynesian models from their indeterminacies. He claims the unique bounded equilibrium is learnable, and the explosive equilibria are not. However, he assumes that agents can directly observe the monetary policy shock. Reversing this assumption, I find the opposite result: the bounded...
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We consider optimal monetary policy in New Keynesian models with inertia. First order conditions, which we call the MJBalternative, are found to improve upon the timeless perspective. The MJB-alternative is shown to be the best possible in the sense that it minimizes policymakers’ unconditional expected loss, and further, it is numerically found to offer significant improvement over the timeles...
متن کاملInitial Expectations in New Keynesian Models with Learning
This paper examines how the estimation results for a standard New Keynesian model with constant gain least squares learning is sensitive to the stance taken on agents beliefs at the beginning of the sample. The New Keynesian model is estimated under rational expectations and under learning with three di erent frameworks for how expectations are set at the beginning of the sample. The results sh...
متن کاملKeynesian, Old Keynesian, and New Keynesian Wage Nominalism
Wage nominalism has long been a puzzle for economists. The original Keynesian explanation related it to a coordination failure in the context of decentralized union bargaining, a problem now in a largely nonunion U. S. labor market. Moreover, Keynesianism assumed wage nominalism as the norm rather than explaining it. New Keynesian explanations, based on implicit contracts, menu costs, and other...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2018
ISSN: 0022-2879,1538-4616
DOI: 10.1111/jmcb.12523