Browsing by Subject "Macroeconomics and monetary economics"

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Are Stationary Hyperinflation Paths Learnable?

Adam, Klaus; Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept of Economics, 2003-03-17)

Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized ...
Friedman's Money Supply Rule versus Optimal Interest Rate Policy

Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept of Economics, 2003-07-12)

Using New Keynesian models, we compare Friedman's k-percent money supply rule to optimal interest rate setting, with respect to determinacy, stability under learning and optimality. First we review the recent literature: ...
Intrinsic Heterogeneity in Expectation Formation

Branch, William A.; Evans, George W., 1949- (University of Oregon, Dept. of Economics, 2003-05-16)

We introduce the concept of a Misspecification Equilibrium to dynamic macroeconomics. Agents choose between a list of misspecified econometric models and base their selection on relative forecast performance. A Misspecification ...
Monetary policy, indeterminacy and learning

Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept. of Economics, 2003-10-11)

The development of tractable forward looking models of monetary policy has lead to an explosion of research on the implications of adopting Taylor-type interest rate rules. Indeterminacies have been found to arise for some ...
Stable Sunspot Equilibira in a Cash-in-Advance Economy

Evans, George W., 1949-; Honkapohja, Seppo, 1951-; Marimon, Ramon, 1953- (University of Oregon, Dept. of Economics, 2002-10-25)

We develop a monetary model with flexible supply of labor, cash in advance constraints and government spending financed by seignorage. This model has two regimes. One regime is conventional with two steady states. The other ...