Browsing by Subject "Inflation (Finance)"

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Adaptive Expectations, Underparameterization and the Lucas Critique

Evans, George W., 1949-; Ramey, Garey (University of Oregon, Dept. of Economics, 2001-11-29)

A striking implication of the replacement of adaptive expectations by Rational Expectations was the "Lucas Critique," which showed that expectation parameters, and endogenous variable dynamics, depend on policy parameters. ...
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: ...
Policy Interaction, Learning and the Fiscal Theory of Prices

Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2002-08-03)

We investigate both the rational explosive inflation paths studied by (McCallum 2001), and the classification of fiscal and monetary polices proposed by (Leeper 1991), for stability under learning of the rational expectations ...