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Browsing by Subject "Prices, business fluctuations, and cycles"
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Now showing items 1-5 of 5
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(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. ...
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(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 ...
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(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: ...
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(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 ...
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(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 ...
Now showing items 1-5 of 5