Browsing Evans, George W. by Author "McGough, Bruce"

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  • Adaptive Learning, Endogenous Inattention, and Changes in Monetary Policy 
    Branch, William A.; Evans, George W., 1949-; Carlson, John; McGough, Bruce (University of Oregon, Dept of Economics, 2006-06-22)
    This paper develops an adaptive learning formulation of an extension to the Ball, Mankiw and Reis (2005) sticky information model that incorporates endogenous inattention. We show that, following an exogenous increase in ...
  • Implementing Optimal Monetary Policy in New-Keynesian Models with Inertia 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2006-06-03)
    We consider optimal monetary policy in New Keynesian models with inertia. First order conditions, which we call the MJB-alternative, are found to improve upon the timeless perspective. The MJB-alternative is shown to be ...
  • Indeterminacy and the Stability Puzzle in Non-Convex Economies 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept. of Economics, 2002-07-25)
    We extend common factor analysis to a multi-dimensional setting by considering a bivariate reduced form consistent with many Real Business Cycle type models. We show how to obtain new representations of sunspots and find ...
  • Monetary Policy and Stable Indeterminacy with Inertia 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept. of Economics, 2004-03-29)
    We examine existence and stability under learning of sunspot equilibria in a New Keynesian model incorporating inertia. Indeterminacy remains prevalent, stable sunspots abound, and inertia in IS and AS relations do not ...
  • Monetary Policy, Endogenous Inattention, and the Volatility Trade-off 
    Branch, William A.; Carlson, John; Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2004-12-07)
    This paper addresses the output-price volatility puzzle by studying the interaction of optimal monetary policy and agents' beliefs. We assume that agents choose their information acquisition rate by minimizing a loss ...
  • 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 ...
  • Optimal Constrained Interest-rate Rules 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2005-05-19)
    We show that if policy-makers compute the optimal unconstrained interest-rate rule within a Taylor-type class, they may be led to rules that generate indeterminacy and/or instability under learning. This problem is compounded ...
  • Representations and Sunspot Stability 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2007-01-01)
    By endowing his agents with simple forecasting models, or representations, Woodford (1990) found that finite state Markov sunspot equilibria may be stable under learning. We show that common factor representations ...
  • Stable Finite-State Markov Sunspots 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept of Economics, 2006-10-09)
    We consider a linear univariate rational expectations model, with a predetermined variable, and study existence and stability of solutions driven by an extraneous finite-state Markov process. We show that when the model ...
  • Stable Noisy K-state Markov Sunspots 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept. of Economics, 2002-07-18)
    We consider a linear stochastic univariate rational expectations model, with a predetermined variable, and consider solutions driven by an extraneous finite state Markov process as well as by the fundamental noise. We ...
  • Stable Sunspot Solutions in Models with Predetermined Variables 
    Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept. of Economics, 2002-04-17)
    We consider a linear stochastic univariate rational expectations model, with a predetermined variable, and provide alternative representations of SSEs (stationary sunspot equilibria). For a strict subset of the parameter ...

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