@techreport{Meyer-Gohde2008natural,
abstract = {The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information `a la Mankiw and Reis (2002). The main results are tighter bounds on monetary policy than in sticky-price models, irrelevance of the degree of output-gap targeting for determinacy, independence of determinacy regions from parameters outside the interest-rate rule, and equivalence between real determinacy in models satisfying the natural rate hypothesis and nominal determinacy in the associated full-information, flex-price equivalent. The analysis follows from boundedness considerations on the nonautonomous recursion that describe the MA(\infty) representation of variables&rsquo; reaction to endogenous fluctuations.},
address = {Berlin},
author = {Alexander Meyer-Gohde},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {C62; E31; E52; E58; E61; 330; Nonautonomous difference equations; indeterminacy; Taylor rule; sticky information; sticky prices; Geldpolitik; Taylor-Regel; Entscheidung bei Unsicherheit; Nat\"{u}rliche Arbeitslosigkeit; Ungleichgewichtstheorie; Information; Preisrigidit\"{a}t; Analysis; Theorie},
language = {eng},
number = {2008,054},
publisher = {SFB 649, Economic Risk},
title = {The natural rate hypothesis and real determinacy},
type = {SFB 649 discussion paper},
url = {http://hdl.handle.net/10419/25297},
year = {2008}
}
